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On 20th June 2019, Bahrain Islamic Bank brought 10 Toyota cars from Japan manufacturer at a cost 10,000 each. The cost of freight from
On 20th June 2019, Bahrain Islamic Bank brought 10 Toyota cars from Japan manufacturer at a cost 10,000 each. The cost of freight from Japan to Bahrain was 20,000 and the cost of transport to Bank's warehouse 3,000 with additional cost registration 2,000 for the car. Bahrain Islamic Bank will lease the cars to their customers based on various of terms and condition. At the end of year, due to newer comparable models of cars coming from Honda, the value of the cars reduced from its original cost around 20%. During the year, by using operational ijarah contract Bahrain Islamic Bank managed to lease all its car for two year with monthly rental 500 per car to Ithmaar Bank starting from 1st July 2019 and Ithmaar Bank need to payable yearly in advance.
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