Ujrah

Ujrah

In Islamic finance, a generic term for a fee, especially one charged for a service.
References in periodicals archive ?
The term Ujrah means 'fee or financial payment for the utilization of services'.
Only Meethaq and al izz offer credit cards, on the basis of Ujrah and Murabaha.
Meethaq also launched the first-of-its-kind Sharia- compliant credit card based on the concept of Ujrah.
With Mashreq Al Islami Mashreq Max, consumers can also expect an Islamic Credit Card, which has the best consumer value proposition in the market and works on an Ujrah concept, quick personal finance solutions at attractive rates, a free Current or Savings Account and numerous other financial benefits.
We feel overwhelmed to win the Best Islamic Window award for 2013; this is the recognition of the significant leap we have taken in enhancing our Islamic Banking Proposition this year, which includes the launch of an Ujrah based Islamic Credit Card, launch of Gold (Premium Banking) Proposition and Business Banking Proposition, Takaful Solutions via region's leading provider and award winning in-house Islamic Wealth Management solutions among many other proposition enhancements," said Tooran Asif, head of Personal Banking at Mashreq.
The Meethaq credit card based on the concept of Ujrah ensures that finances are safe and secure.
The current rahn-based Islamic microcredit facility provided by Islamic pawnbroking and Islamic financial institutions is structured based on a combination of various Shari'ah contracts, namely wadi'ah yad damanah (savings with a protection guarantee), ujrah (fee), qard (loan) and rahn (pledge).
While, the Saadiq credit cards operate on the ujrah concept, which is based on a fixed fee structure, meaning that only fixed fee will be charged to the customer.
However, charging of Ujrah or the rent that will be paid by the customer for the usage of the property is allowed," Sharaf says.