Course Title: Islamic Banking and Finance

Case Study

Program : BSCM

Section : F-17

Submitted to:
Ma’am Mehwish

Submitted by:
Ayesha Hamid L1F17BSCM0024

Amna Noor L1F17BSCM0021

Moattar Zahra L1F17BSCM0020

Abdullah abdul rauf L1S18BSCM0013

Waleed Bilal Butt L1F17BSCM0010

 Case study: 1
1. What is Ijarah contract?
The word Ijarah (Leasing) in Arabic literally means to give something leased. The ijarah
contract is a popular exchange contract because of its similarity to regular leases. Ijarah
contracts are applied to Islamic Banks, Project finance and Sukuk.

In the Ijarah Agreement one party purchases and leases the equipment required by the
customer for rental. The term of the lease and the money agreed upon in advance and the
ownership of the property remain with the lessor.

An example of an Ijarah contract is the Islamic Bank to buy a customer's house, and adds
administrative costs. The customer then pays the rent until the cost is paid, at which time
the ownership of the property is transferred to the customer.

2. Define the Ijarah wa-iqtina contract?

It is permissible in Sharia for the subcontractor to sign a separate promise, (but not an
agreement or agreement) to give a rent to the tenant at the end of the lease term, subject
to payment of all tax rates. There may also be an unrelated promise made by the tenant to
buy property at the end of the Ijarah period. Alternatively, there may be a promise made
by the bank to sell the property to the tenant at the end of the Ijarah period. However, the
Ijarah agreement should not be based on any promise made by the employer (purchase)
or the promise made by the bank (sale). This arrangement is called 'Ijarah wa iqtina and is
endorsed by a large number of modern students and is widely used by Islamic banks. The
legality of this provision is based on two basic conditions:

 The Ijarah Agreement itself should not be construed to sign this sale offer or gift
but the promise must be recorded in a separate document.

 The promise must be involuntary and binding on the nominee only. It should not
be a double promise that will bind you to both parties because in this case it will
be a complete contract negotiated in the future, which is not allowed in the matter
of sale or gift.

3. Distinguish a conventional loan from Ijarah?

A conventional mortgage or conventional loan is a home buyer's loan that is not provided

or secured by a government business. It is available through or guaranteed by a private
lender or the two government-sponsored enterprises.
 Ijarah is a term of Islamic fiqh. Ironically, it means 'offering something for rent'. In
Islamic law, the word 'ijarah' is used in two different contexts. First, it means that 'hiring
one's services at a wage is not given as a consideration of one's hired services.' The
employer is called musta’jir while the employee is called ajar.

4. Describe the elements of an Ijarah transaction?

There should be at least two parties to the ijarah agreement; person who is leasing or
subordinating; and the person receiving the lease or the tenant. Both parties to the
contract must be fully qualified and have the legal capacity to contract. They should be
intelligent, old and free people, therefore, a mentally unstable person such as a child and
a pervert will not enter into a ijarah agreement. Unless the transaction is conducted by a
legal guardian or wali, or guardian if he is a minor, the contract will be valid. In addition,
both parties to the contracts must voluntarily agree to enter into the ijarah agreement
without being compelled. When one of the parties makes a contract against his free will,
that contract will be extended.

5. Contrast Ijarah with the other modes of Islamic finance.

In Ijarah, the property remains under ownership and is in bankruptcy and the customer
pays only to rent the use of the property, such as a house rental.

Under a lease or lease purchase, an Islamic financial institution purchases a subsidized

