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BAI AL-ISTISNA
ISLAMIC
PRESENT
BY :
FINANCIAL
MUHD
AJWAD BIN ZAIDI
MUHAMMAD
BIN
DFN NAJMUDIN
2043
PAIMAN
DAUDFAROOK BIN HAJA
ALAUDEEN
SITI ARENA ANTASHA BINTI
AMIR
LECTURER : MADAM
the
customer,
acquires
an
asset
for
purchase
or
EVIDENCE
PILLARS OF ISTISNA
Mustasni/ Mustashni
Customer
Sani/ Shani
Manufacturer/ Seller
Ras al-Mal
The Price the product
Masnu/ Mushnu
The Product/ Object of the contract
Sighah
Ijab (Offer)
Qabul (Acceptance)
FLOW OF BAI-ISTISNAA
Ras al-Mal
(Price)
Sani
(Manufacture)
Mustasni
(Customer)
Masnu
(Product)
A) Bai 'istisna binding upon each party agreed on the goods ordered.
The
bank
then
finds
contractor
for
the
The
contractor
charges
the
full
Classical Istisna
Parallel
Istisna
Price of istisna may be spot and differed therefore istisna is applicable where
Bai Salam is not applicable.
Conditions of Time
The best view to fix the delivery time to avoid dispute even though it is not a
requirement.
The time of delivery of the manufactured object must be clearly specified to avoid
uncertainty and ambiguity which may lead to a later dispute among the transacting
parties.
The customer permitted to penalize the manufacturer if the latter fails to deliver the
work on specified date.
The object of an istisna contract must be something that the people are familiar
with to contract it on the basis of manufacture and construction process.
If the subject matter does not conform to the contractual specifications at the time
of delivery, the purchaser has the right to either refuse or accept it.
DIFFERENCES BETWEEN
ISTISNA AND SALAM
Description
Bai Salam
The subject
Istisna
always
thing
needs
manufacturing or not.
The delivery The price has to be paid in full The price does not necessarily
of the price
in advance.
delivery
delivery is fixed.
The
revoke Once
of contract
In
term
guarantees
affected,
cannot
cancelled.
of Involve
financier
high
risk
for
DIFFERENCE BETWEEN
ISTISNA & IJARAH
Istisna
Ijarah
The manufacturer either uses his own The material is provided by the
material
DEFINITION OF AL-IJARAH
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