Is the lease-to-own contract—a copy of which can be viewed via the attached link—permissible or impermissible?

Leasing agreements ending in ownership have permissible and forbidden forms. The Islamic Fiqh Academy has clarified the regulations concerning this:

Prohibitory Regulations: The simultaneous combination of two different contracts (lease and sale) on a single item at the same time.

Permissibility Regulations: The existence of two temporally separate contracts (sale after lease), or the existence of a promise of ownership at the end of the lease. The lease must be genuine and not a mere cover for a sale. The leased item's guarantee rests with the owner, not the lessee. Insurance must be cooperative Islamic insurance and borne by the owner. Lease provisions must apply throughout the lease term, and sale provisions must apply upon ownership of the item. Non-operational maintenance expenses are the responsibility of the lessor.

Forbidden Forms of the Contract: The lease automatically transforming into a sale without a new contract. The sale contract being conditional on the full payment of the rent, or its addition to a future time. The combination of a genuine lease contract with a sale by option (khiyar al-shart) in favor of the lessor, deferred to the end of the lease term.

Permissible Forms of the Contract: Lease with the gift of the item to the lessee contingent on full payment of the rent, through a separate contract or a promise. Lease with the owner granting the lessee the option to purchase the item at market price after paying all installments. Lease with a promise to sell the item to the lessee after full payment of the rent at an agreed-upon price. Lease with the lessee being given the option to own the item at any time through a new contract at market price.