Lease (Ijara) Finance

 

Lease (Ijara) Finance is a contract through which services of persons are hired or acquired in exchange for a fee, financial or material consideration. Such services must be valuable, identifiable, accessible, deliverable and enjoyable by the customer. By this financing contract, the Bank acquires the services of persons or firms and then assigns same to the customer who utilizes or enjoys the assigned services. The Bank assigns the services at the service fee plus a mark-up, which the customer pays up in a fixed deferred lump sum or on agreed installments.