Istisna'

Istisna' (Manufacturing Sale): Literally, the word Istisna' is derived from the Arabic verb istasna'a which means to request someone to manufacture an asset. Technically, bay' al-istisna' (hereafter istisna'a) is defined as a contractual agreement with a manufacturer to produce items with specified descriptions at a determined price, and manufactured from his own materials with his own effort. If the materials needed are not provided by the manufacturer as they are from mustasni'a (the person who requests the construction of an item), the contract is considered a lease contract. See ISRA Islamic Financial System: Principles and Operations for further details.

Total Fatwas : 123
No. Title
1 Can the Buyer Resell the Subject Matter of a Salam Sale or Istisna‘ before It Is Delivered?
2 Leasing Combined With Property Development
3 Can a Contractor Be Fined for a Delay in Completing a Job if No Damage Results from the Delay?
4 Can a New Contractor Take Over a Construction Project Started by another Contractor?
5 Can a Project Manager Invite Bids from Contractors and also Submit Its Own Bid for the Same Project?
6 Can an Islamic Company Build a School for a Client Who Will Run It as a Mixed-Gender Operation?
7 Can the Client Pay the Contractor the Full Fee That the Contractor Paid the Sub-Contractor, Plus a Certain Percentage?
8 Can the Customer Ask the Bank to Take His Place in a Construction Contract?
9 Can the End Customer Guarantee the Work of the Contractor in a Construction Contract?
10 Can the Public Be Invited to Invest in an Unbuilt Real Estate Project If the Land and Designs Are Ready?

 

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