Al Ijarah Thumma Al Bai

Ijarah thumma al bai hire purchase in this transaction hire purchase or lease sale or financial lease the customer leases hires a good and agrees to purchase it paying in installments so that by the end of the lease it owns the good free and clear.

Al ijarah thumma al bai. Harta yang disewa atau al ma jur 4. An ijarah that outlines the terms for leasing or renting. St inception by bank islam aitab has grown in popularity and continuously expanded partly due to the heightened demand by customers. Rukun rukun bagi aqad yang pertama ialah 1.

Al ijarah and al ijarah thumma al bai aitab motor vehicle financing siti munirah abd wahab nur wirda ahmed 2. There has been a proposal by an islamic financial institution to introduce vehicle financing based on al ijarah thumma al bai aitab concept the financing based on aitab involves two types of contracts namely leasing contract ijarah followed by sale contract al bai at the initial stage the islamic financial institution will conclude an ijarah. Ijarah muntahia bi al tamlik or al ijarah thumma al bai. Al ijarah ijarah is an arabic term with origin in islamic meaning to give something on a rental basis or wages it is islamic alternative to conventional leasing.

A basic idea about the essence of ijara thumma al bai can be had by analyzing the words that make up the name. Up to 9 years. It s modeled on the shariah principle of al ijarah thumma al bai aitab which literally means leasing with subsequent purchase. Pemberi sewa atau al muaajjir 2.

Thumma means to be followed by or thereafter whilst the phrase al bai refers to sales. Al ijarah thumma al bay aitab in malaysia islamic hire purchase is popularly recognized as al ijarah thumma al bay or popularly known as aitab. This involves two contracts. It s applicable for financing new secondhand and reconditioned motor vehicles with maximum financing tenure up to 9 years and margin of finance mof up to 90.

The financing based on aitab involves two types of contracts namely leasing. Shariah advisory council of bnm. There are several types of ijarah. Bayaran sewa atau al ujrah 6.

Al ijarah thumma al bai aitab shariah compliant car financing based on the principles of ijarah thumma al bai which means lease followed with sale. Ijarah thumma al bai means hire purchase it refers to how parties will enter into contracts which come into effect in a serial manner in order to form a complete lease or buyback transaction. The word ijara means renting hiring or leasing. Penyewa atau al musta jir 3.

Manfaat atau al manfa ah 5. The essence of ijara thumma al bai.