TABLE OF CONTENT PAGE

INTRODUCTION 3

HUKM ON IJARAH 3-4

LEGITIMACY OF IJARAH 4-5

CONDITIONS OF IJARAH THUMMA AL-BAY’ 6-7

CONTRACT OF IJARAH THUMMA AL-BAY’ 7-8

APPLICATION IN MALAYSIA FINANCING AND 8-10

BANKING

DIFFERENCES BETWEEN CONVENTIONAL HIRE 11-12

PURCHASE AND AITAB

DISTINGUISHING LEASE AND HIRE 12-14

OBJECTIVES OF APPLICATION OF IJARAH THUMMA 14-15

AL-BAY’

CHALLENGES IN APPLICATION OF IJARAH 15-17

THUMMA AL-BAY’

REFERENCES 18

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INTRODUCTION

Ijarah in islamic finance and banking essentially can be defined into leasing or hiring.

Literally, ijārah is derived from the noun ‘al-ajr’ (‫ ) األجر‬which means compensation, reward,

consideration, return or counter value (al-‘iwad) against the use of an object. It is is also referred

to as Al-ujrah which means wages or rent al-kira' (‫ ) الكراء‬in exchange for the usufruct obtained.

Al-ajr is usually used to refer to the reward of the hereafter and al-ujrah refers to the reward of

the world. The concept in Ijarah Thumma Al-Bay’ is first lease then buy which is a muamalat

contract that combines Al-ijarah (rent) and Al-bay' (sale). Consequently, there will be two

contracts in Ijarah Thumma Al-Bay’ which involve contracts of leasing or hiring and end with

contract of sale. This concept of islamic finance and banking was adopted in Malaysia banking

such as in Bank Islam, Maybank and Bank Muamalat.

HUKM ON IJARAH

The concept of ijarah, or leasing, holds significant importance within Islamic finance,

serving as a key mechanism for economic transactions while adhering to Islamic principles.

Different schools of Islamic jurisprudence offer nuanced definitions of ijarah, reflecting diverse

interpretations and approaches within Islamic legal thought. The Maliki School defines ijarah as

the transfer of ownership of permissible usufruct for a known period, exchanged for

compensation. In contrast, the Hanbali School describes it as a contract involving lawful subject

matter designated for specific use, with the object being corporeal, lawful, and clearly defined,

all for a predetermined duration. Similarly, the Hanafis view ijarah as a contract aimed at

conferring ownership of a specified and legitimate usufruct of a rented corporeal object in

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exchange for consideration. Lastly, the Shafi‘is perceive ijarah as a contract wherein the subject

matter consists of the determined, legitimate, assignable, and lawful usufruct of an object, all

against a fixed consideration. These varying perspectives highlight the richness and complexity

of Islamic legal thought in interpreting and applying principles of ijarah within the framework of

Islamic finance.

LEGITIMACY OF IJARAH

In Surah Al-Qasas, verses 26-27, the story of Prophet Musa provides a profound

illustration of the concept of ijarah within the context of seeking refuge and temporary

employment. When Prophet Musa fled Egypt and arrived in the land of Madyan, Prophet Musa

encountered a community facing a water scarcity crisis. In response to this challenge, Musa

offered his assistance to two women struggling to water their flock. His act of kindness led to an

encounter with their father, who, recognizing Musa's integrity and strength, offered him shelter

and employment. Allah mentioned in Surah Al-Qasas verse 26-27;

‫ى هَ ٰـتَي ِْن َعلَ ٰ ٓى َأن‬ َ ‫ قَا َل ِإنِّ ٓى ُأ ِري ُد َأ ْن ُأن ِك َح‬٢٦ ُ‫ت ٱ ْستَْٔـ ِجرْ هُ ۖ ِإ َّن َخ ْي َر َم ِن ٱ ْستَْٔـ َجرْ تَ ْٱلقَ ِوىُّ ٱَأْل ِمين‬
َّ َ‫ك ِإحْ دَى ٱ ْبنَت‬ ِ َ‫ت ِإحْ َد ٰىهُ َما يَ ٰـَٓأب‬
ْ َ‫قَال‬