asset and retains title to the contractual life. The customer makes a series of rental
payments over a specified period of time, and may have the option to eventually purchase
the item from the landlord (and owner) for the stated residual value. Leasing was not a
financial option at first. It was simply a transaction meant to transfer the use of the
property from one person to another within the agreed period and the agreed upon
agreement. The lease can be used as a cash option, as an alternative to regular car
finance. However, the consideration of the lease as a mode of finance should be based on
the specific circumstances. It should be noted, that it is not enough to substitute the word
'interest' with the word 'rent', and use the term 'mortgage' instead of the word 'leased
asset'. There must be an important difference between the lease and the interest bearing
loan. It is no secret that an Islamic bank or financial institution will consider the same
things as a normal bank when determining the lease payment and residual value. These
include employer litigation, capital gains and more. The stated 'interest rate' can be
calculated based on the amount, residual interest, lease term and lease payment. This fact
is not hidden. In the final analysis the difference is in the nature of the agreement. If the
leasing activity is structured according to different terms within Islamic finance, it will
not enter into a contract and guarantee that it cannot contain future rejected interest (e. G.,
Subject to late payment payments, etc.).
6. Identify the reasoning behind the Sharia’s rulings on Ijara.
The reasons behind the rules are that All Ownership credits e.g. Expensive,
Subscription costs etc. are borne by a minor because Corpus of the leased property
rests on the seller's ownership. Lease period Must be determined in terms of a clear
term of the agreement. Purpose after the Lease of a Specified Purpose Only If no
specific purpose is stated in the agreement, then it may not be used for any purpose
used in the ordinary course. The employer is liable to compensate Minor for all
damage to the leased property caused by any misuse or negligence. The leased
property will remain in Lessor's jeopardy throughout the lease. Leases of Joint
Properties of Ownership are permitted and leases will be distributed among all joint
owners in accordance with their respective shares of that land.
 Transferring of usufruct not ownership.
 Subject of lease should be valuable, identified & quantified
 All consumable things cannot be leased out
 All liabilities of ownership is borne by lessor
 Period of lease must be determined
 Lease for specific purpose
 Lessee as Ameen
 Lease of jointly owned property

7. Describe the different forms of Ijara.

In terms of its modus operandi, ijarah can be classified as operating ijarah and financial
ijarah:
Operating ijarah (ijarah tashgheeliah):
Conventionally, operating ijarah used to be the one and only type of ijarah. According
to the operating ijarah, the owner of the building leases others for a period of time.
Ownership of the leased property remains with the tenant at the end of the lease. For
example, a Muslim bank may own properties / assets in some of its books for rent.
These properties / assets will be left in the bank books at the end of the ijarah. Usually,
this effective lease is not preceded by an offer by the owner to sell it to the lessor.

Financial ijarah (ijarah muntahia bittamleek):

This is a modern ijarah system created following the emergence of Islamic banking and
finance. Create a type of ijarah where ownership is transferred to tenants at the end of a
certain period.

8. Explain the practicalities of implementing Ijarah.

Islamic securitization complements the conventional banking as an alternative and more
diversified funding option that broadens the pricing options to the asset supply as high
 demand for alternative investment products Ijarah is type of leasing in Islamic finance
and has been conceptually understood as an agreement between two parties and the
contract of exchange where one party enjoys the benefit arising from employment by
another party in return for a consideration for the services rendered and from the use of
an asset. This research is applicable to anyone and can be targeted at students,
professionals and the community, especially for non-Muslims who have a desire to know
more about Islamic leasing. This study raises issues and assumptions in the form of
leasing and can serve as a tool for future research and provide insight into Islamic finance
and break strangers from the perspective of Islam.

9. Identify the Arabic terminology used in Ijarah.

The Arabic term Ijarah means “to give something on rent”. Ijarah simply mean leasing or
hiring. Ijarah is an agreement between the two parties in which one party provides goods
or services on a lease or rental basis and gives the possession of asset for use to the other
party foe the specified agreed period of time.

10.Describe the Sharia ’a rulings on Ijarah.

The Islamic financial system promotes risk-sharing, encourages entrepreneurship,

eliminates speculative power, and emphasizes the sanctity of contracts. The central tenet
of the Islamic financial system is the rejection of Riba, a word meaning "excessive" and
translated as "any unwanted increase in capital whether in lending or sale". Specifically,
any guaranteed increase in returns tied to maturity and the principal's value, irrespective
of the financial performance, may be considered to be of interest and is strictly
prohibited.

Islamic finance offers a variety of products to satisfy providers and financial users in a
variety of ways. The basic instruments include fees for combining expenses (murabaha),
profit sharing (mudarabah), renting (ijarah), partnerships (musharakah), and forward
selling (bai 'salam). These instruments serve as the basis for establishing a list of
sophisticated financial instruments, suggesting that there is great potential for investment
and growth in the Islamic financial markets.

11.Contrast conventional leasing with Islamic leasing.

There are two types of contracts, The Ijarah contract does not contain any
Financial lease and loan for car condition that makes the contract void
financing. Both these contracts contain under Sharia'h perspective.
conditions that are contravenes with the
Islamic Sharia'h.

