This website uses cookies to improve services, analyse traffic to our site, deliver content and provide tailored ads. By using this site, you agree to this use. See our Cookie Policy.

Liability in Case of Loss

As mentioned in the basic principles of leasing, the lessee is responsible for any loss caused to the asset by his misuse or negligence. He can also be made liable to the wear and tear which normally occurs during its use. But he cannot be made liable to a loss caused by the factors beyond his control. The agreements of the traditional ‘financial lease’ generally do not differentiate between the two situations. In a lease based on the Islamic principles, both the situations should be dealt with separately.

 


Get access to 100+ modules today and learn from expert trainers...


Source: Republished with the kind permission of Sheikh Muhammad Taqi Usmani.