َّ ‫ك ۚ َست َِج ُدنِ ٓى ِإن َشٓا َء ٱهَّلل ُ ِمنَ ٱل‬ َّ ‫ك ۖ َو َمٓا ُأ ِري ُد َأ ْن َأ ُش‬
َ ‫ق َعلَ ْي‬ َ ‫ج ۖ فَِإ ْن َأ ْت َم ْمتَ َع ْش ۭ ًرا فَ ِم ْن ِعن ِد‬ ‫ْأ‬
٢٧ َ‫ص ٰـلِ ِحين‬ ٍ ۢ ‫تَ ُج َرنِى ثَ َم ٰـنِ َى ِح َج‬

“One of the two daughters suggested, “O my dear father! Hire him. A strong, trustworthy person

is definitely the best to hire.The old man proposed, I wish to marry one of these two daughters of

mine to you, provided that you stay in my service for eight years. If you complete ten, it will be ˹a

favour˺ from you, but I do not wish to make it difficult for you. Allah willing, you will find me an

agreeable man.”

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 These verses from Surah Al-Qasas exemplifies the principles of ijarah, as Prophet Musa

temporarily leased his services in exchange for the provision of shelter and sustenance by the

father of the two women. The narrative underscores the reciprocal nature of ijarah agreements,

where both parties benefit mutually through the exchange of goods or services, reflecting the

principles of fairness, cooperation, and mutual assistance inherent in Islamic finance.

Besides, Allah mentioned in Surah At-Talaq verse 6;

۟ ُ‫ت َح ْم ۢ ٍل فََأنفِق‬
َ َ‫وا َعلَ ْي ِه َّن َحتَّ ٰى ي‬
ۚ ‫ض ْعنَ َح ْملَه َُّن‬ ۟ ُ‫ضيِّق‬
ِ ‫وا َعلَ ْي ِه َّن ۚ وَِإن ُك َّن ُأ ۟ولَ ٰـ‬ ُ ‫َأ ْس ِكنُوه َُّن ِم ْن َحي‬
َ ُ‫ْث َس َكنتُم ِّمن ُوجْ ِد ُك ْم َواَل ت‬
َ ُ‫ضٓارُّ وه َُّن لِت‬

٦ ‫ض ُع لَ ٓۥهُ ُأ ْخ َر ٰى‬ ۟ ‫ض ْعنَ لَ ُك ْم فَـَٔاتُوه َُّن ُأجُو َره َُّن ۖ َوْأتَ ِمر‬
ٍ ۢ ‫ُوا بَ ْينَ ُكم بِ َم ْعر‬
ِ ْ‫ُوف ۖ وَِإن تَ َعا َسرْ تُ ْم فَ َستُر‬ َ ْ‫فَِإ ْن َأر‬

“ Let them live where you live ˹during their waiting period˺, according to your means. And do

not harass them to make their stay unbearable. If they are pregnant, then maintain them until

they deliver. And if they nurse your child,1 compensate them, and consult together courteously.

But if you fail to reach an agreement, then another woman will nurse ˹the child˺ for the father. ”

This verse resonates with the principles of ijarah by highlighting the concept of trust and

reliance on Allah during times of uncertainty and difficulty, akin to the trust involved in ijarah

agreements where parties rely on each other's integrity and fulfillment of contractual obligations.

Additionally there are two reported hadith relating to the ijarah discussion. First, the

Hadith narrated by Abu Ya’la, Ibnu Majah, At-Tabrani and At-Tirmizi:

“Give a worker his fee before his sweat dries up.”

Secondly, Hadith narrated by ‘Abd-ar-Razzaq and al-Baihaqi:

“He who hires a person should inform him of his fee.”

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CONDITIONS IN IJARAH THUMMA AL-BAY’

In Islamic banking and finance, Ijarah is governed by five essential conditions that

outline its contractual framework and operational parameters. First, the lessor must meet specific

criteria to engage in an ijarah agreement where they must be capable of taking responsibility,

which entails being of sound mind, having reached the age of puberty (baligh), and achieving

majority that they are being able to manage their own affairs. Additionally, they should not be

prohibited from dealing with their properties, meaning that they must not have been declared

bankrupts or prodigals. Finally, there should be no coercion exerted on either party involved in

the agreement.

Besides, the property involved in ijarah transaction must meet four essential conditions.

