Mullak’s products have been derived from “Ijara with a promise to sell” and we have innovated new methods which are considered breakthrough in Islamic finance.

The general idea is based on the customer renting out a property owned by Mullak for an agreed period of time in a contract to utilize for living and Mullak would give him a promise to sell the property to him at the end of the rent contract if he desires.

 

Ijara in Islam:

Ijara is derived from the word “Ajr” which is reward. In Quran, the story of Prophet Moses (Peace Be Upon Him) is the best example of Ijara whereby he served as a shepherd for Prophet Shoaib (PBUH) and in return he got married to one of his daughters.

 

Key conditions for a valid Ijara:

·    The leaser and the lessee must be sane and adults .

·    The contract: Offer and Agreement must be made.

·    The leased property: It has to be owned by the leaser, deliverable and clearly described.