The SAC in its 181st meeting on 27 October 2017 has made rulings on four Shariah issues related to ijarah contract as follows:
i. Practice of insurance coverage for ijarah financing.
ii. The party bearing the risk in cases where the takaful / insurance compensation is insufficient to cover the balance of the ijarah financing in the event of total loss.
iii. Types of damage that lead to termination of ijarah contract.
iv. The issue of force majeure in ijarah contract.
Please refer attachment for more information.