Ijarah in simple terms; implies leasing or hiring of a physical asset. It is a popular debt- based product in which the Islamic bank assumes the role of an ajir or mujir (lessor) and allows its client to use a particular asset that it owns. The client or mustajir (lessee) is in need of the asset. Through Ijarah,it receives the benefits associated with ownership of the asset against payment of pre- determined rentals (ujrat). Ijara is for a known time period called Ijara period.