The Bank finances its customer for the right to use the services of certain assets based on the principle of Ijarah. The Bank purchases the asset required and leases it to the customer for a fixed period as agreed by both parties.
During the lease period, the customer pays rentals to the Bank. The rental payment comprises cost to the Bank for the purchase of the asset plus the the Bank's profit margin.
The ownership of the asset remains with the Bank and the assets become a security for the facility i.e. the Bank will have ownership claim over the asset. The customer, at the end of the leasing period, has the option to purchase the asset and become the owner.
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