ContractIjarah/Leasing Agreement • November 28th, 2016
Product: SINDH BANK IJARAH/LEASING (EQUIPMENT) Product Description: Ijarah/Leasing is a contract whereby the owner of something transfers its benefits (usufruct) to another person for an agreed period, at an agreed consideration. Product feature: o In Ijarah/Leasing the corpus of leased commodity remains in the ownership of the Lessor and only its usufruct is transferred to the Lessee.o During the entire term of the Lease, the Lessor must retain title to the assets, and bear all risks and rewards pertaining to ownership.o In case any loss or damage is caused to the leased assets due to the fault or negligence of the Lessee, the consequences thereof shall be borne by him.o The consequences arising from non-customary use of the asset without mutual agreement will also beborne by the Lessee.
