Islamic financial instruments by the Islamic financial experts proposed and implemented in some Islamic countries to step in & zwnj; the securities rent  these securities in addition to the ability to equip and resource allocation in the primary market, the secondary market is also merchantability and can & zwnj; be as efficient financial tool Islamic countries are used.  Although rent and utility bills, any two based on the lease agreement designed & zwnj; but the differences are & zwnj; a lot with each other on the basis of & nbsp; Individually checked & zwnj; be.
The definition of securities rent
Ijarah Sukuk securities that the fuse is part owner of the assets that have been transferred under the lease.
the nature of the securities rent
Methods papers the lease is a financial institution with the issuance of the resources required to collect the & zwnj ; then using those resources, capital goods & zwnj; and consumer durable state requirements, business & zwnj; and Institute & zwnj; and natural and legal persons bought them rent & zwnj; that, since the aforementioned goods with the purchase of securities owners & zwnj; the owner of the goods, and consequently they will also rent owner.
For example, a financial institution with issuing leases worth a hundred billion on behalf of the owners of securities, buys the airliner's & zwnj; then from their aircraft to an airline rents & zwnj; and monthly rent it & zwnj; information received after deduction of a percentage as honorarium, proportionately divided among the holders of securities & zwnj; does.
So the relationship between rights holders of securities financial institution regarding representation, people with cash and receive securities of the financial institution representing the & zwnj; that their money will be shared along with the currencies of other applicants Ijarah Sukuk, for the purchase of capital goods & zwnj; and durablediv>
Types of rental
Exchange Rental mainly into two types, Ijarah Sukuk normal and papers lease-purchase division of the & zwnj; be.
a. Ijarah Sukuk Normal
In these cases, the financial institution capital goods & zwnj; and consumer durable fits useful life for certain amounts of time applicants rent & zwnj; and at the end of the contract, of such goods delivery of goods market depreciate (second hand) to sell & zwnj; he and price of sales to buy new goods account & zwnj; or to the account of the owners of securities to the & zwnj ; there. 
Features & zwnj; normal rental bonds
1. Normal Ijarah Sukuk & zwnj; be a good investment & zwnj; in particular, for a combination of different types of capital goods & zwnj; for a specified period of time or permanently (permanent) be designed.
In the first financial institution using the financial resources of owners of securities, specified goods bought and for a specified period of rent & zwnj; and at the end of the lease term, commodities are sold to fit between the owners of the securities division and the bond canceled & zwnj; , in this case the earnings per ordinary rental slips obtained from the following equation & zwnj; is:
At & zwnj; that regard, the share of slips of rent Bhahay monthly and share slips back amortization and share sheet of the purchase price of the goods and & nbsp; share slips of the total cost & zwnj; by maintaining the leased asset is given.
In the second case, financial institution bonds of time & zwnj; you (for example ten years) are published & zwnj; then using the funds obtained from the assignment of, capital goods & zwnj; and consumer durable demand to buy and to comply with maturities of bonds and shelf life of goods them to applicants rental & zwnj; that, in this case may be financial institutions some of the goods until maturity securities at the price depreciated sold with the money of new products purchase and lease, then the earnings per sheet consists of:
& Nbsp; share of the total rent sheets & zwnj; Bhahay monthly pay slips of the price of final goods depreciated and share slips Prices & zwnj; purchase and & nbsp; share slips of the total cost & zwnj; preservation of Finance & zwnj; the rent was.
In the third, the financial institution by transferring securities of a certain amount absorbed & zwnj; and according to a specific plan that sum into capital goods & zwnj; and consumer durable and rental & zwnj; that, in this method financial institution with lay part of the rent as a store of spending item after the end of the period & zwnj; to rent, goods depreciate sold and the money they save wear and tear, new goods bought and into the net rental & zwnj; and this process has continued ever since you & zwnj; that in this way, Ijarah Sukuk nature of the shares to be & zwnj; that at the end of each fiscal year profit institution between owners of bonds split & zwnj; as a result, earnings per sheet of profit & zwnj; annual sheets plus the difference of the purchase price and selling it slips up & zwnj; be. 2. , according to the lease contract, cost & zwnj; the preservation and restoration of property leased shall be the responsibility of the lessor (financial institution) is as it if no extremes tenant , while lease wiped out the responsibility of the lessor & zwnj; is, the financial institution can & zwnj; be stipulation of Price & zwnj; to make the tenant leave a part of them for a fee insure. 3. rent goods leased as & zwnj; determined & zwnj; that in every case & zwnj; three aforementioned, in addition to covering the costs & zwnj; for maintenance, insurance and the differentials purchase price and amortization of property and honorarium financial institution, net profit for the owners of the securities to have the rate of profit but by supply and demand rental market will be, but in the long run it & zwnj; be less than the net efficiency other similar financial instruments (of the risk) is.
b. Hire-purchase bonds
The financial institutions with the resources resulting from the transfer of securities and rental of goods or capital goods & zwnj; and consumer durable purchase and for rental-purchase to applicants entrusted & zwnj; not to say that tenants with the last payment of rent, the owner also lease the & zwnj; is. 
