AS PART OF ITS PUBLICATIONS SERIES WITH RESPECT TO THESES,
BANK ALBILAD RELEASED "FORWARD IJARA AND ITS CONTEMPORARY APPLICATIONS"
Bank Albilad has released its 17th version as part of its publication series of theses with respect to the financial transactions jurisprudence and the Islamic economy, titled "Forward Ijara and Its Contemporary Applications". Such thesis was submitted for having the PHD in comparative jurisprudence from Higher Judicial Institute in Imam Muhammad Bin Saud Islamic University in Riyadh. This was one of Bank Albilad's community initiatives and its responsibility to spread the Islamic banking awareness and supporting and encouraging for writing.
Forward ijara can be briefly defined as: Sale of particular property or interest for known price. The term of "Forward Ijara" is deemed significant as it is one of the most important financial forms to the Islamic financial institutions and as an alternative of flexible trading products in securities.
The book chapters include more details and applications, particularly the following points:
- Showing roots of "Forward Ijara " in Islamic Sharia.
- Showing terms and conditions of "Forward Ijara " contract.
- Showing subsequences resulting from the "Forward Ijara " contract expiration.
The contemporary applications of Forward Ijara and its Sharia provisions include building contracts with respect to real estate financing, car lease ending with possession, pre-paid cards and lease of services in education field like financing of education tuition as well as other different fields mentioned in book chapters.
In this regard, Mr. MOHAMMED AL ZOMAN, the secretary of Sharia Committee of Bank Albilad said "This book "Forward Ijara and Its Contemporary Applications" is considered a continuousness of bank Albilad's initiatives in such field. This series was launched in 2008 with issuing the book titled "Zakat Catastrophes, a Rooted Study of Zakat Updated Circumstances". This series it is still being issued with 17 versions up to date including 13 thesis and 4 versions including their most prominent book titled "The Controls and Regulations Issued by Sharia committee of Bank Albilad". This version is a summary of the sharia committee's resolutions and regulations since Bank Albilad was established until 1432H (2011G); and it was drafted in summarized standard controls template. The book of "Sharia Guidelines of Property Financing" comes in the second rank in terms of importance of Bank Albilad releases since it describes the most significant Islamic Rules related to property financing in form of Murabah and Financing Lease. Mr. ALZOMAN added: "The idea of publishing such books and theses related to transactions and Islamic economy are the main tasks through which the bank seeks to for increasing awareness of Islamic banking and identifying it to such caring people, specialists and students of this industry. You can find this series upon visiting the website of bank Albilad, www.bankalbilad.com
It is noteworthy that, this initiative comes as part of Bank Albilad's Community Responsibility Initiatives and Programs under the umbrella of # Albilad Initiative, which is more than 36 programs and initiatives for serving community and the application "Fazkrouni" is the most prominent of its outcomes which is designed for smart phones and used by more than Two million and five hundred thousand. Moreover, Bank Albilad has issued a dictionary of banking terminology in sign language which is considered the first of its kind at Middle East level, in addition to preparation of model branch for serving people with special needs in Riyadh City, Takhasousi Street, as well as many innovative community initiatives with a sustainable impact. Bank Albilad is seriously caring about the environment protection by adopting and applying the most important aspect of environment friendly building standards in whole bank's utilities including insulation and building materials that contribute in reducing energy use and clean energy sources usage as well. The Bank also participates annually in the World Earth Hour program to raise awareness of the importance of reducing carbon emissions and their dangers on the earth and the Marine Dumping Initiative as well. Other community-based initiatives can be found at Bank Albilad website: www.bankalbiad.com
