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Comprehensive Guide to Ijarah Leasing Contracts: Rights, Liabilities, and Procedures

This guide covers Ijarah leasing contracts, including terms, rights, and liabilities of lessor and lessee, rental recovery, penalties, insurance, registration, asset purchase, documentation, termination, and more.

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Comprehensive Guide to Ijarah Leasing Contracts: Rights, Liabilities, and Procedures

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  1. Practical Car Ijarah

  2. Leasing/Ijarah Contract

  3. Rights & Liabilities of Lessor and Lessee

  4. Rentals recovery in case of theft and loss

  5. Penalty for late payment

  6. Insurance premium

  7. Registration Charges

  8. Purchase of asset

  9. Commencement of Rentals

  10. Signing of Lease Contract

  11. Termination before delivery

  12. DOCUMENTATION OF IJARAH

  13. IJARAH AGREEMENT • Ijarah Agreement is the basic document which contains all terms and conditions pertinent of Ijarah of particular Asset(s). • Ijarah Agreement shall invariably be signed after the Lessor has taken the possession the Asset and not earlier.

  14. ADDENDUMS TO IJARAH AGREEMENT • Description of the Ijarah Asset • Schedule of of Ijarah Rentals • Receipt of Asset • Demand Promissory Note

  15. DESCRIPTION OF IJARAH ASSET • This document contains the detailed description about the Leased Asset agreed between the parties e.g Name, Make ,Model,Engine No., Chassis No., Registration No. etc etc. • This documents shall be signed signed after Delivery of asset to the Lessee and not earlier.

  16. SCHEDULE OF IJARAH RENTALS • This schedule contains a table which shows: • Amount of rental (Monthly/Quarterly/Half Yearly) • Date of Payment of each rental • This schedule will also contain the date on which first rental is due. • This documents shall be signed signed after Delivery of asset to the Lessee and not earlier.

  17. RECEIPT OF ASSETS • This document confirms that customer has taken the possession of Leased Asset as described in the earlier document “Description of Ijarah Asset”. • This document is only signed by the Lessee on receipt of Asset, as an acknowledgement of receipt of described asset under Ijarah Contact.

  18. PROMISSORY NOTE • After signing of Ijarah Agreement, the amount of rentals become Debt (Dyan) to the Lessee. • Promissory Note is Lessee’s acknowledgement to Debt amount and its promise to pay.

  19. UNDERTAKING TO PURCHASE LEASED ASSET • This documents contains undertaking from the Lessee that he/it will purchase the Leased asset on the purchase Price corresponding to the Purchase Date. • This document contains a schedule which shows Purchase Price(s) during the Ijarah term on which the Lessee can purchase the asset by making lump sum payment.

  20. OTHER DOCUMENTS • Undertaking for Personal use of Ijarah Asset • Trust Receipt • Authorization to Take possession of Leased Asset • Sale Deed

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