 In this module, we would consider Lease to Gift. Lease to Gift is a valid contract in Islamic law. It is also known as Ejara wa Ikhtina. Ejara wa Ikhtina can be and is actually used for Islamic higher purchase. The difference between Ejara wa Ikhtina and Ejara muntahiyah bitamlik is that in case of Ejara wa Ikhtina, the asset to be leased or the leased asset is actually gifted by the lassoor to the lassi. This is the technical difference between Ejara muntahiyah bitamlik and Ejara wa Ikhtina. Otherwise, the end result of both these contracts is the same, which is higher purchase in an Islamic way. However, when we use gift as a component of Ejara wa Ikhtina, gift has its own implications for the transacting parties. In case of gift, there is a peculiarity. If someone says that I have given this thing as a gift to someone else, that gift becomes for that person even if the person doesn't say that I have accepted it. In case of sale contract, Ejab and Kubul, offer and acceptance are required. In case of sale, if I say I offered to sell this thing to you and you say that I accept it, then the sale contract gets executed. For example, in marriage, Ejab and Kubul are accepted from one side and Ejab is accepted from the other side. Because marriage is a contract which requires Ejab and Kubul. This is not the case in the case of gift. In the case of gift, if someone says that I have given this gift to someone else, then that person accepts it or doesn't accept it. It becomes a gift. Especially when the gift that has been given to someone else, becomes a gift to someone else, then it is fixed. Therefore, whenever we use Ejara wa Ikhtina in Islamic financial dealings, care must be given to the fact that once an Ejara wa Ikhtina contract has started, it would have implications for the transfer of ownership of the asset. The lessee then has a right to own the asset at the end of the lease period. As I said earlier, there are technical differences in the Ejara Muntahiyya Bittam League and Ejara wa Ikhtina. But the fact is that the gift is given to someone else, but the lessor can actually inflate the price. He is giving the gift, but in the rental, like in Ejara Muntahiyya Bittam League, it will be a rent component or a price component. At the end of the period, however, it establishes a right for the lessee to own the asset. If all the obligations of the lease contract have been fulfilled by the lessee, there are some important considerations in a lease contract. The most important one is the bindingness of this contract, bindingness with respect to gift. Of course, all the contracts, once they have been executed, they become binding. But in case of Ejara wa Ikhtina, in some countries, especially in countries like Saudi Arabia, where this automatic ownership of transfer is recognized by the jurists, a number of Islamic financial institutions are very careful to use Ejara wa Ikhtina in such jurisdictions. Now, an implication of this is that if the lessee has fulfilled all the requirements of the lease agreement, then the lessee will not have recourse to the asset at the end of the lease period. What does this mean? It means that the lessee will not have an option of changing their mind with respect to gifting. Gift hochuka hoga or ownership change hochuki hogi at the end of the lease period, even if the lessor would like to change their mind.