In Conventional Leasing Products, the All risks pertaining to ownership are

Customer is responsible for all kinds of borne by Lessor. Customer only bears
losses or damages to the Leased asset, usage-related risks.
irrespective of the circumstances. Lessor bears the risk of Insurance claim
If the insurance company does not settlement.
compensate the entire outstanding
amount in case of total loss, the customer
is liable to pay the balance.
if the Leased Asset is stolen or Under the Islamic Ijarah, rent is
completely destroyed, the conventional consideration for usage of the leased asset,
leasing company or Bank would continue and if the asset has been stolen, destroyed
charging the lease rent till the settlement or temporarily out of order and not in use
of the Insurance claim of Customer, the concept of rental
becomes void. In such situations rental is
not charged from the lessee.
In most contemporary financial leases, an Under Ijarah, the Lessee may be asked to
extra monetary amount is charged if rent undertake that if he fails to pay rent on its
is not paid on time. This extra amount is due date, he will pay a certain amount to a
the considered Riba and is Haram. This charity Fund, which will be administered
amount is taken by the leasing institution through the Islamic Bank.For this purpose
into their income. the bank maintains a charity fund where
such amounts may be credited and
disbursed for charitable purposes.

Lease Agreement can be signed by the In case of Ijarah, the Ijarah Agreement
Lessor and Lessee any time even if the cannot be signed by the Lessor and Lessee
Leased Asset is not owned by the unless:
Customer. Asset has come in to existence
 Assets is in the ownership of the Lessor
Lessor has taken possession of the Asset
Under conventional leasing contracts, the There is not such clause in the Ijarah
vehicle is automatically transferred in the Agreement that Leased Asset will
name of the customer upon completion of automatically transfer to Lessee. Separate
the lease period, whether or not he wants sale agreement is required to execute sale
to purchase it. transaction at the end of lease term.
The customer will suffer loss of interest The loss of customer is only limited to
paid during the booking period because actual loss, if any, suffered by the Lessor
installment commence immediately after on sale of asset in the open market. Since
payment of cost of asset to the the customer has not paid any rental
Manufacturer/Dealer. during the booking period, no other cash
loss is expected under Ijarah

12.Explain the role that interest can play within an Ijarah transaction.
When establishing interest-free financial institutions in the past, they found that hiring is
a well-known financial strategy around the world. On the other hand, they see that a
formal lease is a legitimate transaction according to Shariah and may be used as an
unprofitable mode of income. Thus, the recognition has been accepted by Islamic
financial institutions, but very few pay attention to the fact that 'money recognition' has
many more similar features of interest than actual lease transactions. That is why they
began to use the same lease agreements as they were among the mainstream financial
institutions with no modifications, while many of their provisions were inconsistent with
Shariah.

13.Identify problems associated with applying Ijarah.

Problems, difficulties of faith and economic problems coupled with an increase in
economic demand spur one to find the right way, as well as the efforts made by
manufacturers and industry in retail products without seeing the halal and haram
arrangements of the product. These factors give rise to variations of mu'amalah in the
initial finance agreements, such as public lease agreements and lease terms introduced by
Islamic financial institutions under the name Ijarah Muntahiyah Bittamlik, and thus aim
to determine the ownership status of the Ijarah Muntahiyah Bittam finance company. The
nature of the contract item ownership in the financing of Ijarah Muntahiyah Bittamlik
raises legal issues due to the contractual relationship between the lease and sale and
purchase which is based on the return of all net assets.
14.Explain the importance of deferred sales within Islamic finance.

The importance of the sale of non-Islamic financial assets is detailed in the murabah.
Termination of Sale of Sale of Sale Price is the most common method of Murabahah
where the risk to the Seller is reduced by the immediate transfer of ownership of the
goods. This is usually used to create a credit where the Seller (usually a Bank in the form
of financing products) purchases the goods in his / her possession and immediately sells
the goods to the Buyer (usually the customer) when the sale price (including profit) ends
with the settlement terms of the future allowed. Upon completion of the debt settlement,
the ownership transfers from the Seller to the Buyer and the Consumer will begin making
payments at the agreed Sale Price. All risks to property (price, price, ownership) are
immediately transferred from the Seller to the buyer. The seller only holds credit risk i.e.
the risk that the Buyer may be able to pay the sale price at a later date as agreed.
The deductions arising from the delivery of goods sold are more risky than the liquidation
termination of the sale price. The transfer of goods requirements means that the Seller
buys the goods now but does not enter into the sale of the Seller with the Buyer until
later. Instead, the Seller holds ownership of the goods for a period of time and enters into
the agreement on the agreed date. The seller will bear ownership risks and valuation risks
until the goods are sold at a retail price (including profit). When a Buyer enters into a
contract, the ownership of the goods is transferred upon payment of the Sales Price.

