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Financier's Rejection Of Goods In Istisna
The financier reserves the right to reject products not manufactured to specification, though must accept items manufactured equal to ...
 
Supervising Of Construction Work Under Istisna
It is permissible for a bank to draft a separate contract agreeing to represent the client in supervising the contractor's implementation of the con...
 
Cost Of Subsequent Changes To Asset Manufactured Under Istisna
The parties to the Istisna contract may alter the contract and clearly specify the amount payable for the agreed-upon...
 
Agent Managing Construction Work In Istisna
It is permissible for a bank to appoint an agent to oversee the construction project, approve ...
 
Bank Appointing Requestor As Contractor
It is not permissible for a bank to appoint the Istisna requestor (its client) as the contractor, since ...
 
Contracting With Client Who Failed To Honor Previous Contracts With Other Parties
It is permissible to contract with such a client. The client must first be asked to rescind its previous contract with the contractor according to the terms and conditions set out in that contract. The bank has absolutely no liability with regards to the previous contract since it was not a party to it. Any outstanding debts are co...
 
Advance Payment To Contractor In Istisna
Such a transaction is not permissible since the additional percentage is akin to interest. The correct method of payment in an Istisna contract is for the bank to contract an independent Istisna contract with the client for an agreed lump sum amount, while...
 
Bank Obtaining Discounts From Contractor In Istisna
It is permissible for the bank to obtain discounts from the contractor without passing them on to the requestor since these are t...
 
Offering Istisna Customer Lower Spot Price And Higher Deferred Price
Only prior to the final agreement, it is permissible for the bank to give its customer the option of either paying a standard spot price or a higher deferred price. The custo...
 
Bank Obtaining Discounts From Subcontractor In Istisna
The subcontractor is hired by the lead contractor and the bank is not a party to the contr...
 
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