Maputo, June 11 (ONA) The Sultanate and the Islamic Development Bank (IDB) signed today Istisna'a
Agency agreements according to which IDB will provide the Sultanate with $176 million worth loan (equivalent to almost RO 68 million) to finance 86% of the cost of water supply project from Wadi Dhaiqah to Muscat and Quriyat, which costs RO 79 million.
The analysis of application of salam and istisna'a
in islamic financial industry.
Sukuk is one of the commonly used Islamic Structures in project finance, classified in various forms such as, among others, istisna'a
ijara, wakala ijaras etc Other forms of Islamic Funds include Parallel Islamic Funds, Equity Investment Funds, Real-Estate Funds (REITs), etc.
Stipulations on an Islamic commodity fund include concrete proof of ownership from the seller; and forward sales are generally frowned upon, although there are two types of contract, Istisna'a
and Salam, which allow a variation of it.
Summary: Islamic modes of financing like Murabaha, Musharaka, Mudaraba, Ijara, Salam, Istisna'a
and other Islamic modes ...
Moreover, we can get involved in issuing mudharba, leasing and istisna'a
bonds and other financial instruments.
The loan was arranged through the so-called Istisna'a
, a Shariah mode of financing widely used by Islamic banks and financial institutions.
It provides Islamic financing such as Murabaha, Sukuk, Mudaraba, Musawama, Musharaka, Ijarah and Istisna'a
and forward Ijara agreement was signed at ADIB offices by Aqeel A.
The net proceeds of the issue of such certificates will be used to purchase a portfolio of sukuk assets which may comprise ijara assets, murabaha contracts, istisna'a
contracts and Islamic Development Bank's (IDB or the Bank) investments in equity and sukuk certificates.
Other services on offer include: saving accounts; investment deposits, which offer the chance to invest in remunerative businesses, with profits awarded at the end of the deposit term according to the investments' performance; and real estate financing to help a customer own a new house through Murabaha, Ijara and Istisna'a
that cover up to 80 per cent of the value of the property over a maximum period of 20 years.'