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Hire Purchase under ShirkatulMelk (HPSM)
Hire Purchase under ShirkatulMelk is a special type of contract, which has been developed through practices. Actually it is a synthesis of three Contracts- Shirkat, Ijarah and Sale.
Shirkat means partnership. ShirkatulMelk means share in ownership. When two or more persons supply equity, purchase an asset, own the same jointly and share the benefit as per agreement and bear the loss in proportion to their respective equity, the contract is called "ShirkatulMelk contract".
Ijarah derived from the Arabic word 'Ajr' and 'Ujrat' which means consideration, return/wages or rent. That is the exchange value or rent of service of an asset.
Sale or sale contract against which buyer gets the ownership of the goods or asset transferring from seller by paying agreed upon price paid or to be paid by the buyer.
Salient Features of HPSM
Both the Bank and the client supply equity in equal or unequal proportion
Purchase an asset (like land, building machinery, transport, etc.) own the same jointlyShare the benefit as per agreement andBear the loss in proportion of equity
The share / proportion of the asset owned by the bank is hired out to the client partner for a fixed rent per unit of time for a fixed period
Lastly the Bank sell and transfer the ownership of its share portion to the client against payment of price, fixed for that portion either gradually part by part or in lump sum within the hire period or after the expiry of the hire agreement.
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