A contract under which an Islamic bank provides equipment, building, or other assets to the client against an agreed rental together with a unilateral undertaking by the bank or the client that at the end of the lease period, the ownership in the asset would be transferred to the lessee.
The undertaking or the promise does not become an integral part of the lease contract to make it conditional.
The rentals as well as the purchase price are fixed in such manner that the bank gets back its principal sum along with profit over the period of lease.
The undertaking or the promise does not become an integral part of the lease contract to make it conditional.
The rentals as well as the purchase price are fixed in such manner that the bank gets back its principal sum along with profit over the period of lease.
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