Shamma approaches Al-Meezan Islamic Bank to lease a car using an Ijara wa Iqtina contract ending in the ownership transferring to Shamma. The price of the car is AED100,000. The lease period is 4 years, during which 40% of the value of the asset will be used up. The bank wants a profit rate of 7% in the lease contract. Calculate the monthly lease payment for the customer.Multi Line Text.

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Leasing

Leasing is a contractual arrangement in which someone (a lessee) pays the owner (or lessor) of a building, land, vehicle, or other asset for the use of that asset. The lease is the agreement between lessee and lessor.