Description

The book describes how Shariah recognises Ijarah contract and how it has been developed in our contemporary time to serve as a banking product of Islamic banks. In this book the norms and ethics of the Islamic banking system are discussed, it moved further to thrash out why activities like interest (riba), uncertainty (gharar), and gambling (maisir) are prohibited for Islamic banks. The rights and obligations of the Islamic bank (lessor) and the customer (lessee) in relation to operating and financing Ijarah is laid out in this book. The book also makes the observation that for the financing Ijarah products and contracts to be implemented successfully, care must be taken to coordinate Ijarah contract with other contracts or ideas to facilitate the smooth transfer of the asset to the lessee. The importance of the Ijarah offer letter and terms and conditions in the Ijarah agreement are ironed out as well as the documentation of such agreement.

Besides, Ijarah products of Islamic banks, other products such as Mudarabah (Profit and Loss Sharing), Musharakah (Partnership), Murabah (Cost-Plus Profit Sale Contract), Istisna’ (Order to Manufacture Sale), Bai Salam (Forward Sale), Istijirar (Recurring Sale), Muzaraah (Partnership) Musaqah (Watering of Orchard) are examined extensively.

The contents overview is resented below:

CHAPTER ONE: Islamic Banking System
CHAPTER TWO: Islamic Banking Products and Services
CHAPTER THREE: Historical Development of The Islamic Banking System Worldwide
CHAPTER FOUR: Ijarah (Lease) Under Islamic Law
CHAPTER FIVE: Types of Ijarah Banking Products
CHAPTER SIX: Financing Ijarah with other Contracts or Concepts
CHAPTER SEVEN: Lease of Islamic Bank’s Share of Financing Ijarah to the Lessee
CHAPTER EIGHT: Obligations of the Parties to Islamic Banking Products Based on Ijarah
CHAPTER NINE: Islamic Banking Products Based on Ijarah-Wa-Iqtina’
CHAPTER TEN: Ijarah Asset
CHAPTER ELEVEN: Legal Documentation of Ijarah Contracts

Among Reviewers of this great Book are:
Dr. Muhmmad Aunurrohim Masa’ad, Faculty of Shariah and Law, Islamic Science University of Malaysia.
Dr. Idris Muktar, Islamic Development Bank Group (IsDB) in Jeddah, Saudi Arabia
Prof. Dr. Nasiru Ahmed, International Institute of Islamic Banking and Finance, Beyero University, Kano, Nigeria
Dr. Nurudeen Abdulkadir, Central Bank of Nigeria, Abuja, Nigeria
Dr. Aliyu Dahiru Muhammad, Department of Economics, Beyero University, Kano, Nigeria
Dr. AbdulAzeez Maruf Olayemi, Faculty of Law, Lagos State University, Lagos, Nigeria
Dr. Dauda Adeyinka Asafa, Islamic Financial Services Board, Central Bank of Malaysia, Malaysia

The reviewers comments will be uploaded to watch and listen soon.