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A Shari‘ah Analysis of Issues in Islamic Leasing تحليل شرعي لبعض مسائل الإجارة التمويلية الإسلامية

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  • Mohammad Hashim Kamali

    (International Islamic University Malaysia (IIUM) Kuala Lumpur, Malaysia.)

Abstract

This essay is presented in two parts and several sections. The first part provides a fairly detailed examination of the fiqh rules pertaining to the contract of ijarah. It begins with the definition of ijarah and reviews the leading schools of Islamic law on the basic conditions and requirements of this contract. This is followed by a review of the two varieties of ijarah known to the market, namely operational lease, and financial lease. The discussion proceeds with a review of contractual options (khiyarat) and their relevance to ijarah, liability for loss and insertion of penalty clauses in the ijarah, and then the fiqh rules pertaining to the termination of this contract. The second part of this essay deals with the sukuk (bonds) in general and the Islamic bonds in particular. It also discusses potential benefits of Islamic bonds and their effects on economic development and examines experts' opinions on issues of concern to Islamic bonds that have drawn the attention of commentators. A brief review of some recent issuances of Islamic bonds is followed by a discussion of hybrid assets in the sukuk. هذه المحاولة مقسمة إلى قسمين وعدة مباحث. القسم الأول يفصل بطريقة ملائمة القواعد الفقهية المتعلقة بعقد الإجارة، بدءًا بتعريف الإجارة وآراء المذاهب الفقهية الكبرى في الشروط الأساسية لهذا العقد ومتطلباته، ومرورًا بنوعي الإجارة المعروفين في السوق، وهما الإجارة التشغيلية والإجارة التمويلية، وكذلك بالخيارات التعاقدية المتصلة بالإجارة، والمسؤولية عن الخسارة، والشروط الجزائية، وصولاً إلى القواعد المتعلقة بانتهاء العقد. والقسم الثاني يدخل في الصكوك عمومًا، وفي الصكوك الإسلامية خصوصًا، ومنافعها المحتملة، وآثارها الإيجابية على التنمية الاقتصادية. يتبع هذا عرض لآراء الخبراء في المسائل المتصلة بالصكوك الإسلامية التي اجتذبت انتباه المعلقين. وبعد عرض موجز لبعض المسائل الحديثة المتعلقة بهذه الصكوك، تجري مناقشة الأصول أو الموجودات المزدوجة للصكوك.

Suggested Citation

  • Mohammad Hashim Kamali, 2007. "A Shari‘ah Analysis of Issues in Islamic Leasing تحليل شرعي لبعض مسائل الإجارة التمويلية الإسلامية," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 20(1), pages 3-22, January.
    • Handle: RePEc:abd:kauiea:v:20:y:2007:i:1:no:1:p:3-22
    DOI: 10.4197/islec.20-1.1
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    References listed on IDEAS

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    1. Kahf, Monzer, 1997. "The Use Of Assets Ijara Bonds For Bridging The Budget Gap," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 4, pages 75-92.
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