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This document discusses the concept of istisna' or istishna' in Islamic finance. It begins by defining istisna' as a contract between a buyer and manufacturer for a specified good to be produced according to agreed specifications. It notes the emphasis on specificity to avoid uncertainty. It then provides details on the parties involved, including the customer or buyer (mustasni'), manufacturer or seller (sani'), price (ra's al-mal), and product (masnu'). The document outlines the legal basis and principles of istisna' contracts according to Islamic scholars and jurists. It also discusses how istisna' is commonly applied today through Islamic financial institutions to finance construction and manufacturing projects.
This document discusses the concept of istisna' or istishna' in Islamic finance. It begins by defining istisna' as a contract between a buyer and manufacturer for a specified good to be produced according to agreed specifications. It notes the emphasis on specificity to avoid uncertainty. It then provides details on the parties involved, including the customer or buyer (mustasni'), manufacturer or seller (sani'), price (ra's al-mal), and product (masnu'). The document outlines the legal basis and principles of istisna' contracts according to Islamic scholars and jurists. It also discusses how istisna' is commonly applied today through Islamic financial institutions to finance construction and manufacturing projects.
This document discusses the concept of istisna' or istishna' in Islamic finance. It begins by defining istisna' as a contract between a buyer and manufacturer for a specified good to be produced according to agreed specifications. It notes the emphasis on specificity to avoid uncertainty. It then provides details on the parties involved, including the customer or buyer (mustasni'), manufacturer or seller (sani'), price (ra's al-mal), and product (masnu'). The document outlines the legal basis and principles of istisna' contracts according to Islamic scholars and jurists. It also discusses how istisna' is commonly applied today through Islamic financial institutions to finance construction and manufacturing projects.
TOPIC OUTLINE Definition of Istisna' Pillars of Istisna' Flow of Istisna' Types of Istisna' The Differences between Istisna' & Salam Example of Istisna' Shariah Foundation Basic law of Istisna' Mechanism to Fulfilling the Shariah The word istisna’ derived from the arabic verb “istasna’a” which is mean to request someone to manufacture an asset. Bay’ al-istisna’ is defined as a contractual agreement with manufacturer to produce items with specified description at a determined price, and manufactured from his own materials with his own effort. ACCORDING TO THE VIEWS OF SCHOLARS: 1. Hanafi ﻋﻘﺪ ﻋﲆ ﻣﺒﻴﻊ ﻓﻲ اﻟﺬﻣﺔ ﺷﺮط ﻓﻴﻪ اﻟﻌﻤﻞ A contract for something insured on the condition of working on it. So if someone says to someone else who has expertise in making something, "Make for me something with the price of so many dirhams", and that person accepts it, then the istishna 'contract has taken place in the view of this school. 2. Hambali ﺑﻴﻊ ﺳﻠﻌﺔ ﻟﻴﺴﺖ ﻋﻨﺪه ﻋﲆ وﺟﻪ ﻏﻴﺮ اﻟﺴﻠﻢ The meaning is the buying and selling of goods that are not (not yet) owned which are not included in the greeting agreement. In this case the istishna 'contract they equate to buying and selling by making ()ﺑﻴﻊ ﺑﺎﻟﺼﻨﻌﺔ. 3. Al-Malikiyah and Ash-Shafi'i اﻟﺸﻲء اﻟﻤﺴﻠﻢ ﻟﻠﻐﻴﺮ ﻣﻦ اﻟﺼﻨﺎﻋﺎت An item that is handed over to someone else by making it. Bai ʻal-istishna ’is a sale and purchase agreement in the form of an order to make certain goods with certain criteria and conditions agreed between the buyer (buyer) and the seller / Shani. Shani will prepare the ordered goods according to agreed specifications where he can prepare it himself or through other parties. Both parties agree on the price and payment system, whether payments are made in advance, through installments, or deferred until a time in the future. It is an order to producer to manufacture a specific commodity for the purchaser. The emphasis in istisna is the specificity of subject matter to avoid gharar (uncertainty) ensuring that the seller cannot transact with something that cannot be accurately described; one can describe equipment, a factory or an industrial plant, but not fish in the sea prior catching them since their type and volume is unknown. Upon delivery, the IFI sells it to the customer at a prevailing market price comprising original acquisition price and a margin of profit. The customer repays by installments within a period and in the manner agreed between the IFI and the customer. According to jurist, the legality on an istisna’ contract is established from different legal sources such as the Sunnah, ijma’, qiyas and istihsan. There is no differences of opinion on its permissibility. It clearly can be seen from hadith: Indeed that the Prophet s.a.w booked the making of a golden ring The istisna’ contract is legitimate on the basis of the people’s customary practice of this contract in all periods of time without any objection, which in turnconstitutes a legal consensus. MUSTASNI’ Customer SANI’ Manufacturer RA’S AL-MAL The Price MASNU’ The Product SIGHAH Ijab (Offer) Qabul (Acceptance) CLASSICAL ISTISNA’ PARALLEL ISTISNA’ The normal istisna’contract that Contractual agreement consists of two involves two transacting parties; the series of seperate istisna’ contracts customer (mustasni’) and the whereby