Application of Ijarah Essay

5311 WordsOct 14, 201222 Pages
CIFP Professional Practice Paper Submission Date: 17th Sep 2011 APPLICATION OF IJARAH IN AUTOFINANCING IN SAUDI ARABIA OSAMA SHERAZ Fleet Customer Credit Risk Supervisor Aljomaih Automotive Company 0800712 Assigned Supervisor by INCEIF Prof. Abdul Rashid Abdul Kadir Paper submitted to the International Centre for Education in Islamic Finance as partial fulfillment of the CIFP program PERMISSION FOR ACADEMIC USE OF WORK BY INCEIF 1. I hereby ALLOW * / do not allow INTERNATIONAL CENTRE FOR EDUCATION IN ISLAMIC FINANCE (INCEIF) to load it in the INCEIF’s KMC database and make available to INCEIF students for educational purposes 2. I hereby ALLOW * / do not allow INTERNATIONAL CENTRE FOR EDUCATION IN ISLAMIC FINANCE (INCEIF) to load it in INCEIF’s website and make available to general public and students for educational purposes. Name of Student: OSAMA SHERAZ Date: 17-09-2011 TABLE OF CONTENTS OBJECTIVE 5 NEED FOR CAR FINANCING 5 SAUDI ARABIA AUTOMOTIVE MARKET 5 PURCHASING BEHAVIOUR 6 CONVENTIONAL FINANCING FORBIDDEN IN ISLAM 6 ISLAMIC BANKING 7 HISTORY 7 WHAT IS IJARA 8 SOURCES OF LAW 8 * QURANIC EVIDENCE OF IJARA * THE SUNNAH EVIDENCE OF AL-IJARA 9 * CONSENSUS OF JURISTS 10 APPLICATION OF IJARA IN SAUDI ARABIA AUTOMOTIVE INDUSTRY 10 * TYPES OF IJARA IN KSA AUTO INDUSTRY * Al-Ijarah Muntahiya Bittamleek (IMB): Similar to a Finance Lease 11 * Ijarah: Similar to Optional Lease 12 * Ijarah Muntahiah Bitamleek and Ijarah: Similarities and Differences 13 THE CONDITIONS OF IJARA AUTO CONTRACT 13 * CONTRACTING PARTIES * OFFER AND ACCEPTANCE 14 * SUBJECT MATTER SALIENT FEATURES OF IJARA AUTO CONTRACT DIFFERNCE BETWEEN CONVENTIONAL AND ISLAMIC CAR

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