Istisnaa Banking and its Contemporary Applications

Authors

Youssef A. Omar, Islamic Studies Department, College of Islamic Studies, Mohamed Bin Zayed University for Humanities, Abu Dhabi, UAEFollow

Abstract

In this study we discuss how the Istisnaa contract currently occupies an important place in the Islamic agricultural industry. However, this great development in this sector has led to greater exposure to risks. What prompted events and festivals in the sector. The research used the descriptive approach by collecting the provisions of the Istisnaa contract from the Islamic heritage and the sayings of the jurists and the inductive, by mentioning the provisions of the Istisnaa contract, the analytical approach, by devising contemporary provisions related to the Istisnaa contract and analyzing them, and the comparative approach, by comparing the provisions related to Istisnaa derived from the Islamic heritage, with the applications of banks. The research reached a set of results, the most important of which are: The Istisna’a contract is a contract on a sale described in the responsibility, in which the work is stipulated, in a specific way, at a known price, and the pillars of the Istisna’ contract are three: the two contracts - the manufacturer and the manufacturer - and the contracted upon - the manufacture and the price - and the formula, and the manufacturer may To stipulate a penalty condition that deducts from the manufacturer’s entitlements a specific amount for each day of delay in delivering the ready-made product on time, but the estimate of the amount shall not exceed the limits of the expected damage.

Recommended Citation

A. Omar, Youssef (2023) "Istisnaa Banking and its Contemporary Applications," Information Sciences Letters: Vol. 12 : Iss. 8 , PP -.
Available at: https://digitalcommons.aaru.edu.jo/isl/vol12/iss8/19