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the Shrai'a law is a void choice according to a recent case Shamil Bank of Bahrain EC v Beximco Pharmaceuticals Ltd and others[5]. In this case the judge refused to apply the principle of Shari'a as a governing law for two reasons. (i) there cannot be two governing law which are Sharai'a and English law applying on one contract (ii) according to the Rome Convention (1980) that allows the national laws to be chosen to govern a contract. Since shrai'a law is not a national law by itself, it cannot be chosen to govern any contract. However, any national law that adopted the Shrai'a law such as Saudi law can be chosen to govern a contract that based in Shari'a principles. Secondly, as it is assumed in the case that both parties wish to be govern by English law that would conflict with some of the principles of Shari'a there is one option which seems to be the best. This option states that the contract should be adjusted to an extent that it would prevent any conflict between English law as a governing law and the principles of Shari'a that the contract itself based on. Many terms of the contract should be explained sufficiently especially the ones that would conflict with English law. For example, the liability upon the owner of the asset in case of destruction and the penalties in case of late payment. When such terms have been explained clearly under the principles of Shari'a in this contract, the English law will apply the rules in the contract in case of any default. Consequently, the principles of shrai'a will impliedly govern the contract on the time of signing and during the life of it.

Conclusion

To summarize the advices to IBT it can be said that the Ijarah is an appropriate way of financing the purchase of the aircraft. Also, the rules of Ijarah are completely satisfied under this transaction. They should make sure that the procedures in this transaction follow the rules stated in this essay especially having separate documents for the leasing agreement and the promise of selling or gifting the aircraft at the end of the leasing period. In addition, the risks can be mitigated easily in Ijarah transaction as stated under the title (Mitigation of the risks in Ijarah). Finally, a very important advice for IBT that they should be careful on drafting the contract and make sure that every single term stated clearly and sufficiently especially the ones that might conflict with English law.
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