Istisna'a Contract

Istisna is a contract where the first party (Al-Mostasna) asks the second party (Al-Saneh) to execute a specific project, with a profit that is paid in installments or postponed until a specific time, depending on the form that was used to make the deal, in which the projects are delivered and not bought. Istisna products must be manufactured and subjected to multiple phases to be converted into their final form. In Islamic Banks, Three parties can be involved in an Istisna contract: the bank, the project owner and the contractor in parallel Istisna. Thus, Istisna is a contract according to which the Islamic Bank performs construction and installation works as well as executes other related major tasks; it also helps in financing production, transportation and consumption facilities according to the demand of the customers, suppliers or both.


 

 

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