Also ijara muntahia bittamleek or ijara thumma al-bai’. By definition, ijara wa iqtina’a (إجارة واقتناء) it is an ijara contract that ends up with the transfer of ownership of leased properties/ assets from the lessor to the lessee at the end of the contract tenor. This type of ijara (ijara ending with ownership) may come in many forms, principal among which are: ijara muntahia bittamleek that entails full transfer of ownership after the last installment has been paid, ijara muntahia bittamleek that calls for full transfer of ownership after the end of the contract and for a preset price, and ijara muntahia bittamleek which allows the lessee to choose from three options (purchase, renewal, termination) at the end of the lease tenor.
Islamic Finance
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