In a head-lease arrangement, a lessee may sub-lease property to many users and then invite outside investors to pay money merely for a share of future rentals.
The problem is that the lessee does not own the underlying property. After sub-leasing, what mainly remains is the right to receive rent. Selling portions of that receivable for money turns the arrangement into trading a debt claim rather than selling ownership.
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Leasing (إجارة): Sub-Lease, Assignment and Ijarah Certificates
In a head-lease arrangement, a lessee may sub-lease property to many users and then invite outside investors to pay money merely for a share of future rentals.
The problem is that the lessee does not own the underlying property. After sub-leasing, what mainly remains is the right to receive rent. Selling portions of that receivable for money turns the arrangement into trading a debt claim rather than selling ownership.