Ijara Transaction

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Ijara Transaction

An ijara transaction can be considered a "rent to own" transaction. At a customer's direction the Bank acquires the property. The customer then makes payments to purchase the property over time. Simultaneously, while the customer is making payments towards the purchase of the property, the customer also leases the property from the Bank. Like a traditional lease (or an adjustable-rate mortgage), the rent may be adjusted at pre-set intervals. Devon Bank links the rent calculation to an objectively measurable index. When the purchase price has been paid, property ownership is transferred to the customer. Due to regulatory issues and higher costs, ijara transactions are only available in a few areas of the country.
Terms of up to twenty years are available.

Ijara is currently only available for real estate.

See also:

• Murabaha transaction

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