الإجارة المنتهية بالتمليك بأجرة ثابتة و متغيرة : صورة تطبيقها في لمصارف الإسلامية و بيان حكمها

الملخص EN

This paper discusses one of the modern transactions applied in Islamic banks.

It is based on a contracted termed “Ijarah Muntahia Bittamlik” (lease ending with title transfer).

Typically, the Islamic bank sings a long-term lease agreement, ten years for example, with its clients.

The ten years shall be divided into twenty periods, six months each.

However, pricing here remains the bank’s major concern.

This is because Islamic banks, similar to conventional banks, price their products against interest rate.

As interest rate increases, Islamic banks tend to increase their rentals.

The mechanism adopted to achieve this goal involves dividing lease rentals into two parts.

One is fixed, and it represents the bank’s cost of financing.

The other is variable and linked to the interest rate; it represents the bank’s profit.

This originally variable rate is determined at the start of each Ijarah period.

However, it remains unknown at the time of contracting.

Obviously, this practice raises a Shariah concern since Shariah dictates that rental in any lease agreement must be fixed from day one, or at least future adjustments, if any, must be predetermined and made known.

The paper is an attempt to address this problem and bring up all Fiqh discussions pertaining to the matter, in order to determine its Shariah validity or otherwise.