Ijarah Quiz

1. What is operating lease?

Obtaining desired asset

Responsibility to maintain bear by the lessor in administrative affairs.

Obtaining cash money

Offered by Islamic Bank as financial intermediaries

An operating lease is a type of lease agreement where the lessor (the owner of the asset) is responsible for maintaining and bearing the costs associated with the asset's administrative affairs. This means that the lessee (the person or company using the asset) does not have to worry about the administrative tasks or expenses related to the asset, allowing them to focus on their core business operations. This type of lease is commonly used for assets such as equipment or vehicles, where the lessee only needs to use the asset for a specific period of time and does not want to be burdened with ownership responsibilities.

Explanation

An operating lease is a type of lease agreement where the lessor (the owner of the asset) is responsible for maintaining and bearing the costs associated with the asset's administrative affairs. This means that the lessee (the person or company using the asset) does not have to worry about the administrative tasks or expenses related to the asset, allowing them to focus on their core business operations. This type of lease is commonly used for assets such as equipment or vehicles, where the lessee only needs to use the asset for a specific period of time and does not want to be burdened with ownership responsibilities.

2. The repair cost by AITAB will be borne by whom?

Lessee

Bank

Lessor

Seller

The repair cost by AITAB will be borne by the lessee. This means that the person or entity who is leasing the property or asset will be responsible for covering the expenses associated with any necessary repairs. This is a common practice in leasing agreements, as the lessee is typically responsible for maintaining the condition of the property or asset during the lease term.

Explanation

The repair cost by AITAB will be borne by the lessee. This means that the person or entity who is leasing the property or asset will be responsible for covering the expenses associated with any necessary repairs. This is a common practice in leasing agreements, as the lessee is typically responsible for maintaining the condition of the property or asset during the lease term.

3. One of Ijarah asset based on subject matter is

Ijarah Ain

Operating Lease

Finance Lease

Ijarah Thumma al - Bay'

Ijarah Ain is one of the types of Ijarah asset based on the subject matter. In Ijarah Ain, the leased asset is a specific and identified asset that is known and described in detail. This means that the asset is clearly defined and specified in the lease agreement. The lessee has the right to use and enjoy the asset during the lease period, while the lessor retains ownership of the asset.

Explanation

Ijarah Ain is one of the types of Ijarah asset based on the subject matter. In Ijarah Ain, the leased asset is a specific and identified asset that is known and described in detail. This means that the asset is clearly defined and specified in the lease agreement. The lessee has the right to use and enjoy the asset during the lease period, while the lessor retains ownership of the asset.

4. What is Ijarah Muntahia bi Tamleek?

Hire purchase

Operating Lease

Ijarah Ain

Finance lease

Ijarah Muntahia bi Tamleek refers to a finance lease. In a finance lease, the lessor transfers the ownership of the asset to the lessee at the end of the lease term. The lessee makes regular payments to the lessor in exchange for the use of the asset. This type of lease is commonly used for long-term financing of assets such as machinery, vehicles, or equipment. It allows the lessee to use the asset without bearing the risks and rewards of ownership, while also providing the lessor with a steady stream of income.

Explanation

Ijarah Muntahia bi Tamleek refers to a finance lease. In a finance lease, the lessor transfers the ownership of the asset to the lessee at the end of the lease term. The lessee makes regular payments to the lessor in exchange for the use of the asset. This type of lease is commonly used for long-term financing of assets such as machinery, vehicles, or equipment. It allows the lessee to use the asset without bearing the risks and rewards of ownership, while also providing the lessor with a steady stream of income.

5. What are two types of worker in Ijarah Amal?

Lessor and Worker

Employee and Lessor

Employee and Independent contractor

Employee and Dependent contractor

The correct answer is Employee and Independent contractor. In Ijarah Amal, there are two types of workers, namely employees and independent contractors. An employee is someone who works under a contract of employment and is subject to the control and direction of the employer. On the other hand, an independent contractor is a self-employed individual who provides services to the employer but has more control over their work and is not considered an employee.

Explanation

The correct answer is Employee and Independent contractor. In Ijarah Amal, there are two types of workers, namely employees and independent contractors. An employee is someone who works under a contract of employment and is subject to the control and direction of the employer. On the other hand, an independent contractor is a self-employed individual who provides services to the employer but has more control over their work and is not considered an employee.