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Effective from Jul 03 2012 - Nov 28 2012 To view other versions open the versions tab on the right
1.
The contract shall terminate upon total loss of the leased asset.
2.
In case of a partial loss of the leased asset that undermines use thereof, and the lessor fails to restore the leased asset to its earlier condition or replace it with a similar asset acceptable to the lessee, the lessee may terminate the contract or agree with the lessor to continue with the contract and amend the rent value in proportion to such loss. In case of contract continuity without change, no payment shall be required for the repair period unless the lessor compensates the lessee during such period with another asset equal to the leased asset.
3.
If the lessee is prevented from the full use of the leased asset by an act of a competent authority for a reason not attributed to the lessee, the contract shall terminate and no rent shall be payable as of the date of such prevention.
4.
The Regulations shall, upon termination of the contract during the terms of the lease, set the criteria determining the entitlements of each party in an equitable manner according to Sharia principles, taking into account any due insurance compensation.
