Does the promise of ownership at the end of the lease mean that I am the owner from day one?

No.

Steps

1. Having an ownership arrangement at the end doesn't make you the owner of the asset from day one.

2. During a lease, the bank is the owner and you are the lessee for the benefit, and the transfer of ownership has a separate stage and method according to the structure.

3. This is very important for insurance, maintenance, depreciation, and sale before the end of the term.

Source

• AAOIFI — Sharia Standard 9: Ijarah and Ijarah Muntahia Bittamleek