Sharia Law & computer leasing

15th September 2016
devices for teams by HardSoft - DaaS without Faff

Sharia Law is an umbrella term for Islamic religious law, or path to follow. It deals with a variety of social, economic and political matters. In economic terms, to charge interest (the Islamic term for interest is ‘riba’) or to be charged interest, whether you are a company, bank or individual, goes against Sharia law and is therefore strictly forbidden. Adhering to Sharia law means that a lot of financial services in the UK are off-limits.
In 2004, it was recognised that the demand for Sharia-compliant finance was worth around £4 billion. As a result, over the past decade in particular, banks and comSha ria Law, leasing,panies in the UK have been developing ways to ensure their financial agreements, such as the taking out of mortgages, are Sharia compliant.
This is where HardSoft Computers steps in
According to the Islamic term ‘ijara’ as stated under Sharia Law, which quite literally means ‘lease’, we are pleased to say that our lease agreements are Sharia-compliant.
In a lease, or lease agreement, the company or bank in question essentially purchases the desired product for the customer and then leases it back to them for a set price over a specific amount of time. This product might be a house, a car, or in HardSoft’s case, it’s computer equipment. The lessor makes a profit by leasing back the product for a slightly marked-up price. No interest is charged on the instalments paid by the lessee, however, and therefore the agreement is completely Sharia-compliant.
HardSoft have been established for over 25 years, so we have a lot of experience in the leasing of IT equipment. Authorised by Apple we are able to lease anything from Macs to PCs to printers to software. What’s more, we are able to lease to start-up as well as established businesses. Our lease agreements are also incredibly flexible, hence our aptly named Flexi-Lease. Essentially, we purchase the equipment you desire and then lease it back to you over a three-year period. However, after just two years you are given the option to take out a new lease whilst we pay off the old one, get some new equipment and arrange your new lease payments according to whether you want to keep the old equipment or not. This allows your business to remain constantly up-to-date in terms of IT. Alternatively, if you decide to continue with the three-year lease you are given the option to purchase the equipment for a small fee at the end of the agreement – again, this is permissible under Sharia law because the monthly payments have partly attributed to this final purchase.
Leasing freebie
We don’t just lease to businesses. Our 0% finance for home users means that you can lease the latest Apple MacBooks and iMacs from us without paying any interest, therefore making it Sharia-compliant. HardSoft computer leasing includes three years warranty and support plus the unique option to cancel and return the Mac after 2 years without penalty or renew into a new lease for new kit. Leasing computers is similar to a mobile phone contract.
If you have any more questions on Mac leasing with HardSoft then visit our website at for more information or feel free to contact our sales team on 0207 111 1643. All products shown are rentals and agreements do not have or show an interest charge, so get in touch today to lease a Mac.