- Letting on lease.
- Medium to long term facility for vehicles, plant and machinery leased out to the client on rental basis
- Sale of a definite usufruct of any asset in exchange of definite reward.
Term & conditions:
- According to rules and regulations.
- Customer cannot create any charge on asset as pledge or other.
- Leased may inspect by Bank.
- Insurance premium of leased asset will be paid by bank.
- Bank require evidence about the use of asset.
- All present and future expenses shall be payable by the customer immediately on first demand of Bank.
- Legal documents charge will be recovered at actual.
PROCESS OF IJARAH
2. Ijarah Programs and Rates
3. The Application 4. Processing
5. Required Documents
6. Credit Reports
7. Appraisal Basics
Ijarah Process starts with Pre- Qualification.
- Salary/ Payslip
- Ownership Documentation
- Rental agreement
- Trustee’s personal information
After it credit profile is to be formed, There are five categories of information on a credit profile:
- Identifying Information
- Employment Information
- Credit Information
- Public Record Information
The following items are some of the ways you can improve the credit score of lessee:
- Pay your bills on time.
- Keep Balances low on credit cards.
- Limit your credit accounts to what you really need.
- Accounts that are no longer needed should be formally canceled since zero balance accounts can still count against you.
- Check that your credit report information is accurate.
- Be conservative in applying for credit and make sure that your credit is only checked when necessary.
The contract is undertaking now and after approval
Now Ijarah summery is ready and after the completion of