Ijarah Finance was established to help you purchase a property without entering into an interest-based mortgage. Our Home Ijarah products can be tailored to suit individual needs. There are four different types of equipment or asset finance structures that your business can utilize in order to acquire assets such as vehicles, machinery and business equipment.
If the idea of owing your own property, vehicle or equipment via Ijarah appeals to you but you are currently paying off an existing mortgage we can help you replace it. Our Low Doc products may be the perfect solution for self-employed business owners who do not have the standard financials.
If the idea of owing your own property, vehicle or equipment via Ijarah appeals to you but you are currently paying off an existing mortgage we can help you replace it. Our Low Doc products may be the perfect solution for self-employed business owners who do not have the standard financials.
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Our Team
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Our team brings with them financial expertise, industry insight and above all, an understanding of what is important to our clients. When you contact Ijarah Finance, it's likely you will speak with one of our team members below. However, Ijarah Finance is made up of many others who work behind the scene to help deliver the wonderful service we provide.
About
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Ijarah Finance was developed to provide the community with an alternative to conventional interest-based lending options. Purchasing a home, vehicle or commercial business asset can be a daunting task. Our experienced team of consultants are here to guide you through each step of the way. With over 16 years' experience in the Australian Financial Industry, our team has extensive knowledge of the rules and regulations that govern this field.
What is Ijarah
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The term Ijarah is derived from the Arabic language and means "lease". In terms of financing a property, Ijarah refers to the process in which a financier and client enter into a contract together enabling the client to purchase a property, vehicle or commercial asset in compliance with Islamic Law.
How does it work
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In an Ijarah agreement (or lease agreement), the financier purchases a property on behalf of a client and then leases it back to the client. In return, the client makes agreed rental payments with the view of taking legal ownership of the property once the payment terms have been met. In the meantime, the client enjoys full rights and access to the property during the "ijarah" or "rental" period.
How does it differ to conventional loans
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The main difference between buying a property through a Conventional Mortgage and buying a property through Ijarah Finance is that no exchange of money is taking place and thus no interest is being charged or paid. The term Ijarah is synonymous with Lease.
Hence the property is purchased on behalf of the client and the client leases it from the financier by making regular rental repayments, with the view of taking legal ownership of the property once the payment terms have been met.Legal Title held by the Client. Once final instalment is made by the client, the funder will transfer ownership to the client.
Hence the property is purchased on behalf of the client and the client leases it from the financier by making regular rental repayments, with the view of taking legal ownership of the property once the payment terms have been met.Legal Title held by the Client. Once final instalment is made by the client, the funder will transfer ownership to the client.
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