November 5, 2013
9th October 2013 marks the day Alia officially launched Islamic sharia compliant Motorcycle leasing model – today better known as Alia Ijara Model (AIM).
The framework of the model was designed under the Islamic concept al-ijara Thumma al-hiba whereby a specific product can be leased under an agreement for a set period of time. Both parties shall abide by the agreement terms and by the end of the agreed tenure, the motorcycle is to be gifted by transferring the ownership to the customer.
The model concept was developed by well renowned scholars of Islamic Jurisprudence (Fiqh) and Islamic finance. The independent sharia board comprised of;
- Ali Zahid bin Saeed Gasim: Dean of Faculty of Islamic studies sheikh
- Sheikh Ahmed Sameer: Associate lecturer of Islamic sharia and law
- Muneeza: CMDA chairperson, scholar of Islamic finance.
This inauguration embarks alia on another pioneering journey as this is the first time in Maldives a retail company has introduced a sharia compliant product to the market. Today we not only offer motorcycles but also outboard engines under Alia Ijara Model.