(Proposal for final project)
Istisna is a contract of exchange in which the funding party agrees to deliver a commodity or an asset at a pre-determined future time at an agreed price. Istisna is widely used by Islamic banks and financial institutions to finance the construction of real estate related activity like buildings, warehouses, showrooms, shopping malls, residential towers and villas, as well as manufacturing activity like aircrafts, ships, machines and equipment.
Why we chose it?
We chose this topic because it is one of the important part of Islamic economy. It is important that we work for the strengthening of Istisna and its practical implication in Islamic economy. It is important in Islamic banking for manufacturing things.
How will we accomplish it:
We will collect secondary data from different sources and visit different Islamic banks and collect primary data from there. We will also consult different Islamic banking professionals about Istisna and how it actually works in Pakistan.
1. About Istisna
2. Contracts in Istisna
3. Penalties in Istisna
4. Difference of Istisna from Salam and Ijarah
5. Applications of Istisna in Islamic banking
What is the outcome of this project?
We will learn about Istisna in detail and its practical implications and applications in real life. We will also learn in detail about the Islamic banking and Islamic economic system.