Hire Purchase Under ShirkatulMelk

With Higher Purchase under ShirkatulMelk (HPSM), you can acquire high-value assets without having to pay the full purchase price upfront, giving you the financial flexibility to invest in other areas of your business. With HPSM, you can not only acquire assets but also cultivate a culture of collaboration and partnership, creating a strong foundation for future success.

HPSM is a combination of,

  • Shrikat enables you to form a  business partnership , own the same jointly and share the profit or loss as per agreement and in proportion to the respective equity, the contract is called "ShirkatulMelk contract".
  • Ijarah is the exchange value or rent of service of an asset.
  • Sale enables you to form a contract where the ownership of the goods or asset transfers from seller by paying agreed upon price paid or to be paid by the buyer.

with salient features like,

  • 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 and Bear 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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