A new mode of leasing by the Islamic banks is called Ijarah wa iqtina. At the end of the lease period, the tenant automatically becomes the owner of the property. At the time of entering into the lease , the owner of the property promises to give the property to the tenant . It is similar to leasing of vehicles. Contemporary leaders have sanctioned this deal.

This form of leasing is not valid in the Shariah. The condition of the promise is faasid. Even if it is written in a separate document as is done in this scheme, the deception does no alter the fact that it is a condition verbally stated in the actual leasing contract. Writing the condition in a separate document is self deception. The lessor agrees at the very inception that the leased article will belong to the lessee at the end of the term of the lease. So, they are trying to fool people and to soothe their own conscience by imagining that the promise is apart from the leasing contract. Contemporary scholars who agree to this corrupt leasing contract are not authorities of the Shariah.

They are modernist liberals who disgorge their personal opinions and give it an ‘Islamic’ flavor with fabricated terms such as iijarah wa iqtina when in reality there is no such concept in the Shariah. Regardless of the promise being unilateral, the irrefutable fact is that it is a binding term of the lease agreement, and this is haraam. The proponents of this baatil ijaarah scheme have not provided a single Shar’i basis for the corrupt ijaarah scheme. Furthermore, ‘Islamic’ banks are a myth. The promise to sell or give the leased asset to the lessee at the end of the leasing term is baatil. The lessor cannot be compelled to fulfill such a promise, nor is it permissible for him to make such a promise. The view of the promise being binding on the lessor is baatil.

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