Forward lease ijara mawsoofa bil thimma this contract is a combination of construction finance istisna and a redeemable leasing agreement because this lease is executed for a future date its called forward leasing. Free video lecture and study notes on al ijarah in islamic banking ijara is trading a specified asset available in for a payment where ownership search for departments areas of study project management as normally done in financial leases is not against the rules of shariah. An ijara contract is a contract of exchange which is popular due to its similarity to a conventional lease ijara contracts are used in islamic banking project finance as well as in sukuk in an ijara contract one party purchases and leases out the equipment required by the client for a rental fee