Continuation
In the other
common type of non-PLS (profıt and loss-sharıng) contract, i.e. the ijarah (leasing)
contract:
-
a party purchases an item;
-
and leases it to the other party.
Here the
first one is usually the bank, and the second one is the client.
Under Islamic
law, the lease is equivalent to the sale of the right to use the good against
the payment of a fee.
The fee set
at the time the contract is concluded and related to the way the good will be
used.
Thus, the
gain of the bank takes into account the results achieved by using the leased
asset.
The seller and
the buyer must agree on the mark-up.
The object of
the contract:
-
must have a real usage
-
and the user must be able to benefit from it.
From the research paper of
European Central Bank
(Authors: F.Mauro, P.Caristi, S.Couderc, A.D.Maria, L.Ho,
B.K.Grewal, S.Masciantonio, S. Ongena and S.Zaher)
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