Firstly, it must be owned by the lessor, establishing their legitimate ownership rights. Secondly,

the property should be in a state ready for use, ensuring its suitability for the intended purpose

outlined in the lease agreement. Thirdly, it must be delivered to the lessee according to the terms

of the agreement, indicating the transfer of possession and control. Finally, the property must be

specifically identifiable, whether through its address, description, or specification, to prevent

ambiguity and ensure clarity regarding the subject of the lease.

Certainly for the benefit or use usufruct, the benefit derived from the leased property

must comply with Islamic law, with its value being fixed and the lessor possessing the capability

to provide it. Specification of the benefit is necessary, detailing the period of leasing for

single-purpose property or the type of use for multi-purpose property. Furthermore, regarding

rental, the rental fees must be in a known currency and presented as an absolute amount.

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Moreover, in terms of the contract, acceptance must correspond with the offer and both must

occur simultaneously at the same meeting, ensuring mutual understanding and consent between

the lessor and lessee.

CONTRACT OF IJARAH THUMMA ALBAY’

There are two divided contract in Ijarah Thumma Al-Bay’ which in the first contract, it
concluded the contract of lease (Ijarah), subsequent to the first contract, at the end of the leasing
contract, the contract of sale (Al-Bay’) will be concluded.

First Contract : Contract of Lease (Ijarah)

a) Vendor or Dealer or Seller sells the vehicle ordered by the customer to the bank or
finance company.

b) The bank or finance company pays to the Vendor full amount of the vehicle. Therefore
the banks or finance company became the Owner of the vehicle.

c) The customer paid the deposit payment (mostly 10%) of the full amount of the vehicle
to the Vendor. The customer agrees to pay the road tax and insurance coverage. He is also
responsible for the maintenance.

d) Vendor delivers the vehicle to customer. This is done once the bank or finance
company approved the customer’s application upon in the purpose to purchase the
vehicle during or at the end of the contract.

Second Contract : Contract of Sales (Bay’)

(a) Owner hires the vehicle to the customer. The customer became the Hirer.

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 (b) He is now responsible to pays the rental or installment to the Owner with the agreed
amount until the payment fully paid either during the contract or end of the contract. This
is due to financing he obtained (mostly 90%) from the bank or owner.

APPLICATION IN MALAYSIA FINANCING AND BANKING

The development of Ijarah Thumma Al-Bay’ was first introduced by Bank Islam around

1983 until 1994. At that time Bank Islam was the key player in islamic banking, then AITAB

was extended to 3 anchor banks. In 1994, Islamic Banking Scheme was introduced and the

operation of AITAB was expanded. AITAB was expanded to Finance Companies and

Cooperative Societies, later AITAB was adopted by the government. There are currently 15

banks in Malaysia offering AITAB facility for individuals and corporate customers, such as Bank

Islam, OCBC and AmIslamic Bank Berhad.

In discussing the concept of Ijarah Thumma Al-Bay’ (AITAB), we draw primarily on the

example set by Bank Islam, which offers a sophisticated and customer-centric product known as

AITAB-i. This hire purchase facility is designed to meet the financial needs of customers by

providing them with a flexible yet structured means of acquiring valuable assets. The AITAB-i

facility operates on the principles of Islamic finance, ensuring that all transactions comply with

Shariah law. AITAB-i, or Al-Ijarah Thumma Al-Bay’ Islamic hire purchase, allows customers to

hire an asset and then purchase it from the bank at the end of the lease period. This

dual-structured product is offered at a fixed rate, which ensures that the rental payments remain

consistent throughout the tenure, providing financial predictability and stability to the customers.

The applicable Shariah contract here is Ijarah Thumma Bai, which seamlessly integrates an

Ijarah (rental) contract followed by a Bai’ (sale) contract.

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 During the leasing period, the customer leases the asset from the bank under the Ijarah

contract. This phase involves paying an agreed-upon rental amount over a specified period. The

predictability of fixed rental payments over the term of the lease helps customers manage their

finances more effectively. Upon the expiry of this leasing period, the customer then enters into

the Bai’ contract to purchase the asset from the bank at a pre-agreed price, thereby completing

the transaction and transferring ownership.

This structured approach offers several benefits to customers. Firstly, there is a nominal

stamp duty, which reduces the upfront costs associated with asset acquisition. Secondly, AITAB-i

provides customers with short- to medium-term financing, facilitating the hiring of assets and

their eventual ownership. This is particularly beneficial for customers who require immediate

access to assets but prefer to spread the cost over a longer period. Additionally, AITAB-i offers

competitive pricing compared to conventional leasing options, making it an attractive alternative.

