Once rent becomes due, it is a debt owed by the lessee. A certificate representing only the right to collect that debt is a debt instrument, not an ownership certificate in the leased asset.
Trading such a monetary claim at a discount or premium creates the problem of trading money/debt for a different amount of money. That is why ownership must remain central in any tradable leasing certificate.
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Leasing (إجارة): Sub-Lease, Assignment and Ijarah Certificates
Once rent becomes due, it is a debt owed by the lessee. A certificate representing only the right to collect that debt is a debt instrument, not an ownership certificate in the leased asset.
Trading such a monetary claim at a discount or premium creates the problem of trading money/debt for a different amount of money. That is why ownership must remain central in any tradable leasing certificate.