It is one of the basic requirements of Shariah that the
parties to the contract/agreemnet must exactly know its considerations. Under Ijarah
agreement, amount of rent is one of the prime considerations of the agreement.
So far as the parties are agreed with mutual consent upon a well-defined
benchmark which would serve as a criterion for determining the rent, and
whatever amount is determined, based on such benchmark, will be acceptable to
both parties, therefore, there should not be any dispute. However, in order to
save the parties from unforeseen losses due to the either way movement in the interest
rate, the scholars have advised that there should be a floor and cap for the
amount of rentals stipulated in the contract in case variable benchmarks is
taken to determine the rental amount.
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