Under this mode Bank or investment company may supply implements/ equipment/goods on local rental basis. Hire purchase is a special type of contract, which includes been developed through practice. Shirkat means partnership. Shirkatul Melk means share in ownership. When several persons supply equity, purchase an asset, own the same jointly, and share the benefit as per agreement and endure the loss in proportion with their respective collateral, the contract is named Shirkatul Melk agreement.
As per process of transfer of possession and legal title of the part possessed by the Bank is transferred to the other partner, the sale contract might be of various forms. 2. Hire Purchase under Shirkatul Melk Through transfer of legal name (sale) by the end of hire period for a token factor.
3. Hire Purchase under Shirkatul Melk through transfer of legal name (sale) by the end of Hire period for payment of a specified total the hire by the hirer. 4. Hire Purchase under Shirkatul Melk through transfer of legal name (sale) period to the finish of the hire term for a price that is the same as the rest of the ijarah /rental instruction. The term Ijarah has been derived from the Arabic works (Air) and (Ujrat) this means consideration, return, wages or rent. This is actually the exchange value or consideration, return, wages, rent of service of an ASSET.
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