Istisna definition

Istisna means a contractual agreement for manufacturing goods and commodities, allowing cash payment in advance and future delivery or a future payment and future delivery.
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Istisna a Receivables" means the receivables under a contract (other than in respect of Disbursing Istisna'a Assets) whereby the ICD has sold and delivered to a beneficiary certain assets at a determined price to be paid over an agreed period;
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Istisna means the order for the manufacture of goods at an agreed price. According to a Hadith, “The Prophet prohibited sale of non-existing objects but he permitted salam. The general prohibition in this Hadith would equally apply to istisna’ as in this case to the object of sale in non-exiting at the time of contract. But since istisna‘ was commonly practiced among people of all ages, the jurists have validated it on the grounds of general ‘urf.”
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Examples of Istisna in a sentence

  • These include financing provided through Murabaha, Musharaka, Istisna and Wakala contracts.

  • This should take account of Murabaha, Mudaraba, Musharaka, Ijarah, Istisna, Salam, Kefala, Sukuk, Bai Bithman Ajil, Arboun, Takaful, and any other types of Islamic Contract.

  • The Islamic bank licensee will then enter into another (parallel) Istisna contract as buyer with a supplier (manufacturer or builder), using the specifications drawn up for the original contract.

  • This definition is applicable to Islamic bank licensees managing the financing exposures of receivables and leases (for example, Murabahah, Diminishing Musharakah and Ijarah) and working capital financing transactions/projects (for example, Salam, Istisna` or Mudarabah1).

  • RM-2.2.29 For instance, in the case of an Istisna transaction, the Islamic bank licensee enters into an Istisna contract as seller to provide manufactured goods or a building to a customer.

  • In Istisna financing, the Bank places an order to client (seller/manufacturer) to manufacture and deliver specific goods/commodities at an agreed price.

  • The principal instruments take the following forms: (i) Mudarabah, the provision of capital in a partial- equity partnership; (ii) Musharakah, full equity partnerships, (iii) Murabaha, an instrument used for financing the purchase of goods; (iv) Bai muajjall, deferred payments on products;(v) Bai Salam, advance sale contracts; (vi) Istisna, or manufacturing contracts; (vii) Ijarah, lease financing; and (viii) Quard Hassan, a system of benevolent loans..

  • Mr. Hurst also stated this was a much needed project and would improve this area.

  • This docu- mentation package shall be provided in accordance with Article 5(3).

  • All income, namely, dividend from Shariah compliant term finance certificates, Sukuks, return on Riba free deposits with banks/financial institutions, return from contracts, securities or instruments of companies, organizations and establishments issued on the principles of Istisna, Modaraba, Murabahah and Musharaka will not be subject to any withholding tax.


More Definitions of Istisna

Istisna a Asset” means a Mudaraba Istisna’a Asset or a Wakala Istisna’a Asset as applicable;
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Istisna. Instalment Notice means a notice substantially in the form contained in Schedule 2 (Istisna’ Instalment Notice).
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Istisna means a contract of sale of a described asset oritem to be manufactured or constructed on spot or deferred payment 45 basis;
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Istisna a” means a contract for the acquisition of goods that requires the manufacturing or processing whereby one of the parties agrees to deliver the goods, manufactured or processed, for a fixed price, the payment of which is made by the other party according to the set terms.
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Istisna a Asset" means a Mudaraba Istisna'a Asset or a Wakala Istisna'a Asset as applicable;
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Related to Istisna

  • Tabarru’ means donation for the purpose of solidarity and cooperation among the Takaful Participants and to be used to help all Takaful Participants in times of misfortune. In the context of the Company, Tabarru’ will be allocated into the Participants’ Risk Fund.

  • IMRO means the Irish Music Rights Organisation CLG.

  • Panchayat means an institution (by whatever name called) of self-government constituted under article 243B, for the rural areas;

  • Holocene means the most recent epoch of the Quaternary period, extending from the end of the Pleistocene Epoch to the present.

  • MOHLTC means the Minister or the Ministry of Health and Long-Term Care, as the context requires;

  • CJA means the Courts of Justice Act, RSO 1990, c C-43, as amended;

  • SAQA means the South African Qualifications Authority established by section 3 of the South African Qualifications Authority Act, 1995 (Act 58 of 1995);

  • Stillbirth means an unintended fetal death occurring after a gestation period of 20 completed weeks or more or an unintended fetal death of a fetus with a weight of 350 or more grams.

  • Motorway means a road specially designed and built for motor traffic, which does not serve properties bordering on it, and which:

  • POPIA means the Protection of Personal Information Act, No 4 of 2013;

  • glider means a non-power-driven heavier-than-air aircraft, deriving its lift in flight chiefly from aerodynamic reactions on surfaces, which remain fixed under given conditions of flight;

  • IST means Indian Standard Time.

  • Outboard motor means a detachable self-contained propulsion unit, excluding

  • OJEU means the Official Journal of the European Union.

  • WADA means the World Anti-Doping Agency.

  • TELRIC means Total Element Long-Run Incremental Cost.

  • Sadomasochistic abuse means actual or explicitly simulated flagellation or torture by or upon a person who is nude or clad in undergarments, a mask or bizarre costume, or the condition of being fettered, bound or otherwise physically restrained on the part of one so clothed.

  • SAHRC means the South African Human Rights Commission.

  • PM2.5 means particulate matter with an aerodynamic diameter less than or equal to a nominal 2.5 micrometers as measured by a reference method based on 40 CFR Part 50 Appendix L and designated in accordance with 40 CFR Part 53 or by an equivalent method designated in accordance with 40 CFR Part 53.

  • Seaplane means an aeroplane capable normally of taking off from and alighting solely on water;

  • PMU means the Project Management Unit established in accordance with paragraph 3 of Schedule 5 to this Loan Agreement;

  • SANAS means the South African National Accreditation System;

  • WURA means the Winding-Up and Restructuring Act (Canada).

  • Promotores means individuals who are members of the community who function as natural helpers to address some of their communities’ unmet mental health, health and human service needs. They are individuals who represent the ethnic, socio-economic and educational traits of the population he/she serves. Promotores are respected and recognized by their peers and have the pulse of the community’s needs.

  • NZME means all companies in the NZME Group including but not limited to APN Holdings NZ Limited, NZME. Publishing Limited, NZME. Radio Limited, GrabOne Limited and all brands and operating companies controlled by or associated with those entities.

  • NATA means the National Association of Testing Authorities, Australia;