he has paid the entire rent, at a price mutually agreed upon by both parties.
(d) A lease that allows the lessee to benefit from the leased asset for a known rent and a known term, while the lessor grants the lessee the option to acquire ownership of the asset at any time he wishes, provided that when the option is exercised the sale is concluded through a new contract at the then-current market price. This accords with the Academy’s earlier Resolution No. 44 (6/5), or with whatever terms the parties may agree on at that time.

Fourth: Certain forms of lease-to-own contracts remain contentious and require further study; they will be examined in a forthcoming session, God willing.

Ijārah sukuk (lease certificates)
The Academy recommends postponing the discussion of ijārah sukuk for additional research and study so that the issue may be presented in a later session.

Allah, the Exalted, knows best.

• Decision of the Islamic Fiqh Academy regarding badal al-khuluw upon the tenant’s departure: Resolution No. 31:

In the Name of Allah, the Most Merciful, the Compassionate

Praise belongs to Allah, Lord of the worlds, and blessings and peace be upon our master Muhammad, the Seal of the Prophets, and upon his family and companions.

The Council of the Islamic Fiqh Academy, at its fourth conference session held in Jeddah, Kingdom of Saudi Arabia, from 18–23 Jumada al-Akhirah 1408 AH (6–12 February 1988 CE), after reviewing the juristic studies submitted to the Academy concerning “badal al-khuluw” (key money) and in light of