Answer: Ijarah refers to transferring
the usufruct of an asset but not its ownership. Under Islamic banking, the bank
transfers the usufruct to another person for an agreed period at an agreed
consideration.
The asset under Ijarah should be valuable, non-perishable,
non-consumable identified and quantified. All those things which do not
maintain their corpus during their use cannot become the subject matter of
Ijarah, for instance money, wheet etc.
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