Istisna

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Istisna

In Islamic law, a contract in which a buyer purchases an item for deferred delivery. The item must be described in detail and construction must fit the specifications. There is no set delivery date for the item. Usually, an istisna contract is made for specially made items. For example, one may make a contract to build a custom table for a client. Payment may be made in a lump sum or in installments.
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Sohar Islamic has now developed a dedicated Sohar Islamic construction finance product on the Islamic mode of Istisnaa and forward Ijara.
Backed by its success, Sohar Islamic has now developed the dedicated Sohar Islamic construction finance product which is structured on the Islamic mode of Istisnaa and forward Ijara.
Speakers covered a number of themes including an overview on the Islamic finance, banking services, "current and investment accounts," finance operations "Murabaha - Istisnaa," Islamic banking governance, Takaful insurance, capital markets, investment funds and bonds.
Speaking on the occasion, Muhammad Al Aboudi said that financing of the project will be made by raising SR 400 million through the new company while the remaining SR 1 billion will be raised through taking loans from banks under the scheme of Istisnaa as well as through the sale of some residential units to the citizens in advance.
The Public Relations and Communications Directors hinted that the Bank is providing special Islamic financing offers during the exhibition which meet the needs of the customers such as Murabaha, Musharaka, Istisnaa, and Eirad.
He also stressed the bank's master policy designed specifically to ensure credit risk associated with Islamic financial products such as Murabaha, Ijara and Istisnaa and invited Saudi banks to make use of these products.
The latest version of T24 includes significant enhancements that enable Temenos to enhance its Islamic Banking offering, including Sharia-compliant automated workflows, allowing Islamic Banks to streamline processes such as booking Murabaha, Mudaraba, Istisnaa or Ijara contracts with enhanced operational efficiency.
The funding will be executed under Islamic finance methods of Murabaha, Wikala, and Istisnaa.
The club organises various activities for GUST students that include regular local and international participations in conferences, forums, and lectures that are specialised in Islamic economy, which broadens the horizons of the students by teaching them the fundamentals of Islamic banking and finance, in addition to services such as Ijarah, Murabaha, and Istisnaa.
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