Ijarah refers to ‘the lease of an asset or service for an agreed period in exchange for an agreed consideration’ charged in terms of fees or rentals. The Ijarah contract is applicable to 'usufructs' as well as ‘services’. Currently KCB offers Ijarah on services only and not usufructs. 1 year renewable contract.
Applications
Bill Payments
Facilitates various payments such as school fees, medical fees, rental fees, salaries, cleaning costs, insurance payments etc.
Statutory Payments
Taxes, duties, and other Government related bills and payments.
How it works*
- Customer makes an application requesting KCB to perform a certain service.
- KCB shall determine the terms for performing the requested service. (Including costs and time for completing the task).
- KCB thereafter shall inform the customer, the terms and conditions through an offer letter.
- KCB and the customer shall sign the Service Ijarah Agreement whereby the customer hires specified service from KCB. The customer will pay the agreed amount in installments.
- The customer will pay agreed amount in agreed installments.