15.Contrast the role of penalty defaults within conventional and Islamic

finance.
Failure to pay financial obligations when appropriate is not uncommon even for an
Islamic bank. The fact that Mudarabah and musharakah, which are not the means used for
credit, is not used to destroy the Islamic bank in this case is possible. The problem is that
charging fines (late charges) is not allowed in the Islamic Shari'ah. The actual cost of debt
collection may be determined. The reason is that such penalties fall under the definition
of sovereign money in Islamic law. This is a real problem for Islamic banks because it
makes fraud "cheaper" to bank customers. The problem is with many folders: first it
prevents the Islamic bank from being compensated for lost time and profit opportunities.
Most importantly, however, it creates an incentive for customers not to pay on time. In
addition, it increases the financial cost of an Islamic bank compared to a conventional
bank. This is because the reasonable cost of cheating will have to be borne by those
paying their obligations with delays. Such people will refuse to pay higher fees, meaning
the Islamic bank will eventually have “dangerous” customers.

Islamic banks differ in the practice of fraud cases. The most common form of changing
fines for those who fail to pay on time. Instead of taking this as a bank loan, it is offered
by giving. In this way the momentum and pressure of the chargers is too late based on
falling into undesirable purchases. This is because such a payment will be considered
 "interest" once it is income to the borrower, but it is not. The basis of such fines is the
debtor's consent to the costing contract.

16.Explain how Ijarah can be used for home finance.

The Ijarah process can be used for equipment and supplies. This Islamic finance process
is very simple. The Trust Asset Trust is created when the Trust buys the property and
then leases the property to the customer. Half of each monthly payment goes to
ownership, until the customer is 100% owner.

The basic difference between the Islamic lending process of Sharia Ijarah-wal-iqtinah and
ordinary leasing is the Ijarah process binding the Trust (seller) to sell the property to you
under the Promise of Purchase. While the same agreement gives the customer the right to
buy the property, the customer is not obliged to do so.

17.Define LIBOR and explain its application with an Ijarah contract.

London Interbank Given Rate (LIBOR) is the rate at which major world banks lend to
each other in the international interim mortgage lending market.

LIBOR, which represents the London Interbank Given Rate, operates as a standard for
internationally accepted loans that reflect lending costs between banks. The rate is
calculated and published daily by the Intercontinental Exchange (ICE).

London Inter-bank secured loans are a rate of interest rate calculated from the rates
deposited by the leading banks in London, with each bank estimating whether it will be
charged on loans from other banks.

The amount of employment under the Ijarah transaction is usually linked to an interest-
based bench such as KIBOR or LIBOR.

If most of the pool assets are in a physical condition, such as leased property or
equipment, shares in business concern etc. Its units can be sold and purchased on the
basis of the value of its fixed assets.

If most of the pool assets are in a physical condition, such as leased property or
equipment, shares in business concern etc. Its units can be sold and purchased on the
basis of the value of its fixed assets.

18.Identify the deferred sale versus profit and loss share contracts.
Deferred sale contract Profit and loss share contract
It is ruled valid to sell an object A profit and loss sharing contract means
immediately, with a deferred price, that the outcomes is sharing-based and
possibly paid in installments, greater than cannot be predetermined. Shareholders
its cash price. All the major madhabs, are only repaid if profits are made and if
shafis, hanafis and mutaqis have agreed to no profits are made then no payouts take
this. The rationale is that the seller of an place. Mudarbah and musharakah
object for a price to be paid in contracts are the types of this contract.
installments. In future, is sacrificing a
benefit in order to make the object
available to the person who is buying it
with a deferred payment.
This is based on the fact that the seller
gets paid at a later date. Thus the seller is
not being able to get paid today and
thereby purchase something else or simply
have cash today. The may seems as
compensation to seller but these sales
valid as long as the contract is
independently specified and contains no
ignorance.

