Hire-Purchase under Shirkatul Meilk (HPSM) – Long Term Finance

Under HPSM modes of finance, MBL-Taqwa participates with their partner customers by supplying various types of assets/property like Capital Machineries/Equipment/Factory Sheds/building and Vehicles/Vessels/Flats/Apartments/Building Constructions etc. on rental basis with Long Term financing in nature. “Hire Purchase” is a mechanism of buying property/assets by making regular payments while “Shirkatul Meelk” means share/partner in ownership where “Shirkat” means partnership. Basically HPSM finance is the combination of three contracts viz Shirkatul Meelk, Ijarah (Hire/Lease) and Sale. HPSM is one of the form of Ijarah used in combination with Shirkat and Sale as mode of financing. This is actually a form of leasing contract which includes a promise by the Lessor to transfer the ownership in the leased property to the lessee either at the end of term of the contract period or gradually step by step during the term of the contract on payment.

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