IJARAH & IJARAH MUNTAHIYA BIT TAMLIK (IMBT)
1
What do you know about Ijarah?
Could you tell us verses or hadits that talk about ijarah?
What are the pillars of Ijarah?
What is different between leasing and Ijarah?
How many kinds of leasing you can mention?
Could you mention how many tipes of ijarah?
Could you mention financial products that based on ijarah contracts?
Please explain how is ijarah applied in IBIs.
Prepare your Answer
Definitions of Ijarah
Cont
Human services
Usufructs of Assets
Lawyers
Doctors
Lectures
Consultant
Employees
etc
Houses
Buildings
Cars
lands
Animals (qiraa)
etc
Legal Basis
Pillars of Ijarah Contract
Implementation of Ijarah
LESSEE
Islamic Bank
LESSOR
THE OBJECT
1. Indent specified object
2. R
ent
the
spec
ifie
d o
bje
ct
4. Delivery
3. Ijarah contract
5. Rental payments
6. R
enta
l pay
men
t
Scheme of Pure Ijarah
Nasabah
(Mustajir) Bank Syariah
(Muajjir) 1
2
4
3
Penjual/ Supplier/ Pemilik
Pengajuan permohonan
membeli obyek
Sewa beli
Bayar/cicilan 5
Kirim
Obyek Sewa
A. Milik B. Milik
Scheme of MBT Ijarah
Source: BNI Syariah 2009
The terms al-ijarah wa al-iqtina, al-ijarah al-muntahia bitamlik and al-ijarah thumma al-bay have been used interchangeably
Businesses often require financing to purchase machinery, equipment, other fixed assets and even land and buildings
To address this need, Islamic financial institutions have resorted to a type of ijarah contract which is loosely comparable to the conventional financial lease
The basic idea is for the bank to finance the purchase of an asset via a leasing arrangement and at the end of lease period, ownership of the asset is transferred to the customer
Financial Lease (Asyraf,2010)
In conventional leasing, there are two types of leases
Operating lease where the lessor owns the asset and bears maintenance costs as well as ownership risks
Financial lease where the lessor only technically owns the asset, maintenance costs and ownership risks are borne by the lessee
Key features of a financial lease
The lease period equals the expected useful life of the asset
Acquisition of the lease asset is part of the leasing arrangement, that is, the bank (lessor) would not purchase the asset without first securing the lease contract with the lessee
Total lease payments equal the cost of the asset plus the banks profit margin, which reflects its opportunity cost of funds (typically the market interest rate)
All risks and liabilities associated with asset ownership are transferred to the lessee
Cont
In effect, the financial lease is simply an interest-bearing loan
So why would businesses lease instead of borrowing?
The motive is purely for tax and/or accounting purposes, where in certain circumstances it is advantageous to lease instead of borrow
The leasing option can result in the business paying less tax
Leasing can sometimes be used to window dress accounting figures and ratios, giving the impression that the business is less leveraged
Cont
IMBT General Leasing
Save deposit
box sukuks
Products of Ijarah
Rp. Rp. Rp. Rp. Rp. Rp. Rp.
No ownership transfer
Transfer of ownership Cash Out
Cash In
Rp. Rp. Rp. Rp. Rp. Rp. Rp. Cash In
Cash Out
Bank as Lessor & Seller
Bank as Lessor
Payment Modes of Ijarah
Usman Aziz ingin menyewa sebuah kantor sebagai pusat operasional bisnisnya di Andalusia Sejahtera Buliding (ASB) selama 1 tahun dari tanggal 1 Januari 2013 sampai 31 Desember 2013. Pengelola ASB mengharuskan model pembayaran sewa secara tunai diawal perjanjian (in front lump sum mode) sebesar Rp. 300 juta. Dengan pola pembayaran tersebut, Usman Aziz belum mampu membayar karena akan ada cash flow yang terganggu. Tapi jika menggunakan monthly installment, dia tidak masalah. Untuk itulah ia mendatangi Tazkia Islamic Bank (TIB) untuk mengajukan pembiayaan. TIB menyetujuinya dengan profit 15 %. Hituglah monthly paymentnya?
Case Study
Annual rental payment to Bank
300,000,000
Profit expectations (15% IRR)
45,000,000
Annual rental payment to Usman A
345,000,000
Financing period (12 months)
12
Monthly installments
28,750,000
Case Study
Q & A
Wassalam