![]() ![]() For this purpose, the Bank maintains a charity fund where such amounts may be credited and disbursed for charitable purpose. At the age of 16 he grabbed hold of his parents chequebook and when they were away from home happily, and. Under Ijarah, the Lessee may be asked to undertake, that if he fails to pay rent on its due date, he will pay certain amount to a charity, which will be administered through the Islamic Bank. Ragnar Sunnqvist was born on the 11th of August, 1908. This extra amount is considered as Riba and is Haram. In most contemporary financial leases, an extra monetary amount is charged, in their income, if the rent is not paid on time. Permissibility for Penalty of Late Payment of Rent under Islamic Shariah Meezan Bank insured its assets through Takaful only, which is the Islamic product for insurance. Legally (in accordance to Pakistan’s Law and Regulations), it is required for all leasing entities to insure the leased assets. As such, in the above-mentioned eventualities, Meezan Bank does not charge the lease rental. Under the Islamic system, rent is consideration for usage of the leased asset, and if the asset has been stolen or destroyed, the concept of rental becomes void. ![]() If the leased vehicle is stolen or completely destroyed, the conventional leasing company continues charging the lease rent till the settlement of the Insurance claim.
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