The types of assets that can be financed through AITAB-i are diverse and include plant

and machinery, equipment, motor vehicles, cooperatives, and other assets that meet the bank’s

acceptance criteria. This versatility allows a wide range of customers, from individuals to

businesses, to benefit from this facility. The minimum financing amount available is RM50,000,

which makes it accessible for various scales of asset acquisition. The lease period offered ranges

from a minimum of 2 years to a maximum of 7 years, providing flexibility in terms of repayment

duration to suit different financial situations.

Bank Islam’s AITAB-i (Al-Ijarah Thumma Al-Bay’) facility is a structured hire purchase

solution that allows customers to lease and subsequently purchase an asset through a five-step

process. Initially, the customer identifies the desired asset and obtains a price quotation along

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with other relevant details from the seller or vendor. With this information, the customer

approaches Bank Islam for financing, and both parties agree to proceed with the AITAB-i

arrangement. Next, the customer makes a formal promise (Wa`d) to lease the asset from the bank

for an agreed period and rental amount, and also commits to purchasing the asset at the end of

the Ijarah tenure. Following this, Bank Islam purchases the asset from the seller based on the

details provided by the customer, transferring ownership of the asset to the bank. The bank then

leases the asset to the customer under the agreed terms, and the customer makes regular rental

payments throughout the lease period. Finally, once the Ijarah period expires or in the event of

early settlement, the customer and the bank execute a sale and purchase agreement, transferring

ownership of the asset from the bank to the customer. This structured process ensures a seamless

transition from leasing to ownership, offering customers a Shariah-compliant means of acquiring

assets while maintaining financial flexibility and transparency.

In conclusion, Bank Islam's AITAB-i is a testament to the innovative integration of

Shariah-compliant financial principles with modern banking needs. By offering fixed-rate rental

payments, predictable financial planning, and the ultimate goal of asset ownership, AITAB-i

stands out as a robust and customer-friendly hire purchase solution. This facility not only aligns

with ethical financial practices but also caters to the practical needs of customers, ensuring they

can acquire and own essential assets in a manner that is both financially viable and compliant

with Islamic law.

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DIFFERENT BETWEEN CONVENTIONAL HIRE PURCHASE AND IJARAH

THUMMA AL-BAY’

Conventional hire purchase and Al-Ijarah Thumma Al-Bay’ (AITAB) are both methods

of financing asset acquisition, but they differ significantly in principles, structures, and

processes. Conventional hire purchase involves the buyer paying an initial deposit followed by

regular installments over a set period, with ownership transferring only after the final payment.

This type of financing is interest-based, where the total cost includes the principal amount plus

interest, which can be fixed or variable depending on market fluctuations. Governed by

conventional financial regulations and consumer credit laws, conventional hire purchase ensures

transparency and consumer protection. The buyer is typically responsible for maintenance and

insurance during the hire purchase period, even though ownership is not transferred until the end

of the term.

In contrast, AITAB is structured to comply with Islamic finance principles, which

prohibit interest (riba). It consists of two separate agreements: an Ijarah (leasing) contract

followed by a Bay’ (sale) contract. During the Ijarah period, the bank leases the asset to the

customer for a fixed rental rate, providing predictability. Ownership remains with the bank

during the lease period, and upon completion, the customer can purchase the asset through the

Bay’ contract. Governed by Shariah law, AITAB emphasizes ethical and fair dealings, ensuring

both parties adhere to Islamic ethical standards. The bank is usually responsible for major

maintenance and insurance during the lease period, though specific terms can vary. Additionally,

AITAB often involves lower initial costs, such as nominal stamp duty, making it more affordable

compared to conventional hire purchase agreements.

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 In summary, while both conventional hire purchase and AITAB allow for asset

acquisition through regular payments, they differ fundamentally. Conventional hire purchase is

based on interest-bearing loans and places maintenance and insurance responsibilities on the

buyer, with ownership transferring after the final payment. AITAB avoids interest through a

lease-to-own structure, maintaining bank ownership and responsibility during the lease period,

and transferring ownership to the customer through a separate sale contract. These differences

reflect their distinct regulatory and ethical frameworks, catering to diverse consumer needs and

preferences.

