Islamic Lease Financing (Al-Ijarah)
The basic meaning of Ijarah is “the contract to use the usufruct of a permissible thing for a known counter value”. Hence, the main subject of Ijarah is usufruct (manfa’ah), and not real object (’ain), taken in lieu of the payment of a countervalue (’iwadh). The term Ijarah is used for two different situations.
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