Ijara refers to leasing or renting in Islamic law. It involves an agreement where one party rents an asset to another for a specified period and in return for a fixed rental fee.
Key Aspects of the Rules of Ijara:
- Ownership of the Asset: The lessor must be the rightful owner of the leased asset and must have the authority to lease it.
- Clear Terms and Duration: The terms of the lease, including the duration and payment amount, should be explicitly defined.
- Responsibility for Maintenance: The lessee is typically responsible for maintaining the asset during the lease period unless otherwise specified.
- Permissibility: The asset being leased must not be used for illegal or immoral purposes (haram).
Importance of the Rules of Ijara:
- Protects the rights and obligations of both the lessor and the lessee.
- Prevents disputes by clarifying the terms and conditions of the lease agreement.
- Facilitates lawful transactions involving property rental and other leasing activities within the Islamic economy.
Written by AI. A more correct, God given, explanation can be found here.