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Literal Meaning :
Sanaa (making , manufacturing or constructing something)
Also means to finance infrastructure projects, manufacturing aircrafts, construction of
power stations, buildings, and equipments, which have to be completed on need basis.
Technically Meaning :
Sale transaction where a commodity is transacted before it comes into existence. It
is an order to a manufacturer to manufacture a specific commodity for the purchaser.
Istisnaa also a contract as a financing tool, which is a contract that allows the sale of a
commodity that does not exist at the time of contracting, while payment can be made on
spot or deferred basis.
Overall, Istisnaa can be said as a sale contract between the bank as Al-Sani (the seller) and
the customer as Al-Mustasni (the ultimate purchaser) whereby the bank.
It is defined as a contract with a manufacturer to make something or a contract on a
commodity on liability with the provision of work. A more complete and precise definition by
Mustafa Ahmed Zarqa a contract of selling a manufacturable thing with an undertaking by the
seller to present it manufactured from his own material with specified description at a determined
price.
The person who manufactured the thing is called Soni and the person who ordered its
manufacture is called Mustasni and the thing made Masnu.
Most of the banking institutions applied the Istisna concept as one of their banking products. We
choose Bahrain as one of the country that also applied this concept. One of the banking
institutions there is Bank Al Baraka that is located in Manama. Below is the processs of Istisnaa
sale in Bank Al Baraka.
2. Permitted Deferment
o
3. Price
o
The price should not be affected by any increase in market prices or labor in
normal circumstances.
The price may be adjusted if amendments are made to the contracted product by
mutual agreement of the two parties.
"My community shall never agree on an error"25
"What is good for Muslims is good in the sight of Allah".26
Regarding the basis of Istisna' under public interest (Maslahah), which refers to unrestricted
public interest in the sense of not having been regulated by the lawgiver and no textual authority
can be found on its validity or vice versa, 28 al-Ashgar said: "The use of this contract, for
example: in building construction, shoes, furniture and other items without objections from the
scholars is a demonstration of the general need. Therefore, it should be legal on the basis of
public interest".29
On the other hand, Siddiq al-Darir maintains that Istisna' is based on Qiyas and not against it as it
is claimed by the Hanafis. He argues that although the subject-matter in this contract does not
exist, its availability is certain, and there is no risk (gharar) especially in the opinion that Istisna'
is a binding contract. Then it is a legal contract, and any contract free from excessive risk
(gharar} is a contract in accordance with Qiyas.30
REFERENCES:
http://www.financeinislam.com/article/1_35/1/207
http://www.abg.bh/English/FIstisna.htm
http://islamicbankers.wordpress.com/focus/in-focus-bai-salam/