Is leasing permissible? Is leasing regarded as trade between the bank and the client?
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The Answer
Dear Brother / Sister,
Leasing is the transaction of buying machinery and equipment by an institution (bank, etc), renting it to the client and getting its price in installments in accordance with the law of financial leasing.
Leasing was discussed by Islamic scholars and decreed that it was permissible. It is widely used in the Islamic world.
The topic of leasing was discussed in the international congress called "Current Issues of Islamic Trade Law" held in Konya, Turkey on September 25-29, 1996 and it was decreed that leasing was permissible.
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