Assessment on shariah compliance of current ijarah financing
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This document discusses several issues with the current ijarah financing (AITAB) product offered by Malaysian Islamic banks. It notes that during the lease period, legal ownership of the leased asset remains with the bank as lessor, but in practice customers as lessees bear expenses related to ownership. There are also contradictions between the Shariah ruling on ownership under ijarah and how the leased asset is treated in accounting. Additionally, the rental fees are benchmarked against conventional interest rates rather than being based on asset ownership. Issues around early termination and repossession also contradict the bank's role as the legal owner.
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190717 ijarah accounting v7
This document discusses ijarah accounting and the ijarah thumma al-bai (AITAB) product offered by Malaysian Islamic banks. It reviews literature on the objectives of shariah compliance and issues highlighted regarding AITAB, such as ownership, maintenance obligations, penalties, and how its implementation can mirror conventional financing. An assessment finds that current AITAB products use terminology from the non-Islamic Hire Purchase Act of 1967 and calculates termination similarly to conventional loans. The document also compares the frequency of ijarah/AITAB terminology versus conventional lease/leasing/hire purchase terms on Malaysian Islamic bank websites.
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Ijarah is a lease contract that allows the transfer of ownership of an asset to another party for an agreed upon rental payment over a specified period of time. There are two main types of Ijarah: operating Ijarah, which does not include transfer of asset ownership at the end of the lease, and financial Ijarah (Ijarah Muntahia Bittamleek), where ownership does transfer to the lessee. The basic rules of Ijarah require that the rental amount and lease period be clearly defined upfront. Diminishing Musharakah is a partnership concept where one partner's ownership stake gradually decreases over time as the other partner purchases more shares.
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This clause makes the Ijarah contract invalid because selling of the asset cannot be contingent upon fulfilling the terms of the Ijarah contract. Under Islamic finance principles, the lease and sale contracts must be separate, with the sale not being an automatic outcome of fulfilling the lease terms.
Ijarah INTRODUCTION
Ijarah is an Islamic financing method where a lessor leases an asset to a lessee for an agreed upon rental payment. There are three key points:
1) Ijarah allows the use of an asset but ownership remains with the lessor, who bears risks related to ownership. The lessee bears risks related to use of the asset.
2) Rental payments and sale of the asset must be structured separately to avoid making the lease contingent on sale.
3) Rules governing ijarah require the asset to be identified and the lease period determined. Rent can be set ahead of time but not increased unilaterally. The lessee bears costs of use while the lessor
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The document compares and contrasts conventional leasing and Islamic ijarah contracts. Some key differences include:
(i) Ownership of the asset remains with the lessor in both but risk lies with the lessor in conventional and the muajjir (lessor) in ijarah.
(ii) Rental obligations begin from acceptance of goods in conventional but from asset handover in ijarah.
(iii) Penalties can be charged in both but are only for charitable purposes in ijarah.
(iv) Premature termination is allowed if terms are violated in ijarah but lessee cannot terminate if no cancellation clause in conventional.
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The document discusses the Islamic financing structure of Ijarah, or leasing. It defines Ijarah as offering the benefit of using an asset for a fee while retaining ownership. There are two main types - basic Ijarah where ownership is not transferred, and Ijarah Muntahia Bittamleek where ownership gradually transfers to the lessee. The document outlines the essential elements of a valid Ijarah contract according to Shariah standards, including requirements regarding asset ownership and transfer of risk. It also provides an overview of the mechanics of an Ijarah transaction where the lessor purchases an asset and leases it to the lessee.
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Ijarah is an Islamic alternative to conventional leasing. It involves the leasing of an asset by the owner (lessor) to the lessee in exchange for rental payments. Some key points:
1. Ownership of the leased asset remains with the lessor, while the lessee has usage rights in exchange for rent.
2. The rental amount and lease period must be clearly defined and agreed upon in the lease contract.
3. The lessor bears expenses related to asset ownership while the lessee is responsible for usage expenses such as maintenance.
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This document outlines key differences between conventional car leasing/financing contracts and Islamic Ijarah contracts. Some key differences discussed include:
- Conventional contracts often contain elements like interest payments or automatic transfer of ownership that are not allowed under Islamic law.
- Under Ijarah, rental payments stop if the asset is stolen or unusable, whereas conventional contracts may continue charges.
- Late fees charged under conventional contracts are considered interest, while Ijarah contracts direct late fees to charity.
