Basic Rules Governing Leasing
 Leasing is an Asset Based Contract i.e. the presence and involvement of an Asset is essential for any lease contract. The Leased Asset remains in the ownership of the Lessor during the contract, only its usage is transferred to the Lessee
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Lease is not valid in respect of consumables (Fuel, Ammunition, Eatables etc) or where their use is not possible without consuming them as the Lease is for the utilization not the consumption of the Asset.
Duration of Lease is agreed in advance.
Lessor to ensure that usage of the leased assets is permitted under Shariah.
Lessee to ensure the asset is used for the purpose specified in the Lease Contract.
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