Istisna

(redirected from Istisnaa)

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.
References in periodicals archive ?
Le premier concerne le financement Istisnaa (financement progressif pour projets) et le second traite des conditions d'exercices de la Caisse centrale de garantie.
Temenos IslamicSuite was identified as a leading solution for retail, commercial, investment and wealth management banking operations including Murabaha financing, diminishing Musharaka, Qard Hasan, Bai Al Salam, Istisnaa and parallel, financing Ijara, Tawaruq, Itsisnaa and many other Islamic finance aspects in addition to Sukuk, commodity Murabaha and FX for bank treasury.
The first will define the operations of Islamic finance (Murabaha, Istisnaa and Musharaka), and will be promulgated before the end of the current year, while the second one presenting the conditions for the exercise of this finance, through the Islamic windows in conventional banks will be promulgated during the first half of 2017.
La premiere va definir les operations de la finance islamique (El Mourabaha, El istisnaa et El Moucharaka), et sera promulguee, avant la fin de l'annee en cours, alors que la deuxieme presentant les conditions de l'exercice de cette finance, a travers les fenetres islamiques au sein des banques classiques, le sera durant le premier semestre 2017.
Backed by the success of the housing finance product launched last year, we developed this dedicated construction finance product to be structured on the Islamic modes 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.
Scholars of jurisprudence held different opinions regarding the adaption of the contract of franchise whether it is a Istisnaa' or another contract?
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.
Reyaz Mihular, Partner - Head of Advisory Services, KPMG Ford, Rhodes, Thornton & Co speaking on 'Accounting for Islamic Finance' said that accounting for Islamic Financial Instruments includes Modes of Sale, Financing and Investment and Murabaha, Bai Al Salam and Istisnaa comes under sale.
"They also include 'Istisnaa,' 'Ijara,' 'Musharaka' and speculation,"
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.
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.
Full browser ?