- Insurance and registration costs are borne by the lessor under Ijarah but by the lessee under conventional contracts.
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- The pillars of al-ijarah include the owner (mu'ajjir), user (musta'jir), asset (ma'jur), benefit/usufruct (manfaah), fee (ujrah), and offer/acceptance (sighah).
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The document discusses Islamic financial system and products, specifically the concept of Musharakah.
[1] Musharakah refers to a partnership or joint venture where partners contribute capital to a business venture with the goal of sharing profits according to a predetermined ratio. Losses are shared strictly according to capital contribution.
[2] Diminishing Musharakah is a structure used for asset financing where the bank and customer jointly own the asset, with the customer gradually purchasing the bank's shares over time until full ownership is transferred.
[3] Examples show how Diminishing Musharakah can be structured for financing houses, cars, machinery, and other fixed assets in accordance with Islamic principles of
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This clause makes the Ijarah contract invalid because selling of the asset cannot be contingent upon fulfilling the terms of the Ijarah contract. Under Islamic finance principles, the lease and sale contracts must be separate, with the sale not being an automatic outcome of fulfilling the lease terms.
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Ijarah is an Islamic financing method where a lessor leases an asset to a lessee for an agreed upon rental payment. There are three key points:
1) Ijarah allows the use of an asset but ownership remains with the lessor, who bears risks related to ownership. The lessee bears risks related to use of the asset.
2) Rental payments and sale of the asset must be structured separately to avoid making the lease contingent on sale.
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The document compares and contrasts conventional leasing and Islamic ijarah contracts. Some key differences include:
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(ii) Rental obligations begin from acceptance of goods in conventional but from asset handover in ijarah.
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The document discusses the key differences and rules regarding lease (ijarah) contracts in Islamic finance. It outlines 12 basic rules for ijarah, including that ownership remains with the lessor, the rental amount and period must be clearly specified upfront, expenses related to ownership fall to the lessor, and the lessee is responsible for any damage caused by misuse or negligence. Ijarah can be used as a financing mode if certain additional conditions are met, such as rent only being charged after asset delivery and the lessor bearing purchase expenses. The document contrasts ijarah with conventional interest-based loans.
Ijarah mbl
Ijarah is an Islamic alternative to conventional leasing. It involves the leasing of an asset by the owner (lessor) to the lessee in exchange for rental payments. Some key points:
1. Ownership of the leased asset remains with the lessor, while the lessee has usage rights in exchange for rent.
2. The rental amount and lease period must be clearly defined and agreed upon in the lease contract.
3. The lessor bears expenses related to asset ownership while the lessee is responsible for usage expenses such as maintenance.
4. Damage to the asset not due to lessee negligence is covered by the lessor. The lessee is liable to compensate for
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This document outlines key differences between conventional car leasing/financing contracts and Islamic Ijarah contracts. Some key differences discussed include:
- Conventional contracts often contain elements like interest payments or automatic transfer of ownership that are not allowed under Islamic law.
- Under Ijarah, rental payments stop if the asset is stolen or unusable, whereas conventional contracts may continue charges.
- Late fees charged under conventional contracts are considered interest, while Ijarah contracts direct late fees to charity.
- Insurance and registration costs are borne by the lessor under Ijarah but by the lessee under conventional contracts.
- Ijarah contracts cannot be signed until the asset exists and is owned
Ijarah
The document defines and discusses the Islamic financing concept of al-ijarah. Some key points:
- Al-ijarah refers to a lease or rental contract in which one party allows another to use an asset for a fee. It is distinguished from a normal sale by having a specified time period.
- The pillars of al-ijarah include the owner (mu'ajjir), user (musta'jir), asset (ma'jur), benefit/usufruct (manfaah), fee (ujrah), and offer/acceptance (sighah).
- A major modern application is al-ijarah thumma al-bay', where a lease
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This document discusses various techniques for mitigating risk in Islamic banking. It begins by explaining how Islamic finance prohibits separating ownership from risk like conventional interest-based loans. It then discusses several key risks like credit risk and how Islamic banks estimate expected losses. It provides details on techniques for mitigating different types of risk, including using loan loss reserves, collateral, contracts, partnerships, murabahah structures, salam, parallel salam and sukuk structures. The goal is to encourage risk sharing over risk transferring in accordance with Islamic principles.
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The document discusses Islamic financial system and products, specifically the concept of Musharakah.
