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Dubai: AlHuda CIBE has offered its advisory services for the establishment of (first) Ijarah company in Uzbekistan. Ijarah is a rental based financing mode under the Shari’ah law. Apex Ijarah has taken the initiative to be the (first) Ijarah company in the country which will aid to develop Islamic Finance market. It will also open the investment avenue for Islamic banks lacking the investment avenues of Shariah compliant operations.
“Apex Ijarah” also runs its sister concern named Orient leasing in the country which is one of the largest and fastest growing leasing companies in Uzbekistan. “Apex Ijarah” will become an important player in Uzbekistan's leasing sector. AlHuda CIBE has offered Advisory services to develop Islamic leasing (Ijarah) products to cater the need of the market. AlHuda CIBE also has offered its state of the art services to the Apex Takaful which is working under the same group. In the picture, CEO of AlHuda CIBE, Mr. Muhammad Zubair Mughal is handing over Shariah certificate to the officials on Saturday, 24th May, 2021.
Ijarah is a term of Islamic fiqh. It means ‘to give something on rent’. In the Islamic jurisprudence, the term ‘ijarah’ is used for two different situations. In the first place, it means ‘to employ the services of a person on wages given to him as a consideration for his hired services.’ The second type of ijarah relates to the usufructs of assets and properties, and not to the services of human beings. ‘Ijarah’ in this sense means ‘to transfer the usufruct of a particular property to another person in exchange for a rent claimed from him.’ The rental agreement of the financing entered by the subject of the contract followed by term of the contract, grade of the contract, settlement procedure, and other conditions.
Mr. Muhammad Zubair Mughal- CEO of AlHuda CIBE, expressed his views that many new Islamic Finance markets are seen to be emerging on the horizon in the world including Commonwealth Independent States (CIS) countries. Uzbekistan is one of the emerging markets aggressively working for Islamic finance promotion and implementation. He said, along with Islamic capital markets, Islamic banking, Islamic microfinance, Islamic insurance (Takaful), and Islamic bonds (Sukuk), the Ijarah companies are growing swiftly to serve the Islamic finance industry in Europe, Asia, and Africa.
He further said that Apex Ijara has taken the step forward and going to introduce the first of its kind Islamic finance product in the country which will get the first mover advantage to tap the Islamic leasing market. Moreover, Ijarah (Islamic Leasing) have 24% substantial shares in Islamic finance industry followed by the dominant Murabaha (cost plus profit) product with the shares of 48% in global Islamic finance industry as mode of financing, he said. Islamic banking & finance will grow substantially in Commonwealth of Independent States (CIS) in the next couple of years to boost the sector.
AlHuda CIBE has started putting research, advisory, consultancy and capacity building services in CIS countries for Islamic banking and finance industry from 2006 and in different countries of the world. AlHuda CIBE is the only advisory and consultancy firm working for Islamic banking and finance in Central Asian countries. It is expected that the volume of Islamic finance industry will increase by 100% in next couple of years which also will strengthen global Islamic finance industry. AlHuda CIBE also established Islamic insurance, Islamic microfinance, and Islamic leasing operations over the globe by offering state of the art advisory and consultancy services in order to contribute the growth of Islamic finance industry.
© Press Release 2021
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