Features & zwnj; Hire-purchase bonds
1. Hire-purchase bonds can & zwnj; can be designed into three, rent a particular item, rent a mix of goods for a specified period of time and rent a mix of goods continuously.
In the first financial institution on behalf of the owner of Ijarah Sukuk, certain goods purchased and the applicant, the lease-purchase can & zwnj; and at the end of the lease contract for free or against change given (the lease set is) the acquisition of such goods tenant in the & zwnj; he, in this case, earnings per sheet lease obtained from the following equation & zwnj; is:
In that regard, the share of slips of Bhahay monthly rent, lease Sheets share of the purchase price of goods.
In the second case, financial institution bonds rent with maturities specific (eg ten year) and then with the proceeds of capital goods & zwnj; and lasting purchase and lease-purchase to applicants entrusted & zwnj; the operation of buying and renting to purchase the & zwnj; be in compliance with the security matures, repeated several times, then the earnings per sheet lease would be:
That & nbsp; share Bhahay monthly rental sum sheet of laminate share price & zwnj; the purchase of goods.
In the third institution with careful planning financial measures to the issuance of lease-purchase without maturity & zwnj; not, then as a lawyer for the owners of securities with proceeds from the transfer of securities to continuously buys capital goods & zwnj; and durable and for lease-purchase to applicants left & zwnj; in this way financial institutions are part of the rent Bhaha as profit distribution between the owners of the securities division and the other part to buy new goods and rent them account & zwnj; that, in this case, hire-purchase securities like bonds and shares a company has earnings per share of slips of paper will be distributed Bhahay rent plus the difference sheets rental sales price. 2. as securities rent ordinary securities rent to purchase a financial institution can & zwnj; be part of the cost & zwnj; by maintaining the same lease during the lease term as a stipulation transfers to the lessee and partly through insurance cover. 3. rent goods leased as rental-purchase is determined & zwnj; in addition to cover the purchase price of goods, Price & zwnj; preservation and honorarium Institute , including net profit for the owners of the bonds and the interest rate in the long run it & zwnj; be less than the interest rate of similar financial instruments.
For example, if a financial institution wants to buy and to rent buses hundred million dollars to purchase a transport company lost, if the cost of insurance () and honorarium Institute) (each 2% and the interest rate prevalent in the market. lease () is equivalent to 10% and the lease term is five years, the total rent buses obtained from the following equation & zwnj; comes.
The shipping company should be the sum of 170 million USD on a monthly basis, the rent to pay and at the end of the lease term for free bus aforementioned acquisition & zwnj; is.
realm securities rent
Ijarah Sukuk with both types of normal and lease-purchase in a large part of the economy & zwnj; can flow out the most important ones are:
1. Consumer durables
Institute & zwnj; financial issuer rent & zwnj; they can use their resources in securities rent to buy durable goods CONSUMER they then proceeded to leave them for rent to purchase goods such as land, buildings, villas, cars, motorcycles and home appliances.
2. Capital goods & zwnj; of firms
Institute & zwnj; financial issuer rent & zwnj; be capital goods & zwnj; of the firm & zwnj; manufacturing, services and trade bought for rent regular or lease-purchase of the goods, such as land, buildings, shops, factories, farms, gardens, aircraft, ships, trucks, buses, mini & zwnj; minibuses, cars, locomotives, machinery and production line, like something which today & zwnj; leasing in the world do & zwnj; day.
3. Capital goods & zwnj; the government and state institutions
Institute & zwnj; Financial issuer can & zwnj; be capital goods & zwnj; required the Department of Home & zwnj; and now & zwnj; and, entities affiliated with the government and municipalities to purchase and for rental or lease-purchase of ordinary goods to give them the land, buildings, schools, universities, hospitals, aircraft, ships, dams, docks, highways, roads and parks.