[1] Musharakah refers to a partnership or joint venture where partners contribute capital to a business venture with the goal of sharing profits according to a predetermined ratio. Losses are shared strictly according to capital contribution.
[2] Diminishing Musharakah is a structure used for asset financing where the bank and customer jointly own the asset, with the customer gradually purchasing the bank's shares over time until full ownership is transferred.
[3] Examples show how Diminishing Musharakah can be structured for financing houses, cars, machinery, and other fixed assets in accordance with Islamic principles of
Chapter30 leasinghirepurchaseandprojfinance
The document discusses various types of leases including finance leases and operating leases. It covers the rationale for leasing, mechanics of leasing including legal and tax aspects, and accounting treatment. Leasing is treated as a financing decision. Project finance is discussed as raising funds for capital projects through contractual arrangements that allocate risks to various parties.
Ijara by mehmood_shafqat_02-06-08
AlHuda Centre of Islamic Banking and Economics,
www.alhudacibe.com,Presentaion by Alhuda CIBE ON MODARABA
20161103 technical programme 2 financing_products_djibouti_2016
Islamic banks make money through various Sharia-compliant financing contracts that do not involve interest, including deferred sales contracts like murabaha and istisna'a, and profit-and-loss sharing contracts like mudaraba and musharaka. Murabaha involves the bank purchasing an asset for a customer and reselling it at a markup. Mudaraba is a partnership between the bank and an entrepreneur where profits are shared according to a predetermined ratio but losses are borne solely by the bank. These contracts allow Islamic banks to finance various products and services like mortgages, working capital, and car/equipment purchases in a way that is permissible under Islamic law.
Car financing
The document discusses Bank Al-Habib's car financing product using the Islamic financing structure of diminishing musharaka, including how the bank and customer jointly purchase the car and the customer gradually purchases the bank's shares in the car through rental payments until owning it outright. It provides details on the legal documentation and transaction steps involved in applying for and obtaining this car financing.
Lease accounting
A lease is a contractual agreement between a lessor, who owns an asset, and a lessee, who uses the asset. There are two main types of leases from an accounting perspective: operating leases and capital leases. For operating leases, the asset is not recorded on the lessee's balance sheet, while lease payments are expensed over time. For capital leases, the asset and liability are recorded on the lessee's balance sheet similar to a purchased asset. Leases allow companies to acquire assets without large upfront cash outlays and provide off-balance sheet financing advantages.
Bank al habib car finance
The document discusses diminishing musharaka as used by Bank Al-Habib for car financing. Some key points:
1. Diminishing musharaka allows for joint ownership between the bank and customer to purchase an asset, with the customer gradually buying out the bank's shares over time until becoming sole owner.
2. For car financing, the bank and customer enter a musharaka agreement to jointly purchase the car, with the bank owning a certain percentage. The bank then rents its share to the customer until it is paid off.
3. The application process involves submitting documents, income verification, property valuation, and signing legal agreements before disbursement and transfer of ownership.
ISSUES AND RECOMMENDATIONS IN MUSHARAKAH MUTANAQISAH HOUSE FINANCING
BY ZALEHA ZAIN.
In our world nowadays, the contract of Al-Bay’ Bithaman Ajil (BBA) had always been used for long time duration of financing. For example, home financing. In Malaysia also, this concept is popular and it showed that at the Kuala Lumpur High Court alone, 90% of the 3,200 Muamalat cases registered between 2003 to 2009 concerns BBA . While the BBA is popular, it has proven to be quite unsatisfactory to the customers and bankers. That’s why Musharakah Mutanaqisah concept is being argued as a better contract than BBA for long time duration.
THIS PAPER DISCUSSED ON THE ISSUES AND RECOMS OF MM.
Alhuda CIBE - Presentation on Diminishing Musharakah
The document discusses Diminishing Musharakah, an Islamic financing structure used for home and asset financing. It provides an overview of the structure, including that it involves a joint ownership partnership between the bank and customer that diminishes as the customer gradually purchases the bank's share of the asset. The presentation outlines the basic transaction structure, applicable Shariah principles, documentation requirements, and provides an illustrative example of the financing process. It also addresses some frequently asked questions about Diminishing Musharakah and how it differs from conventional mortgages.
Alhuda CIBE - Diminishing Musharaka by Mehmood Shafqaat
The document discusses Diminishing Musharakah, an Islamic financing structure used for home and asset financing. It provides an overview of the structure, including that it involves a joint ownership agreement between the bank and customer to purchase the asset, with the customer gradually purchasing the bank's shares over time. The presentation outlines the basic transaction steps, including documentation requirements, and provides an illustration of the process. It also addresses common questions about Diminishing Musharakah, distinguishing the profit structure from conventional interest and clarifying the joint ownership and gradual transfer of shares.
