In simple terms, it is the right of an individual to use something that belongs to someone else, whether for a preset consideration or gratis. This implies that a usufruct is a benefit derived from an asset/property being provided or leased by a party to another. More broadly, it refers to the right of a person (natural or legal) to enjoy or use a specified object, the property of which is vested in another person (natural or legal) and to draw out of it all the benefits and utility that it may produce, whether from personal or commercial use, provided that the user (or lessee) will not alter the substance of the object of lease.

Usufructs are typically transferred through ijarah (the Islamic leasing mode) in return for a consideration (rental amount). In essence, ijarah is defined as a sale of a usufruct (manfa’ah in Arabic) against a predetermined consideration. It is a type of contract whereby a lessor (owner) leases out an asset/property to a person at an agreed-on rental fee and for a preset period of time as stipulated in a formal contract.