Al-Istisna
Al-Istisna service is one of the forms of Islamic financing that allows the customer to obtain products manufactured according to specific specifications. Under this contract, the seller is obligated to provide a specific product using materials from his own, and at a specific price agreed upon between the parties concerned.
Types of service:
Al-Istisna sale: is a contract by which the customer buys something manufactured according to specific specifications, and the seller is obligated to provide it according to these specifications.
Parallel Istisna: includes concluding two separate contracts; the first between the bank and the customer where the bank is the manufacturer, and the second with the manufacturers or competent authorities where the bank is the manufacturer. The bank makes a profit from the difference in price between the two contracts.
Al-Istisna requester: is the individual or entity who has a current account with the bank and wishes to implement an Istisna process according to the bank’s terms.
Service features:
Compliance with Sharia
All operations are in line with the principles of Islamic Sharia, ensuring that there are no violations.
Flexibility in implementation
Provides multiple options to customers according to their needs, including parallel Istisna.
Making profit
Al-Istisna allows banks to make profits through the difference in prices in different contracts.
Providing accurate data
The customer database is managed to track customers who have backed out of commitments, which helps improve the bank’s services.