The company provides the following commercial facilities which comply with the Islamic regulations:
Types of lease:
Facilities using ijarah (renting) method:
The company purchases the assets and rents them using the ijara system.
Facilities using the real estate development
The PALC or real estate development was established, and takes the initiative to invest in the renting, purchasing, sale, development and allocation of real estate sector for short, intermediate and long term periods.
Facilities using lease and lease leading to ownership method
Ijarah is a contract of intentional legal transfer of ownership for a fixed period in return to a renting value. The Company shall purchase immovable assets and rent them to its clients with the possibility to transfer ownership of the rented asset to the client at the end of the said period.
- Operating lease.
- Transfer ownership lease.
It is when the company buys different assets available in the market, and then rents them to its clients in return for a specific amount and for a specific period, in accordance with the agreement signed by both parties, and at the end of the lease period the leased asset ownership returns to the company. This type of lease fulfills the needs and objectives at convenient prices.
Transfer ownership lease:
The company allows the client to own the asset at the end of the lease period.
In this type of lease the client is incapable of purchasing the asset or owning an asset that he wants to sell and benefit from its value and benefiting from the asset at the same time. In lieu the company buys the asset and then rents it for an agreed specific amount and period, and at the end of the lease period the company transfers the ownership to the client as a gift or at market value, or by an agreed amount by both parties after the settlement of the full lease amount. The benefit from the transfer ownership lease is that it allows the client to benefit from the asset during the lease period, in addition to being able to own it at the end of the lease period.
Facilities for trucks and heavy equipment lease:
The PALC provides through the PALC equipment a number of purchasing, renting and lease contracts for the different types of heavy equipment.