Lease presentation 130224081525-phpapp01
IT is useful for students who are taking finance as their major
And is a useful concept. ALL THE BEST
Innovative sources of long term finance
1. Venture capital and seed capital provide financing to entrepreneurs in addition to guidance. Bridge financing provides short term loans to cover delays between project approval and funding disbursement.
2. Lease financing allows companies to use assets through rental payments rather than purchase, preserving cash. It provides flexibility but costs are generally higher than debt financing.
3. Financial leases are long term while operating leases are short term; financial leases transfer ownership to lessee while operating leases do not. Sale-leaseback involves selling an asset then leasing it back.
The Nature of Risks Faced by Islamic Banks
The document summarizes several types of risks faced by Islamic banks, including credit risk, benchmark risk, liquidity risk, operational risk, legal risk, withdrawal risk, fiduciary risk, displaced commercial risk, and counterparty risks associated with Murabahah, Salam, and Istisna'a financing contracts. It notes that credit risk depends on the financing mode used, and benchmark risk arises because Islamic banks use market interest rates to price instruments even though they do not deal in interest. Liquidity risk is also high for Islamic banks due to Sharia restrictions. Operational and legal risks are increased by the newness of Islamic banking practices and lack of standardized contracts.
Leasing and hire purchae
This document provides an overview of leasing and hire purchase concepts. It discusses:
1) Leasing involves a lessor owning an asset and a lessee making periodic rental payments to use the asset, while hire purchase allows a buyer to pay for goods over time and eventually own them.
2) There are different types of leases - financial leases provide long-term ownership, operating leases are short-term, and leverage leases finance large assets.
3) Hire purchase agreements require a down payment, allow ownership after all payments, and interest payments are tax deductible for buyers.
CIRE - TUG OF WAR
This article discusses tenant termination rights in retail leases and the need for landlords' counsel to include provisions allowing landlords to recapture cash outlays made at the inception of the lease. These outlays may include tenant improvement allowances, broker commissions, and other payments. While tenants will argue landlords should only recapture the unamortized amount of these costs, the article argues landlords should be able to fully recapture costs if tenants terminate leases due to conditions outside the landlords' control, such as co-tenancy failures or bankruptcies. However, if tenants terminate due to violations within the landlords' control, tenants have a stronger argument they should not have to reimburse all costs.
tax consideration in own or lease
Leasing an asset has become a popular financing option in India as lease rentals can be deducted from business income taxes. However, buying an asset provides additional tax benefits like depreciation deductions and interest deductions on loans used to purchase assets. When deciding whether to lease or buy an asset, a company should evaluate the periodic cash flows under both options and discount them using the after-tax cost of debt to determine which has a lower present value of costs. Leasing provides tax deductions for rental payments but not depreciation, while buying allows for depreciation deductions and potential interest deductions if the asset is purchased with a loan.
PPT 2 (5).pptx
The document discusses equipment leasing, including:
1) Equipment leasing provides companies use of fixed assets through contractual rental payments that are tax deductible. The lessee uses the asset while the lessor owns it.
2) When evaluating a lease, companies compare the cost of leasing an asset to the cost of financing its purchase. If leasing costs less, the asset is leased; if financing costs less, the asset is purchased.
3) Lease accounting records leasing transactions on companies' financial statements according to whether the company is lessor or lessee. This provides transparency into leasing's impact on company value and finances.
416Business firms generally acquire property rights in lon.docx
416
Business firms generally acquire property rights in long-term assets through
purchases that are funded by internal sources or by externally borrowed
funds. The accounting issues associated with the purchase of long-term
assets were discussed in Chapter 9. Leasing is an alternative means of
acquiring long-term assets to be used by business firms. Leases that are not
in-substance purchases provide for the right to use property by lessees, in
contrast to purchases that transfer property rights to the user of the long-
term asset. Lease terms generally obligate lessees to make a series of pay-
ments over a future period. As such, they are similar to long-term debt.
However, if a lease is structured in a certain way, it enables the lessee to
engage in off–balance sheet financing (discussed in Chapter 11) because cer-
tain leases are not recorded as long-term debt on the balance sheet. Busi-
ness managers frequently wish to use off–balance sheet financing in order
to improve the financial position of their companies. However, as noted
earlier in the text, efficient market research indicates that off–balance sheet
financing techniques are incorporated into user decision models in deter-
mining the value of a company.
