Bai Istisna by Mufti Mujeeb
From HodHood
Contents
Top 20 FREQUENT WORDS
istisna 40 delivery 15 goods 11 price 11 manufacturer 10 commodity 8 purchaser 7 agreement 6 parallel 6 salam 6 sale 6 islamic 5 cancelled 4 financing 4 manufacturing 4 possession 4 risk 4 agreed 3 contract 3 difference 3 fixed 3 option 3 paid 3 required 3 security 3 seller 3 unilaterally 3 working 3
DOCUMENT KEY POINTS
- definition it is an order to producer to manufacture a specific commodity for the purchaser
- introduction istisna is sale transaction where commodity is transacted before it comes into existence
- option when the required goods have been manufactured by the manufacturer purchaser can exercise his option of defect but he cant use his option of seeing
- revoking of istisna a c the contract of istisna can be cancelled unilaterally before the manufacturer starts working
- a c after starting the work istisna cannot be cancelled unilaterally
- difference between istisna salam istisna salam a c the subject of istisna is a c the subject can be any always a thing which thing
- difference between istisna salam istisna salam a c time of delivery does a c time of delivery is an not have to be fixed essential part of the sale a c the contract can be a c the contract cannot cancelled before the be cancelled manufacturer starts unilaterally
- working
- in order to ensure that the goods will be delivered within the specified period some modern agreement of this nature contain a penalty clause to the effect that in case the manufacturer delays the delivery after the appointed time the price shall be reduced by a specified amount per day
- time of delivery it is not necessary in istisna that the time of delivery is fixed
- a c transferring of risk and authority of use and utilization consumption are the basic ingredients of constructive possession
- parallel istisna and its applications after the execution of istisna agreement with one party buyer or seller executes another istisna agreement with third party conditions for parallel istisna a there must be two different and independent contracts these two contracts cannot be tied up and performance of one should not be contingent on the other
- b parallel istisna is allowed with third party only
- potential of istisna the client can get finance for raw material working capital and other overhead expenses by the execution of istisna agreement
- house financing import and export products can be easily designed on istisna basis
- risks in istisna applications and their solutions risks solutions ownership of material the islamic bank is not the owner of the security is available with the bank
- sale not permissible before delivery sale of istisna goods is not allowed bank can take promise to purchase before taking physical possession
Please note, This is an auto generated summary based on sentances position in the document and other factors
DOCUMENT WORD ANALYSIS
Main Category
- AlHuda Material\islamic banking
KeyWords
contract price sale asset financing lease client purchase ijarah payment profit musharakah lessee amount commodity housing agreement contracts ownership project
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DOCUMENT REFERENCES
Number of Pages
16
Published Date
2016-09-17 00:25:14
