What is the ruling on a transaction in which a company purchases a property in partnership with a client, then sells its share to the client and leases it back to him, provided that the client repurchases the company's share at cost price without increase, and the company's share is gradually reduced as the client's share increases through monthly payments, and the monthly payment consists of a capital payment and a return on capital determined based on an agreed-upon fair rental value?

One must understand the conditions of the contract to rule on the transaction. Since what is stated in the question is not a clear contract, it is not possible to rule on it. However, one can seek guidance from the opinions of scholars. Dr. Ma'an Al-Qudah believes that the model should be called "Diminishing Musharakah ending in ownership," and it must adhere to the conditions set by Fiqh academies for the permissibility of this type of transaction. These conditions include three separate contracts: 1. The financier and the client jointly purchase the house in undivided shares, and they bear the burdens, insurance, and risks according to their respective ownership percentages. 2. The client leases the financier's share of the property. 3. The client gradually purchases the financier's share through a periodic installment that includes the rent and the price of the share, until he owns the entire house.

If the company does not adhere to these conditions, the transaction is considered religiously impermissible and a void contract, because it is an interest-bearing loan that entails the borrower paying more than what he took, which is the usury of debts forbidden by Islamic law. This contract is considered one of the loans that yield a benefit, and the benefit here is of the same kind as the loan, which is money, considered a usurious commodity.

For the contract to be permissible, the conditions of "Diminishing Musharakah ending in ownership" must be met, such that both parties truly own the property and share in the profits and losses. Then, the client leases the company's share and gradually purchases it. Alternatively, the company can purchase the property and lease it to the client, with a promise of gratuitous or symbolic ownership after adherence to the rent, and then sell it to him on a deferred basis.