Leasing has become a popular method of acquiring property because it
has the following advantages.
1. It offers 100 percent financing.
2. It offers protection against obsolescence.
3. It is frequently less costly than other forms of financing the cost of the
acquisition of fixed assets.
4. If the lease qualifies as an operating lease, it does not add debt to the
balance sheet.
CHAPTER
13
Leases
Introduction 417
Many long-term leases possess most of the attributes of long-term debt.
That is, they create an obligation for payment under an agreement that is
noncancelable. The adverse effects of debt are also present in leases in that
an inability to pay may result in insolvency. Consequently, even though
there are statutory limitations on lease obligations in bankruptcy proceed-
ings, these limits do not affect the probability of the adverse effects of non-
payment on asset values and credit standing in the event of nonpayment of
lease obligations. The statutory limitations involve only the evaluation of the
amount owed after insolvency proceedings have commenced.
Management’s choice between purchasing and leasing is a function of
strategic investment and capital structure objectives, the comparative costs of
purchases of assets versus leasing assets, the availability of tax benefits, and per-
ceived financial reporting advantages. The tax benefit advantage is a major fac-
tor in leasing decisions. From a macroeconomic standpoint, the tax benefits of
owning assets may be maximized by transferring them to the party in the higher
marginal tax bracket. Firms with lower effective tax rates may engage in more
leasing transactions than firms in higher tax brackets since the tax benefits are
passed on to the lessor. El-Gazzar et .
Similar to Assessment on shariah compliance of current ijarah financing (20)
Leasing and its uses and safety on leasing or why finance l
Leasing and its uses and safety on leasing or why finance l
20161103 technical programme 2 financing_products_djibouti_2016
20161103 technical programme 2 financing_products_djibouti_2016
ISSUES AND RECOMMENDATIONS IN MUSHARAKAH MUTANAQISAH HOUSE FINANCING
ISSUES AND RECOMMENDATIONS IN MUSHARAKAH MUTANAQISAH HOUSE FINANCING
Alhuda CIBE - Presentation on Diminishing Musharakah
Alhuda CIBE - Presentation on Diminishing Musharakah
Alhuda CIBE - Diminishing Musharaka by Mehmood Shafqaat
Alhuda CIBE - Diminishing Musharaka by Mehmood Shafqaat
416Business firms generally acquire property rights in lon.docx
416Business firms generally acquire property rights in lon.docx
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Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
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Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
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Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.一比一原版(UoB毕业证)伯明翰大学毕业证如何办理
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Economic Risk Factor Update: June 2024 [SlideShare]
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdf
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Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
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Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia
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Assessment on shariah compliance of current ijarah financing
- 1. Assessment on Shariah compliance of current ijarah financing product (AITAB) in the market
- 2. To pick current AITAB for car financing of Malaysian Islamic Banks
- 3. Ownership problem. During lease period, the legal ownership remains with the lessor (Bank), not the lessee (customer). Consequently, all burden on expenses and risk related to ownership should be borne by the Bank. Those expenses/risks are including maintenance, road tax and takaful contribution.
- 4. However, the practice of current AITAB is that all those ownership related expenses/risks are borne by the lessee, who is not the owner of the car or property during lease period • AITAB and ijarah muntahiyyah bittamlik • The issue of operational lease and financial lease
- 5. In terms of accounting treatment, leased property is not recorded as asset on Bank balance sheet, but on lessee balance sheet instead. This practice clearly against the Shariah ruling. In other words there is a contradiction between Shariah ruling on ownership under ijarah contract with the accounting treatment as the bank that own the property does not recognize its ownership
- 6. Benchmarking with Interest rate. • Islamic bank benchmark its rental fee with interest rate of conventional leasing therefore they always copy-cat all aspects of conventional hire- purchase practice • Pg 286 ayub ‘the basic reason for inserting such conditions is that the main concept behind the agreement is to give an interest-bearing loan under the cover of lease.6
- 7. Issues of termination • The issue of the termination of contract in which ‘the lessor is allowed to provide in the lease contract that he will have a right to terminate the lease if the lessee contravenes any term of the lease agreement. In that case, the lessee would be obliged to pay the due rent and not the rent of the remaining period. Pg 286 ayub • Repossession - risk as an owner, liabilities