Al-Ijārah al-Mawṣūfah fī al-Dhimmah: Theory and Applications
Editors: Abu Talib Mohammad Monawer, Md. Habibur Rahman & Akhtarzaite Abdul Aziz, 2017
ISBN 978-967-0149-95-0, 109 pages, RM78.00
Al-Ijarah al-Mawsufah fi al-Dhimmah (forward leasing) is a newly introduced financing tool used for different financial services by individuals and Islamic financial institutions (IFIs). IFIs currently provide a financing product for home under construction based on the musharakah mutanaqisah partnership (MMP) whereby al-ijarah al-mawsufah fi al-dhimmah (AIMAD) is applied as a sub-contract. AIMAD is allowed to be used along with other valid contract in hybrid mode as long as it fulfils the criteria put forward by scholars.
The book also shows that although usufruct originally is not considered as an asset that has commercial value (mutaqawwim) according to the Hanafi School, usufruct of ijarah is excluded from this definition on the basis of exception regardless of whether it is ijarah of a particular object or of forward benefits.