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PRESENTED BY
HJ MAHMUD HJ BUNTAT, MBA (AUOL, UK), DBM (Swansea Inst., UK), CIL (UIA)
Part-time Lecturer (INCEIF)
Former Head of Islamic Banking Division, OCBC Bank (Malaysia) Bhd
Chapter 7: Financing
Al-Ijarah Thumma Al-Bay (AITAB)
Vehicle/Car Financing
Islamic
In
The
use.
All
The
OPERATING LEASE
(Modus Operandi) - Step 1
Purchase Agreement
Financier
Supplier
Purchase Price
Asset
STEP 1
OPERATING LEASE
(Modus Operandi) - Step 2
Lease Agreement
Financier
Customer
Rental Payment
Asset
STEP 2
In theory, the contract of Al-ijarah Thumma alBay shall consist of two different contracts,
namely:1. The contract of lease (al-ijarah ain)
2. The contract of sale (al-bay).
However,
In
In
This
Customer
He
This
In
AITAB
Under
AITAB
Financier
Supplier
Purchase Price
Asset
STEP 1
Financier
Customer
Rental Payment
Asset
STEP 2
Financier
Customer
Sale Price
Asset
STEP 3
Some
Rule 78
An
example: 1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9
+ 10 + 11 + 12
This
For an example:
Let's look at the example of a $90,000 financing
at 5% profit rate for 1 year. Under the Rule of 78,
we first add up the 12 months:1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11
+ 12 = 78
Finally,
The
x (12/78) = RM 720
x (11/78) = RM 675
x (10/78) = RM 585
x (9/78) = RM 540
12st month
x (1/78) = RM 90
AAOIFI
Whilst
Istisna
the
And
Have
a good day
May God bless you
Thank you & Wassalam