DISTINGUISHING BETWEEN LEASE AND HIRE

Leasing and hire purchase are two distinct methods of financing the use of a vehicle or

other asset, each with its own set of advantages and limitations. Understanding these differences

is crucial for making an informed decision that aligns with our financial goals and lifestyle

preferences.

Leasing involves a contractual agreement where the lessor (the leasing company) grants

the lessee (the customer) the right to use a vehicle for a specified period, typically ranging from

two to four years. During this period,we do not own the vehicle. Instead, we are essentially

renting it. One of the primary benefits of leasing is that it often entails lower monthly payments

compared to a hire purchase. This affordability stems from the fact that we are only paying for

the depreciation of the vehicle during the lease term, not its full value. Additionally, leases

generally require little to no down payment, making it an attractive option for those looking to

minimize upfront costs. Another advantage of leasing is that the leasing company is usually

11
responsible for major repairs and servicing. This arrangement can provide significant peace of

mind, as we won't have to worry about unexpected maintenance costs. At the end of the lease

term, we simply return the vehicle to the leasing company, with the option to lease a new model.

This flexibility allows us to drive the latest cars with advanced features and technology more

frequently than if we were to purchase a vehicle outright.

Hire purchase, on the other hand, is a financing arrangement where we make a series of

payments over time, after which we own the vehicle. While the monthly payments for a hire

purchase are typically higher than those for a lease, and a deposit is usually required, this method

allows us to build equity in the car. Once all payments are made, ownership is transferred to us,

providing the freedom and satisfaction of owning the vehicle outright. Ownership through hire

purchase offers greater freedom in terms of repairs and servicing. Since we are working towards

owning the car, we have more control over its upkeep and can make decisions that best suit our

needs without needing approval from a leasing company. This can be particularly advantageous

if we plan to keep the vehicle for an extended period or if you prefer to customize it to our liking.

Furthermore, hire purchase agreements do not tie us into long-term commitments beyond

the payment period, unlike some leases that may have early termination penalties. This aspect

can be appealing if we prefer the stability of knowing the car will eventually be ours, providing a

sense of permanence and long-term value. While leasing offers flexibility in terms of the length

of the agreement and the ability to upgrade vehicles more frequently, hire purchase provides the

long-term benefit of ownership and greater control over the vehicle. The choice between leasing

and hire purchase will ultimately depend on our financial situation, personal preferences, and

long-term plans. Leasing might be more suitable if we enjoy driving new cars every few years

with lower monthly payments and minimal maintenance responsibilities. In contrast, hire

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purchase could be the better option if we value ownership willing to make higher payments to

build equity, and prefer greater control over our vehicle.

In summary, both leasing and hire purchase have unique benefits tailored to different

needs. Leasing provides affordability, flexibility, and ease of maintenance, while hire purchase

offers ownership, equity building, and customization freedom. By carefully considering these

factors, we can select the financing method that best aligns with your lifestyle and financial

goals.

OBJECTIVES OF APPLICATION OF IJARAH THUMMA AL-BAY’

Al-Ijarah Thumma Al-Bay’ (AITAB) is designed to provide Shariah-compliant financial

solutions, adhering to Islamic principles such as the prohibition of Riba (usury/interest) and

Gharar (excessive uncertainty). AITAB offers an alternative to conventional financing methods

that involve interest payments, aligning with the Islamic principle of avoiding Riba. This

structure enables individuals and businesses to acquire assets like property, vehicles, or

equipment through a structured Islamic financing arrangement, allowing them to use the asset

while paying for it over time.

One of the key features of AITAB is its emphasis on risk-sharing between the financier

and the customer. During the leasing period, the financier typically owns the asset, thereby

sharing the risks associated with ownership, such as maintenance and depreciation. This

arrangement provides a balanced approach where both parties have a vested interest in the asset’s

condition and performance. AITAB also offers flexibility in ownership, allowing the lessee

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(customer) to eventually own the asset through a pre-agreed sale transaction. This gradual

transfer of ownership rights provides the lessee with the option to own the asset outright after

fulfilling the lease terms. This flexibility is particularly advantageous for those who prefer to

own the asset in the long term.

