Istisna by Muhammad Khaleequzzaman
From HodHood
Contents
Top 20 FREQUENT WORDS
istisna 27 sale 17 contract 13 delivery 11 islamic 10 price 10 contracts 8 instruments 8 modes 8 manufactured 7 manufacturer 7 goods 6 aug 5 cancelled 4 commodity 4 customer 4 fixed 4 payment 4 agreed 3 buyer 3 implements 3 manufacture 3 manufacturing 3 purchase 3 purchaser 3 required 3 salam 3 unilaterally 3
DOCUMENT KEY POINTS
- a c allowed by hanafi school while other schools prefer that raw material be provided through sale contract and manufacturer should agree to produce the final product on the basis of ijarah contract of construction uses to fill the technology gap a manufacturing of implements eg
- islamic modes instruments sale contracts istisna order to manufacture a c istisna is a sale transaction where one party buys goods and the other undertakes to manufacture ie
- islamic modes instruments sale contracts istisna legitimacy a c the prophet pbuh required that a pulpit platform be built for preaching bukhari a c the prophet pbuh required that a finger ring be manufactured for him bukhari and muslim sale is the transfer of ownership of some lawful specific known property for a fixed price which may be money or other known property both countervalues present and delivered immediately
- title of both countervalues transfer immediately at the time of sale even if actual payment or delivery is delayed
- islamic modes instruments sale contracts istisna conditions a c subject matter has to be unique substitute may or may not exist and manufactured goods a c the manufacturer uses his own material to manufacture a good to differentiate from ijarah a c kind quality and quantity of subject matter must be known and agreed in absolute term a c if goods manufactured conform to the specifications agreed upon the purchaser cannot decline to accept them unless there is defect in these goods option of defect benefits the purchaser a c buyer can refuse to accept goods if delivery is not made within agreed time period
- a clause of variable price can be inserted in contract to compensate the buyer
- islamic modes instruments sale contracts istisna conditions a c purchasing subject matter from the manufacturer and again selling to him equals bai innah a c price of good to be fixed in absolute and un ambiguous terms a c price of istisna may be spot or differed installments through progress payments therefore istisna is applicable where salam is not applicable
- bot a c the contract of istisna can be cancelled unilaterally before the manufacturer starts the work
- both the contract are independent from each other a c permissible only if the delivery date in the contract of sale does not precede the delivery date in the contract of purchase a c prior to delivery to the customer bank assumes all responsibilities of ownership and maintenance some stipulations a c urboun guarantee mortgage or hypothecation a c in the case of default in delivery the guarantor third party is asked to deliver the same commodity
- a c the buyer can sell the mortgaged property and use the sale proceed to purchase the required good from the market or to recover the price advanced by him
- bank gets the project manufactured this project requires manufacturing a c the other alternative is of getting the plant manufactured and selling through murabahah a c still a next slide
- a c the price in istisna does not a c the price has to be paid in full in necessarily need to be paid in full in advance
- islamic modes instruments sale contracts istisna some difference between istisna salam istisna salam a c the subject of istisna is always a a c the subject can be any thing
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
11
Published Date
2016-09-17 00:27:09
