IJARAH & IJARAH MUNTAHIYA

BIT TAMLIK (IMBT)

Prepare your Answer

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.

Definitions of Ijarah

Cont

Human
services

Lawyers
Doctors
Lectures
Consultant
Employees
etc

Usufructs
of Assets

Houses
Buildings
Cars
lands
Animals (qiraa)
etc

Legal Basis

Pillars of Ijarah Contract

Implementation of Ijarah

Scheme of Pure Ijarah

THE OBJECT

LESSEE

LESSOR

6. Rental payment

2. Rent the specified object

4. Delivery

5. Rental payments

Islamic Bank

3. Ijarah contract
1. Indent specified object

Scheme of MBT Ijarah

Bank Syariah
(Muajjir)

Pengajuan permohonan

Sewa beli

Bayar/cicilan
A. Milik

membeli
obyek

Nasabah
(Mustajir)

B. Milik

Kirim

2
Obyek Sewa

Penjual/
Supplier/
Pemilik

Source: BNI Syariah 2009

Financial Lease (Asyraf,2010)

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

Cont

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

Products of Ijarah

Save
deposit
box

sukuks

IMBT

General
Leasing

Payment Modes of Ijarah

Bank as Lessor

No ownership transfer

Cash Out
Cash In
Rp.

Rp.

Rp.

Rp.

Rp.

Rp.

Bank as Lessor & Seller

Cash Out

Cash In Rp.

Rp.

Rp.

Transfer of ownership

Rp.

Rp.

Rp.

Rp.

Rp.

Case Study
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
Profit expectations (15% IRR)

Annual rental payment to Usman A

Financing period (12 months)
Monthly installments

300,000,000
45,000,000

345,000,000
12
28,750,000

Q&A

Wassalam