the first istisna’ contract is manufacturer (sani’) between the ultimate purchaser (customer) and the seller (bank), who is responsible for delivering the specified asset to the purchaser. EXAMPLE In order to manufacture power plant, the parties in the istisna contract will be: the manufacturer who will construct the plant, the Islamic bank who will finance the project and the customer who is in need to manufacture the plant. In order to make a valid istisna, upon request of the customer, the bank will agree to manufacture the power plant at a pre-determined future time at an agreed price and will fix all requirements and completion time etc. In return, the customer will pay the agreed price as per agreed clauses on the contract; which might be in advance, in installments or later. Bai 'salam is a trading agreement that is permitted, this is based on the arguments contained in the Qur'an, Al Hadith or ijma ulama. Among the propositions (Islamic principles) that allow the practice of buying and selling greetings are as follows: 1. ﺴﻤ ﻰ َﻓﭑ ْﻛ ُﺘ ُﺒﻮ ُه َ ﻞ ﱡﻣ ٍ ﺟ َ ﱃأ ٰ ِ ٍ ِ ِ ٓ َ َ ٰﻳَٓﺄَﻳﱡ َﻬﺎ ٱﻟ ﱠ ِﺬ َ ٓ َ ﻳﻦ ءَاﻣ ُﻨﻮ ۟ا إ َذا ﺗَﺪَاﻳَﻨ ُﺘﻢ ﺑ َﺪ ْﻳﻦ إ "O you who believe, if you do not bermuamalah in cash until a certain time, make it in writing ..." QS. Al Baqarah (2): 282 Referring to the validity of the practice of buying and selling greetings. This verse is the longest verse in the Qur'an. This verse provides a clue that when Muslims make muamalah transactions in due time, it should be recorded to avoid disputes in the future, and in order to maintain the contract / transaction that has been done. 2. "Whoever makes greetings, let him do with clear measurements and clear scales, for a known period of time" Imam Bukhari's hadith from Ibn Abbas is a proposition that sharih explains the validity of buying and selling greetings. 3. The ulama agreement (ijma ') of the sale and greetings may be quoted from Ibn Mundzir's statement which said that all scholars (ulama) had agreed that the sale of greetings was permitted, because there was a need and need to facilitate human affairs. Owners of agricultural land, plantations or commerce (manufacturing) sometimes need capital to manage their businesses until they are ready to be marketed, so buying and selling greetings are allowed to accommodate their needs (Zuhaili, 1989, p. 598). These ijma 'provisions clearly provide a legalization of the practice of financing / buying and selling greetings. The legal basis of the transaction as stated in the Qur'an and Al-Hadith. a. Al-Qur'an َ َ ﻳﺎ أَﻳﱡ َﻬﺎ اﻟﱠﺬ ﺴﻤ ﻰ َﻓﺎ ْﻛ ُﺘ ُﺒﻮ ُه َ ﻞ ُﻣ َ ﻦ ِإ َﱃ أ ٍ ﺟ ٍ آﻣﻨُﻮا ِإ َذا ﺗَﺪَاﻳَﻨﺘ ُْﻢ ﺑ ِ َﺪ ْﻳ َ ِﻳﻦ "O you who believe, if you do not bermuamalah in cash for an unspecified time, you should write it ..." (al-Baqarah: 282) In connection with the verse, Ibn Abbas explained the relevance of the verse about the bai 'as-salam transaction. This is evident from his expression, "I testify that the salaf (salam) which is guaranteed for a certain period of time has been halted by Allah in His book and allowed by Him." He then read the verse above. b. Al-hadith "Whoever makes the salaf (salutation), he should do with a clear measure and a clear scale also for a period of time in the know" From Suhaib r.a that the Messenger of Allah said, "Three things in which there is a blessing: strong buying and selling, muqaradhah (mudharabah), and mixing wheat with flour for home use, not for sale." (HR Ibnu Majah) Considering that Bai 'Al-Istishna is a continuation of Bai' as-salam, in general the legal basis that applies to Bai 'as-salam also applies to Bai' al-Istishna '. -Istishna 'with the following explanation. Concept and istisna' terms in buying and selling istishna, there are pillars that must be met, namely, the buyer (mustashni '), seller / maker (shani'). Goods / objects (mashnu '), and sighat (ijab qabul). The conditions proposed by scholars to be allowed to buy and sell transactions istishna 'are: 1. There is clarity of type, type, size and nature of the goods, because it is an object of transaction that must know the specifications. 2. It is an item that is commonly traded / applied in human relations. 3. There should be no determination of the period of time, if the period of delivery of goods is set, then this contact will turn into a greeting agreement. Istishna Application 'in Islamic Financial Institutions (LKS) To fulfill their daily needs, humans always interact with each other to carry out various economic transactions, one of which is buying and selling that involves two actors, namely sellers and buyers. Usually the seller is a producer, while the buyer is a consumer consumer. In fact, consumers sometimes need goods that have not been produced so that consumers make buying and selling transactions with producers by way of order. In Islamic banking, buying and selling Istishna ’is commonly set in the fields of construction and manufacturing. Bai ’Istishna’ or ordering in language means asking to be made. According to the terminology, it means an agreement to sell goods that are in the seller's ownership with the condition that they are made by the seller, or ask to be made specifically while the raw materials are from the seller. http://elidakusumastuti.blogspot.com/2015/11/tugas-fiqh- muamalah-makalah-tentang.html https://pengusahamuslim.com/1156-akad-istishna.html https://explainry.com/istisna-islamic-financing-meaning-example/
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