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CourseFreeIslamic banking

Ijarah Quest

Lease, rent and own: learn ijarah by running a leasing desk

Introductory · 5 hours · 11 lessons · Language: English and Arabic · ID: IFS-COU-0063

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Lease, rent and own: learn ijarah by running a leasing desk. This free gamified course turns the basics of AAOIFI standards into five interactive missions. In each one you flip learning cards, make decisions in short scenarios, race through true-or-false rounds, match terms, put steps in order, sort what is allowed from what is not, and finish with a final challenge where you have three lives. You earn XP, keep streaks, collect stars and unlock a badge for every mission.

The missions:

  1. Leasing the use, not the asset
  2. Setting the rent
  3. Who pays for what
  4. Lease ending in ownership
  5. Default, damage and the end of a lease

After each mission a short recap sums up what you unlocked, with the references. When all five badges are yours, take the final exam: 30 questions in 60 minutes, 70% to pass.

This course is independent educational material written by ifSPACE in its own words. It does not reproduce AAOIFI texts, is not affiliated with AAOIFI and is not a fatwa.

What you will learn

  • Explain what an ijarah sells, which assets can be leased, and why the lessor must own the asset before leasing it.
  • Set a fixed, stepped or variable rent that is known for every period, and apply the rules on changing rent and late payment.
  • Allocate maintenance, takaful and the risk of loss between the lessor and the lessee, and work out the rent when the asset cannot be used.
  • Structure a lease ending in ownership with a separate promise and transfer, choose a transfer method, and state the basic FAS 32 reporting.
  • Handle late payment, default, total loss and the end of a lease, stating what the lessor may and may not claim.

Syllabus

  1. 1.Mission 1: Leasing the use, not the asset

    • How this quest works5 min
    • Mission 1: Leasing the use, not the asset25 min
    • Recap: Leasing the use, not the asset10 min

  2. 2.Mission 2: Setting the rent

    • Mission 2: Setting the rent25 min
    • Recap: Setting the rent10 min

  3. 3.Mission 3: Who pays for what

    • Mission 3: Who pays for what25 min
    • Recap: Who pays for what10 min

  4. 4.Mission 4: Lease ending in ownership

    • Mission 4: Lease ending in ownership25 min
    • Recap: Lease ending in ownership10 min

  5. 5.Mission 5: Default, damage and the end of a lease

    • Mission 5: Default, damage and the end of a lease25 min
    • Recap: Default, damage and the end of a lease10 min