Case S
 Case study: 2

1. Outline the key differences between conventional leasing and Islamic

leasing.
Ijarah and conventional lease both are types of leasing and are two similar concepts.
However there are some specific prohibitions which render conventional lease to be
forbidden under Shariah, like as:

Conventional Leasing Islamic Leasing

(Ijarah)
Scheme: The conventional financing
Ijarah – is based on a lease
schemes provide financing for
contract. It is not a financing
purchasing a car; that is, in essence
scheme; rather it is a lease
the financier is giving a loan and
contract. Leasing is a contract
charged an interest.
whereby usufruct rights to an
asset are transferred by the owner,
known as the lessor, to another
person, known as the lessee, at an
agreed-upon price, called the rent,
and for an agreed-upon period of
time, called the term of lease.

Rentals A conventional car financing Islamic car financing is based on

versus scheme is actually an interest-based pure rentals. In Car Ijara the asset
Installments loan given by the financial remains at the ownership and risk
institution, with interest being of the bank and the customer only
charged on the loan. pays the rental for use of the
asset, just like the rent for a
house.
Ownership: (Banks, leasing companies etc.) (lessor) is the owner of the leased
Retains the ownership of the asset property
throughout the term of the
contracts.
Risk bearer The lessor assumes and manages The car is purchased in the name
& Loss: the risk of the asset. The loss or any of the bank from the dealer and so
other damage to asset is lessee’s the risk remains entirely with the
responsibility. bank.
The lessee is responsible for any
loss caused to the asset by misuse
or negligence. The lessee can also
be made liable for the wear and
tear, which normally occurs
during its use. But the lessee
cannot be made liable for a loss
caused by factors beyond his
control.

Down- The down-payment and the security The down-payment and the
Payment deposit are one-time payments. security deposit are one-time
The down-payment remains with payments.
versus
the bank, and no buy-back of the because the buyer can buy back
Security car can occur against the down- the car against the security
Deposit: payment. deposit in the case of Ijara,
Down-payment is made by the There is a minimum and a
buyer of the car. maximum requirement for the
security deposit.

Return of The customer takes out a loan to The buyer has the right to return
the Car: purchase the car, which he cannot the car anytime during or at the
return under any circumstances end of the lease period. Since this
whatsoever, unless he pays off the is a lease agreement, and the
loan. lessee has been paying rentals, he
can return the car to the bank and
take back the security deposit any
time he wishes.

Insurance The asset is insured through Asset is insured through Takaful

of the asset: insurance companies.
Time Conventional leasing is also Ijara is commonly used for long
period: applicable to long and medium term and medium term fixed asset
assets like vehicles, houses and financing, project financing and
land. for retail products such as homes,
commercial real estate and
automobiles.
Premature Lease can be terminated in the If any term of the agreement is
termination event that the lessee fails to meet violated by lessee then the lessor
his obligations, notably the has the right to terminate the Ijara
of lease
obligation to pay rent. The lessor contract unilaterally. However, if
contract: must then pay legal proceedings no term is violated then the Ijara
involving the bringing of a claim, cannot be terminated without
 where equipment is concerned. mutual consent.
Lessee cannot terminate lease if
contract does not contain
cancellation clause.
Determinan Lessors consider market related Rent is determined by market
t of rent: forces while scheduling lease given forces. In practice, the
payments. The market rate of market rate of interest is used to
interest provides a basis for lease determine the rental rate,
determination. although this is not explicitly
stated

Sale and Its transaction involves the sale of Sale and lease back are allowed,
lease back the property by one company to but only as two separate
another which in turn leases the transactions
as one
same property back to the original
transaction: seller.

Effect of  On termination of lease contract, From the time of termination, the
premature all obligations that are still executor lessee is not obliged for rental
on both sides are discharged. payment.
termination
:

2. How do insurance needs differ under conventional leasing and Islamic

leasing?
In conventional leasing, Conventional insurance (including mutual insurers) may involve
riba and some other elements, which may not be justified by Sharia’s principles.

