عقد اجارۃ الاعیان کی شرائط اور جدید صورتیں Conditions and Modern Forms of Uqd Ijarat-ul-Aiyan Section Islamic Studies

Abstract

Ijara is an Arabic word and it means to pay wages. In the terminology of the jurists: Ijarah refers to an agreement in which the specific benefit of a specified thing is given for a limited period of time in return for a known consideration, or is paid in return for an action. Examples of this are: A person gives his house to someone for a limited period of time and collects rent from him in return which is known to both parties. The lease done in Islamic banks is quite different from Sharia lease, it is called Ijarat al-Muntahiyyah Balt-Tamlik (Hire-Purchase). That is, a rental agreement in which the ownership of the thing is transferred to the lessee at the end. This situation was not mentioned by the jurists, nor did the jurists give the concept of Ijarah in this way, rather, Hire-Purchase did not start in Islamic lands, it first started in America in 1905.[2] Later it was promoted by Sudi banks as Leasing Contract, and the same form was introduced in Islamic banks with minor modifications as Ijarah. The main purpose of this contract is not to rent something, but to sell that thing, and the buyer pays the price of the thing in instalments, while ownership remains with the seller, and the contract appears to be one of hire, not of sale. Car Financing and Home Financing are done through Ijarah in Islamic banks.