Affordability is another significant benefit of AITAB. It provides a more accessible

financing option for individuals and businesses who may not have the upfront capital to purchase

assets outright. The lease payments are structured to be affordable and tailored to the customer's

financial capacity, making it easier for them to manage their finances while acquiring valuable

assets. Furthermore, by facilitating asset acquisition, AITAB contributes to economic

development. It enables businesses to expand their operations, invest in productive assets, and

create employment opportunities. This, in turn, stimulates economic growth and development,

benefiting the broader community. In summary, AITAB not only aligns with Islamic financial

principles but also offers practical benefits such as risk-sharing, ownership flexibility,

affordability, and contributions to economic development.

CHALLENGES IN APPLICATION OF IJARAH THUMMA AL-BAY’

The misconception and skepticism surrounding Al-Ijarah Thumma Al-Bay’ (AITAB)

stem from various factors, including customers' misunderstanding of its fundamental differences

from conventional hire-purchase arrangements. Many customers fail to grasp these distinctions,

perceiving AITAB as merely a variation of conventional hire-purchase in operations,

documentation, and legal requirements. Consequently, they may not recognize AITAB as a

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Shariah-compliant product and fail to appreciate its potential benefits. Some even view AITAB

as a way to circumvent the prohibition of Riba (interest), leading to skepticism and criticism.

This misunderstanding is further exacerbated by the inadequate knowledge and

experience of bank officers tasked with explaining the product. Many officers lack a clear

understanding of the nuances between AITAB and conventional hire-purchase, often presenting

both products as similar. As a result, they struggle to highlight the advantages of AITAB,

contributing to customer confusion and skepticism. Moreover, AITAB faces tough competition

from conventional hire-purchase products, particularly in well-established markets like car

financing. Penetrating such markets is challenging, as customers may perceive AITAB as

essentially the same as conventional products but with Islamic terminology. Dealers and bankers,

who are more familiar with conventional mechanisms, may prioritize offering conventional

options due to a lack of religious conscience or perceived similarity between the two.

In the Malaysian context, dealers play a vital role as intermediaries between financial

institutions and customers, especially in vehicle purchases. The choice between conventional and

Islamic financing often relies on the dealer's recommendation. However, not all dealers possess

an in-depth understanding of AITAB, leading to inadequate education for customers and

potentially hindering its uptake.Furthermore, the documentation involved in an AITAB

agreement, crafted by lawyers to comply with Shariah requirements, may appear complex

compared to conventional facilities. This complexity, coupled with potential errors in completing

numerous documents, can be burdensome for customers and dealers alike, leading to a

preference for conventional options.

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 Despite being a demanding facility of Islamic banks, AITAB suffers from a lack of a

comprehensive Shariah regulatory framework. Disputes arising from transactions are typically

referred to conventional regulations, such as the Hire-Purchase Act 1967 (HPA), further

complicating its implementation and enforcement.

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REFERENCES

1. Badriah Nordin, (2014, Jun 23), Al-ijarah Thumma Al-Bay (AITAB). Retrieved from,
https://www.slideshare.net/slideshow/alijarah-thumma-albay-aitab/36197781

2. Bank islam, (n.d.), Product Disclosure Sheet - Ijarah Thumma Bai-i (AITAB-i). Retrieved
from,
https://www.bankislam.com/wp-content/uploads/PDS_2023_Ijarah-Thumma-Bai-i-AITAB.
pdf

3. Hadith narrated by Abu Ya’la, Ibnu Majah, At-Tabrani and At-Tirmizi

4. Hadith narrated by ‘Abd-ar-Razzaq and al-Baihaqi

5. Jaya Sharma, 2024, February 9), Understanding the Difference Between Hire Purchase
and Leasing. Retrieved from,
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ire-purchase-and-leasing/#:~:text=Hire%20purchase%20involves%20the%20gradual,end
%20of%20the%20lease%20term.

6. Mohd Usoff Zakaria and Ab Mumin Ab Ghani, (2015), Vehicle Financing Based on the
al-Ijarah Thumma alBay‘ (AITAB) Concept at Bank Muamalat Malaysia Berhad and
Related Issues. Retrieved from,
https://ejournal.um.edu.my/index.php/JS/article/download/6918/4580/14870

7. Mohd Azizi Ibrahim, (n.d.), Al-Ijarah Thumma al-Bay'. Retrieved from,

https://www.academia.edu/16417219/Al_Ijarah_Thumma_al_Bay

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