 In this module, we would look at lease contracts or EJARA. EJARA is one of the most convenient tools used in Islamic banking and finance because EJARA is very similar to conventional lease contracts in many ways. It is, in fact, an extension of a sale contract. In case of a sale contract, an asset, a commodity, or anything that should be compliant is sold for a price. In case of a lease contract, however, the subject matter is a usufruct. Something is sold for a price, not for a price itself. For example, if a house is given for rent, then a house is sold for a price, not for a price. So this is very important to understand that in case of a lease contract, the asset itself is not the subject matter, but rather its usufruct is the subject matter and that is given to someone for a certain time period. In a sale contract, there is some flexibility on the price. In a spot sale contract, we say the price should be paid upfront. In case of a bamuajil kind of sale contract, the price can be deferred. In case of salam, the price is paid upfront. In case of lease contract, there is a lot of flexibility. Rental or rent, it can be given earlier, it can be given in installments, and it can be given at the end of the month. So in this, there is a lot of flexibility. In case of a lease contract or a ijara contract. One thing should be taken care of, that whatever things are being given on rent or lease or ijara, it can be used. Something which cannot be used, it cannot be given on ijara. And there are some things like that, and in a minute, I will go that way, which can be used, but Islam has forbidden them to be given on rent or ijara. And which are those things? One of them is the most important thing, money. A lot of people, especially in Pakistan, who would like to justify the use of interest, they say that in case of an interest-based contract, actually the money is rented for a price. This is a wrong view, because in Islam, money cannot be rented. Maiz, kursi, ghar, kaar, these kinds of things, they can be given on ijara or on rent, but money cannot be rented. And this is something very important to understand, if we want to have good understanding of the prohibition of Reba. Why? Because any such thing, which is rented, is within the same jins, that gives rise to Reba and prohibited interest. What happens in money? If I give you money on rent, if I give you 100 rupees on rent, and I get 10 rupees of rent, then after a month, you will give me 100 rupees, and you will give me 10 rupees with 100 rupees, which would be considered as Reba in an Islamic legal framework. Hence, the money cannot be rented in the context of Islamic banking and finance. Some people say that money can be rented if the rental is not in the form of money. For example, someone can rent money for rental, which is in the form of wheat. The answer to this is that for that kind of arrangement, we can use another valid contract, which is Salam. Salam would give rise to exactly the same economic outcome as renting money for another asset like wheat. Due to this one, the money cannot be rented. However, at the end, I must say that lease contracts in Islamic banking and finance are very important and their use is rampant. Lease contracts are used in retail banking, investment banking, and of course, they are increasingly being used in Islamic capital markets.