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What is Ijarah Financing and Accounting Standards about?

Bank Muamalat Malaysia Berhad and Al Baraka Islamic Bank Bahrain follow different standards for recording Ijarah contracts. BMMB follows FRS 117 and GP8i, treating operating ijarah as operating leases and AITAB (a combination lease/sale contract) as finance leases. Al Baraka follows AAOIFI FAS 8, treating both operating ijarah and Ijarah Muntahiya Bitamleek (a lease that concludes with asset transfer to lessee) as operating leases. Both banks transfer leased assets to lessees at the end of contracts by sale

Author

wirdatul85

Language

EN