Explanation And Application Of The Ijarah Akad In Indonesia

Ijarah Akad adalah (Pisphoto-Freepik picture)

YOGYAKARTA - The Ijarah Akad is a form of rental contract that is often used in Islamic financial systems and banking. In Indonesia, this contract is the basis for various Islamic banking products to create a fair and sustainable system. With this contract, customers and banks can agree on the use of goods or services without any element of usury.

However, so that transactions with the ijarah contract are valid according to sharia, there are a number of provisions that must be met. This article will review the concept of the ijarah contract, the underlying principles, and its benefits in the Islamic finance world.

In terms of language, the term ijarah comes from the word Arabic "al-" Ajr, which means compensation, reward, or wages. In the context of Islamic finance, the ijarah contract refers to the lease agreement or use of services within a certain period of time with certain rewards.

According to the fatwa of the National Sharia Council of the Indonesian Ulema Council (DSN-MUI), ijarah is a contract that involves transferring the right to use or benefit of a good or service during the agreed time, with the agreed payments as well. The parties involved in this contract consist of a lessor and a lessee, in which the tenants benefit from the leased assets without having ownership rights to the assets.

This provision is also in line with Law Number 21 of 2008 concerning Sharia Banking, which confirms that there is no transfer of ownership of assets in the act. This means that even if the tenant can take advantage of these goods, the property's rights are still in the hands of the leaser.

Terms And Rukun Akad Ijarah

In order for the ijarah contract to be considered valid, it must comply with the following provisions:

1. Rukun Akad Ijarah

2. Terms of Akad Ijarah

3. Akad Object Requirements

Types Of Ijarah Akad

In practice, there are several types of ijarah contracts that have different characteristics depending on the agreement between the two parties. Here are some types of ijarah contracts commonly found:

I. Ijarah Vomitiyah Bittamlik (IMBT)

The shape of the rental contract that allows the transfer of ownership of goods after the lease period is complete, usually through additional contracts such as grants or sales.

II. Ijarah Thumma Al Bai (ITB)

Renters rent goods with the intention of buying them. At the end of the rental period, ownership of assets moves to tenants.

III. Ijarah Mawsufa Bi Al-Dhimma

Akad yang berfokus pada pemanfaatan jasa tanpa melibatkan properti fisik tertentu.

IV. Benefits

Rental of immovable goods, such as vehicles, jewelry, or houses.

V. Work History

Akad which involves leasing services, such as repairing goods, building construction, or shipping services.

VI. Ijarah Asli

Rental contract without any transfer of property rights.

VII. Continued History

The repurchase of assets that had previously been leased by the owner to another party, with or without changing the condition of the asset.

Benefits Of Akad Ijarah In Sharia Banking

The use of the ijarah contract in the Islamic finance industry has several advantages, both for customers and financial institutions:

1. In accordance with Sharia Principles

Akad ijarah fulfills Islamic financial principles by avoiding usury (interest) and upholding transparency in transactions.

2. Flexibility in Financing

Akad ijarah allows customers to gain access to goods and services with a more flexible payment system without having to buy directly.

3. Minimum Risk

Compared to investments involving asset value fluctuations, ijarah contracts have a lower risk because tenants only pay rental wages without having to face a decrease in asset value.

4. Various Product Options

Certificates can be applied in various types of Islamic banking products, such as vehicle, home financing, production tools, to financial services such as Sharia Financing Cards and Safe Deposit Boxes (SDB).

In the world of Islamic finance, the ijarah contract is one of the mechanisms that allows individuals and businesses to benefit from an asset without having to buy directly. With principles in accordance with Islamic sharia, this contract provides a fair, transparent, and minimal financial solution for customers and financial institutions.

With its various types and benefits, the ijarah contract continues to grow and is one of the financial instruments that contributes to building a more inclusive and sustainable sharia economic system.

In addition, to increase refrension, read also: Types Of Sharia Bank Akad In Indonesia And Examples

So after knowing the ijarah contract is, look at other interesting news on VOI.ID, it's time to revolutionize news!