In The Name of Allah, the Most Gracious, the Most Beneficent
This research revolves around two issues:
The first issue is the istiṣnāʿ contract itself: its nature, its permissibility and the need for it. Also, the differing fiqh views about it between the schools of jurisprudence. Also, is it an independent contract with its own particularities, or does it come under one of the familiar traditional contracts [of fiqh]? What is its definition, its juristic classification, and what are its effects? These and other related issues will be treated in a summary fashion to serve the purpose of the Islamic banks’ seminar without going deeply into detailed rulings. The detailed views and evidence can be found in the fiqh books.
The second issue is the magnitude of importance of istiṣnāʿ in contemporary Islamic investments. What contemporary needs of Islamic finance does it answer, and what doors does it open for investment that other contracts are too limited to allow? Istiṣnāʿ has its own unique characteristics not found in other contracts like ijārah, salam and the ordinary sale.
We will be discussing these two issues in the sequence mentioned above. The summary manner mentioned earlier will be maintained as per the purpose of the paper.
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