Usufruct


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Usufruct

A temporary legal right to derive profits from property owned by others, given that the property is not damaged. See: Beneficial ownership

Usufruct

The temporary right to use and profit from a property that belongs to another, provided one does not damage the property. For example, a farmer may have usufruct of another person's land. If he grows crops on that land, they belong to the farmer and not the property owner. Only a few jurisdictions in North America recognize usufruct, but it is an important concept in some investment vehicles in Islamic finance.
References in periodicals archive ?
Controls over Disposals of Real Estate subject to Musataha or Usufruct
Similarly, the right of usufruct or lease cannot be seized in case of privatisation of the lands or real estate, except in cases prescribed by law or a court ruling.'
According to a report by the Muscat Daily, 11 usufruct agreements have been signed across various fields including carbonated beverages, food, solar, two gypsum boards factories and support warehouses for the import and export of goods in SFZ.
The sources added that fixed companies approached the signing of the contract to obtain land in the governorates of Minya, New Valley, and South Sinai on the usufruct system to establish solar power plants of 400MW and investments worth $400m, including Inara and Schneider Electric.
Arroyo also assured the residents that if the Madrigal family will reject the request, she will convene an oversight panel to try to convince the NBP to extend the usufruct to another 50 years, much to the delight of the residents who had convened at the community's covered court to meet the Speaker.
Usufruct gives MSBFI the right to enjoy the land owned by the NHA with the obligation of preserving its form and substance, subject to the provisions of Proclamation No.
for a usufruct contract for the use of a piece of land near the San Fernando North Exit.
The ministry will sign four agreements with Saudi Arabia-headquartered Acwa Power regarding purchasing the energy produced by the project as well as organising the gas supply, state guarantees, and the usufruct system, the report said, citing sources.
The usufruct agreement was signed, on behalf of SEZAD, by Yahya bin Abdullah al-Jabri, SEZAD Chairman, while it was signed, on behalf of the company, by Mohammed bin Abdullah al-Khonji, Chairman of the Board of Directors and CEO.
RAQABA issued the first Shari'ah audit report in the United States after a professional work continued for several months in an examination of the structures and procedures for LARIBA's home financing model "Declining Participation in the Usufruct (DPU)".
Since Cuba adopted economic reforms in 2008, land has begun to be granted to people "in usufruct", to stimulate agriculture, reports IPS (Aug.
Nexity said it aims to combine its capabilities with those of PERL, whose flagship product is usufruct of rental units on behalf of social housing operators, to develop solutions to boost PERL's production in the market for usufruct of rental units on behalf of social and intermediate housing operators.