In Islamic leasing, takaful practices are free from the elements of riba and other
prohibited elements, and is evolved around the elements of Mudarabah, tabarru and other
Sharia’s justified elements

3. What are the key Sharia’s requirements for the Ijarah contract?
Car Ijarah is a car rental scheme affiliated with Sharia.
 It is based on the principles of Ijarah and is completely free from the element of
interest. This product is intended for interested people, looking for a car sponsorship
program that helps avoid interest-based transactions. So Car Ijarah is simply a lease
agreement where the car will be offered to the customer for a specific lease, which is
agreed to during the agreement.
 Under Ijara all ownership-related risks lie in the bank and all usage-related liens lie to
the user, thus making the subordinate a true property owner and making the money
generated by the contract approved (halal) by an Islamic bank.
  Support for Islamic vehicles is based on pure hire. In Car Carry the property remains
the bank's own risk and the customer only pays the lease for the use of the property,
such as the rent of a house.
 Common ordinary income is added to the surplus if the rent is not paid on time. This
additional amount is considered to be interest under Sharia'a and is strictly prohibited
(haram) .In Islamic leases, the Employer may be asked to do so that if he fails to pay
the rent by his due date, he will pay a certain amount to the bank transfer agency.
 If Takaful (Islamic insurance) is not available, To own the car, the bank will deal with
car insurance and by paying the insurance.

4. Would a Car Ijara be structured identically to a home purchase Ijara?

Yes, because it is an asset also.

5. Would non-Muslims consider Car Ijarah schemes a serious alternative

to conventional car finance schemes?
A conventional car financing scheme is actually an interest-based loan given by the
financial institution, with interest being charged on the loan, while Ijarah – is based on a
lease contract. It is not a financing scheme; rather it is a lease contract. So it depends on
the customer objectives.

6. Calculate the monthly rental payments when buying a new car, costing
Rs. 300,000, for a term of four years, if the potential purchaser is
willing to pay a 25% security deposit.
The monthly rental would be Rs. 300,000 × 0.022277 = Rs. 6683.10 per month for 4
years.

7. Calculate the monthly rental payments when buying a new car, costing
Rs. 400,000, for a term of three years, if the potential purchaser is
willing to pay a 30% security deposit.
The monthly rental would be Rs. 400,000 × 0.025664= Rs. 10265.6 per month for 3
years

8. Calculate the monthly rental payments when buying a new car, costing
Rs. 500,000, for a term of five years, if the potential purchaser is willing
to pay a 40% security deposit.
The monthly rental would be Rs. 500,000 × 0.016216 = Rs. 8108 per month for 5 years
9. Calculate the monthly rental payments when buying a new car, costing
Rs. 350,000, for a term of three years, if the potential purchaser is
willing to pay a 45% security deposit.
The monthly rental would be Rs. 350,000 × 0.020929 = Rs. 7325.15 per month for 3
years

10.Calculate the monthly rental payments when buying a new car, costing
Rs. 600,000, for a term of four years, if the potential purchaser is
willing to pay a 50% security deposit
The monthly rental would be Rs. 600,000 × 0.015996 = Rs. 9597.60 per month for 4
years.

11.Calculate the monthly rental payments when buying a new car, costing
Rs. 400,000, for a term of five years, if the potential purchaser is willing
to pay a 20% security deposit.
The monthly rental would be Rs. 400,000 × 0.020515 = Rs. 8206 per month for 5 years

12.Do you think that the Meezan Car Ijarah contract is correctly named?
Perhaps it's the most appropriate name for its scheme, namely:
Meezan Bank the Ijarah car was designed to comply with Sharia laws and was developed
in consultation with our Sharia Advisor.
All terms and rules relating to Ijarah agreements are strictly adhered to. Therefore, the
Ijarah area does not have Riba.
The money for real shareholders and investors will be used in the Car Ijarah banking
business.
Car Ijarah is available in various tenors.
Meezan Bank can take a security deposit from customers in early Ijarah. The customer
will pay the monthly rental for the vehicle used under the Ijarah program. All risks and
rewards of ownership of assets will be provided to Meezan Bank.
All cost of clothing and general tears will be borne by the customer.
Rental under the program will be calculated as continuing to keep up with the rental
market.
The customer will undoubtedly conclude that if completed prematurely he / she will
purchase the property at a specific price specified in the transaction.
Meezan Bank will use the Lease Agreement and Lease Agreement, as approved by the
Supervisory Board.
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