Shariah-Compliant Leasing
The arrangement follows Islamic finance principles, ensuring the lease structure and terms comply with Shariah requirements.
Home > Corporate > Islamic Financing Products > Mogawala (Istina)
Start with a Lease,
Finish with Ownership
Ijarah Muntahia Bittamleek
Owning your own property is one of life's biggest milestones and we’re here to help you reach it. With our Ijarah Muntahia Bittamleek product, owning your property becomes simple and stress-free. Here’s how it works: we buy the property you want—whether it’s an apartment, house, or land and lease it to you for a set time with affordable monthly payments. When the lease ends, the property becomes yours, with no extra fees. It’s a simple way to gradually own your home through your lease payments.
Features
Ownership Transfer
Once the lease ends and all agreed conditions are met, ownership of the asset transfers to the lessee.
Flexible Installments
Periodic installments can be structured around the lessee’s financial capacity, subject to the terms agreed in the contract.
Fixed Lease Duration
The lease contract has a fixed duration, agreed upon at the start of the contract.
Asset Usage Rights
The lessee has the right to use and benefit from the asset during the lease term.
Ownership Responsibilities
The lessor remains responsible for ownership-related risks and major maintenance unless the contract clearly provides otherwise.
Wide Asset Coverage
The facility may finance real estate, vehicles, machinery, equipment, and other eligible assets for business or personal use.
Early Purchase Option
The lessee may purchase the asset before the lease ends, where this option is included in the contract.
Benefits
Competitive Rental Terms
Benefit from competitive rental terms designed to make asset financing more manageable throughout the agreed lease period.
No Financing Commissions
Access financing without credit-granting or finance-execution commissions, helping reduce the overall cost of the arrangement.
Extended Repayment Periods
Enjoy longer repayment periods for houses and apartments, and flexible terms available for land purchase financing.
No Down Payment Option
Financing may be available without a down payment through an accelerated rental payment arrangement, subject to approval.
Joint Financing Option
Explore the possibility of approving and including family income from the first degree for joint financing.
Early Settlement
Make advance rental payments and settle the financing early, according to the terms stated in the agreement.
Mutual Insurance Coverage
The customer may be included in mutual insurance, subject to the fund’s applicable conditions, limits, and requirements.
Balanced Debt Obligations
The percentage of obligations of the applicant for financing with us and with others not exceed (50%) of proven income.
