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9 Istisna ‘ and Ijara

Craig R. Nethercott

From: Islamic Finance: Law and Practice

Edited By: Craig R.Nethercott, David M. Eisenberg

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 13 April 2024

Banks as a lender — Syndicated loans — Insurance  business — Set-off — Equity
9.01 The contracts of istisna‘ and ijara, alone and in combination, have found common modern application. The combination of istisna‘ and ijara contracts in particular has found prominence in the project finance and asset finance sector, where in practice they operate like their conventional counterparts. 9.02 Istisna‘ is a contract of sale of specified items to be manufactured or constructed with an obligation on the part of the manufacturer (contractor) to deliver them to the customer on completion.2 Figure 9.1 Basic istisna‘ structure 9.03 The word istisna‘ is...
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