A type of ijarah contract which has the usufruct of assets and properties (a’yan, pl. of ain) as underlying. In this particular meaning, ijarah refers to the transfer of the usufruct of a specific property from one person to another in exchange for a specified rent amount. This type of ijarah is more popular than ijarat-ul ashkhas because it is (i.e., ijarat a’yan) is generally used as a form of investing and also as a mode of financing.
The rules of ijarah are very similar to the rules of sale (ba’i), because both types of transactions involve the transfer of something from one party to another against a preset consideration (iwadh or badal). However, the only difference between ijarah and ba’i lies in the fact that the corpus of the property is transferred to the purchaser in a contract of sale, while in the case of ijarah, the corpus of the property remains in the ownership of the transferor, and only its usufruct (manfa’ah) is transferred to the lessee (musta’jir).
Ijarat-ul a’yan is an Arabic term (إجارة الأعيان) that translates as lease of properties.
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