islamic banking

Direction: Read, interpret and analyze the problem to find the correct solution. Ijarah is a concept used in Islamic commerce. Ijarah denotes a contract where one party transfers the right to use an item he owns to another party for a specified period in exchange for an agreed consideration Colloquially. Ijarah is often called 'Islamic leasing Cost of financing or purchase price = $150,000 Rate of profit = 10.5% flat/ annum Period of lease = 12 years (144 months) Direction: Read, interpret and analyze the problem to find the correct solution. Ijarah is a concept used in Islamic commerce. Ijarah denotes a contract where one party transfers the right to use an item he owns to another party for a specified period in exchange for an agreed consideration Colloquially. Ijarah is often called 'Islamic leasing Cost of financing or purchase price = $150,000 Rate of profit = 10.5% flat/ annum Period of lease = 12 years (144 months)