Contracts play a crucial role in financial matters, and one significant contract is Istisnaa, which involves making something on order. According to Shari’ah principles, customers can request sellers to manufacture specific items for a predetermined price, but adherence to the required conditions is essential for the validity of this contract. Istisnaa is commonly used today for booking cars, constructing houses, and other similar purposes. However, practices such as selling properties to multiple parties before possession or completion of construction and renting out properties for interest-based payments are considered impermissible. This article provides a comprehensive understanding of Istisnaa and its modern applications, highlighting its conditions and addressing conflicting practices in the contemporary business world.
Keywords: Istisnaa, Benefits, Contracts, Payments, Financial