Differences between Car Ijarah and Lease. Old Wine in a New Bottle???

[bao_bihari]

Re: Differences between Car Ijarah and Lease. Old Wine in a New Bottle???

@MKF

I am in possession of a Car Ijara Document from Meezan Bank which claims to have their Car lease interest free and Shariah Compliant certified by Maulana Taqqi Usmani. Some body please explain me the difference between their Arabic sounding Ijarah and Car lease by other banks.

The difference is in the risk and the application.

Same end results is what you get in nikah/Zina — Slaughter/killing of animal non islamic way etc so the difference is in the method not in the end result.

This is same is what kuffar used to say that Bai(Sale purchase) is equal to RIBA , but ALLAH explicitly stated in quran that ALLAH has made riba haram and bai halal.

Main difference between ijarah and lease is that of ownership, and thus risk. Risk and ownership in ijarah is with the bank , which mean that if the car is totaly damaged in first day of ijarah then the customer would not pay any thing and his security deposit (which infact is advance rental) will be paid back to him. This is what actualy happens and might have also happend in the branch where you are seeking financing from. Just ask the RM.

@MKF

Meezan bank gives you car for 20% security (another name for down payment) and gives you car on monthly rent almost comparable in amount to interest being charged by other banks (instead of instalments as rent is allowed in Islam). After 3-5 years, whenever the term completes, car is gifted to you while your security deposit is forfeited (or the car is sold to you at the security deposit price). Now someone please tell me, where do you pay rent and get guaranteed ownership of the property after a fixed tenure. There are few other obscure differences regarding ownership of car, status of monthly instalments etc etc but they are more of playing with words than having any real value.

These are the actual differences, i believe that you must have read through different material on ijarah @ meezan bank website .

There is no security deposit rather advance rental is taken which is adjusted in next months. If due to any reason the ijarah is terminated then you will be returned part of unused ijarah rentals.

@MKF

This seems to me as a case of “Halala” of interest. Just play with words and use some arcane Arabic terminology like Mudaraba and Ijarah etc etc and viola, you are certified Shariah compliant. And you always get some maulvi to give a fatwa in your favour in exchange of some pay/ emolument. I wonder how much Maulana is being paid by the bank to be its Sharia advisor?

Mufti Taqi usmani do not get any amount from meezan bank, he is in shariah supervisory board and oversees shariah compliance in the same way directors of a bank monitor its progress.

I request you not to make such remarks against scholars of his calibre.

If you have further queries PM me and we can discuss this on phone as well as i am pretty related with such business.