Question
Some Islamic banks have a novel Ijaarah (leasing) system which they say is Shariah-Compliant. In this system, the leased goods become the property of the lessee when the lease expires. This system of leasing is called Ijaarah al-Muntahi bit Tambleek. Is this system valid in terms of the Shariah?
Answer
Firstly, do understand that there are no Islamic banks in the world. All bank entities which style themselves 'Islamic', are conventional kuffaar style riba banks. The term 'Islamic' and other Islamic terminology are employed as red herrings to hoodwink Muslims – to ensnare the unwary and the ignorant into products of riba. The 'novel' model of Ijaarah is a faasid (corrupt) haraam system. The Ijaarah contract is encumbered with the faasid conditions of hibah (gift) and/or bay' (sale). The contract is utterly corrupt and baatil. It is not permissible to participate in this haraam hybrid Ijaarah deal. We have explained this corrupt model in detail in an article, A CORRUPT HARAAM LEASING MODEL. If you are interested, you may write for a copy.
- Source
- themajlis.co.za
- Published in
- The Majlis Vol 22 No 04
- PDF page
- 12
Appears under CORRUPT LEASING MODEL (approximate).