Application of Ijarah Sukuk to finance capital needs & zwnj; a government, especially in design & zwnj; macroeconomic and development capability for Ijarah Sukuk provides & zwnj; that government can through the bond scheme & zwnj; national finance a result of this bond can & zwnj; can be used as a tool for fiscal policy.
securities secondary market Rental
all forms of Ijarah Sukuk, especially for & zwnj; the second and third of normal and lease-purchase merchantability in secondary market has, stating that after the conversion of the proceeds from the transfer of securities, rent, capital goods & zwnj; and consumer durable, owners of securities of a joint owner of the goods, and consequently the owner rents from leasing of goods are the result whenever they want & zwnj; may their share of it belong to everyone that they want to transfer and after the transfer, the new owner of securities owned share of joint assets, and the related proxy Institute with the previous owner securities disconnected and the new owner is established & zwnj; and all the benefits of bonds from this date onwards will be awarded to the new owners.
The price of the rent by various factors, especially the type of lease, yields, yields Similarly, the rate of inflation changes & zwnj; and may be traded price of securities Low & zwnj; lower or higher than the nominal price of them, and that yields for the owners of the Securities Exchange share of the monthly rent plus the difference between the purchase price and selling price.
Jurisprudence securities rent
at the beginning of the end of the lease bonds with maturities of fixed maturity securities or liquidation of an enterprise in a permanent lease publisher in securities, transactions and numerous different shapes & zwnj; is that correct or correctable all of them based on Islamic law, the main trading securities, rent and legal justification for them is as below. 1. the financial institution issuer rent & zwnj; be in the form of joint-stock company specific or general license Stock Exchange at the direction of law as joint-stock companies the contract will were. Kmaaynkh the institute & zwnj; be a public or private banks with a leasing company is public or private, as you & zwnj; be a ministry or institution or entity is dependent on the state. 2. transferable securities rent and get their funds from applicants securities in the form of contract law would mean that applicants bonds with grant funds and the securities of the Institute & zwnj; financial publisher securities representing the & zwnj; the fund them with other funds collected in this way for joint procurement of capital goods & zwnj; and durable for rent to natural and legal persons to operate and in procuring, leasing and related issues lawyer the owners of the funds. 3. purchase of capital goods & zwnj; and consumer durable and giving it in the form of lease normal or lease-purchase, receive rent Bhahay monthly, Fslanh or yearly, insuring goods for rent , sale amortized at the end of the lease term in the rental & zwnj; normal, acquiring the same lease to the tenant in leasing & zwnj; to purchase, operations, accounting and division of profits between the owners of securities rent in proportion to the content of all kinds of securities, rent and so on all the lawyer's affairs and financial institutions & zwnj; be responsible for providing these services as a percentage of the rent Bhaha his honorarium. 4. Transfer of capital goods & zwnj; and durable for lease-purchase if a lease to act condition acquisition in the sense that the lessor at the end of the lease term, according to the condition, but Free accordance with the lease agreement for the acquisition tenants or against a certain amount of legal   . 5. sale of the lease on the secondary market, as they passed, from the sale of its share of the goods leased from the religious right and the selling price is & zwnj; be agreed and consent to be determined, after the transaction, the new owner securities in all legal issues bonds will be replaced by the previous owner. 6. at the end of term papers or timely liquidation of an enterprise (for whatever reason) goods leased, sold with the content collected between owners of securities rent meets the criteria institution split & zwnj; be.
An economic analysis of securities rent
Ijarah Sukuk as well as other financial instruments in addition to the legal terms of economic criteria Review. From the perspective of economic criteria crushed & zwnj; say: 1. So what happened to all forms and types of securities on net income for the owners of securities designed & zwnj; they will profit as a result of securities class financial instruments. 2. Due to the nature of the lease agreement, in particular type of lease-purchase, the financial institution issuer rent & zwnj; be so planned that for each financial year fixed rate of return given to owners bonds pay as a result of these securities in financial instruments with certain efficiency is & zwnj; there, you & zwnj; can the goals and tastes & zwnj; its group of owners of funds that seek to profit without risk, cover. 3. With regard to the secondary market, the bond strength of liquidity will and according to certain efficiency they seem to & zwnj; is the degree of liquidity than securities, common stock and less than deposit & zwnj; the bank. 4. In the case of capital market active and Institute & zwnj; Financial variety issuer rent and a variety of bonds with maturities of funds, it & zwnj; sold these securities to gradually move toward higher performance.
From the perspective of macro-economic criteria as well as the & zwnj; say: 1. Because the securities rent & zwnj; be an appropriate tool to absorb liquidity in the hands of the people and lead them to the needs of capital & zwnj; of firms and design & zwnj; civil government, these bonds can & zwnj; they can contribute to economic growth, provided that the capital goods & zwnj; and durable bonds purchased by domestic production. otherwise it is possible to have backfired. And the outflow of capital & zwnj; the foreign countries are financing. 2. If the primary and secondary securities market rent for competition to be administered and yields to rate & zwnj;