Academic literature on the topic 'Contrat istisnā’'
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Journal articles on the topic "Contrat istisnā’"
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Sa'ad, Auwal Adam, Mohammad Deen Mohd. Napiah, and Uzaimah Ibrahim. "The Structural Development of Istisna Sukuk from a Shari'ah Perspective." ICR Journal 7, no. 2 (April 15, 2016): 231–42. http://dx.doi.org/10.52282/icr.v7i2.265.
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Istisna sukuk structures have been widely accepted for manufacturing and construction financing purposes. This paper looks at the structural development of Istisna sukuk and evaluates both its basic and combination structures. Concerning the former, the paper argues that when Istisna is used for asset purchasing exercises, it should strictly comply with the general Shariah rules regarding Istisna contracts. Prices must therefore be stipulated at the beginning, as must quality and expected delivery times. The paper then highlights some conflicting features arising from the combination of Istisna and Ijarah transactions. These raise Shariah issues when the issuer seeks to lease an asset to the end user at maturity, even though the asset has been transferred to that end user by way of the Istisna contract. It is therefore recommended that the market innovates in order to develop additional structures free from this type of impediment. The study proposes a ‘multiple contract’ structure be used whenever Istisna sukuk is issued in combination with other debt and equity instruments. This will help overcome Shariah issues related to secondary markets in Istisna sukuk issuances.
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Hasmawati, Anisza, and Azhar Mohamad. "Potential application of Istisna’ financing in Malaysia." Qualitative Research in Financial Markets 11, no. 2 (May 7, 2019): 211–26. http://dx.doi.org/10.1108/qrfm-07-2018-0083.
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Purpose This study aims to investigate the potential application of Istisna’ financing in Malaysia. Design/methodology/approach Using primary data from semi-structured interviews with 17 participants, including Islamic financial institutions (IFIs), regulatory body and property development companies, the findings of the study suggest that Istisna’ is perceived as a good contract that has unique features and the potential to be implemented in Malaysia; although, it has only been implemented a little by current businesses, mainly due to its perceived high risks. Findings The authors find there is a gap between the theory and the actual operation of IFIs in Malaysia – some salient features of an Islamic contract are actually difficult to execute in reality as there are many factors to be considered, such as default risk in Istisna’, legal issues and accounting treatment of Istisna’ contract. This study recommends the further development of Istisna’ in Malaysia due to its huge potential in the Islamic financial market there. Practical implications Istisna’ is a unique type of sale contract that is used in the manufacturing sectors where the sale of a commodity is transacted before the commodity exists. In practice, data from the Central Bank of Malaysia show that Istisna’ financing is scarce. Originality/value The study differs from previous research studies on Istisna’ – to the best of the authors’ knowledge, this is the first study to provide evidence the real thoughts of IFIs with regard on Istisna’ specifically and IFIs’ operations in general. Previous studies related to Istisna’ have limited scopes, as they have mainly explored the theoretical nature of the contract, issues of permissibility from the Shariah perspective and its comparability with other IFIs product such as Salam. In this study, from respondents’ views, the authors notice actually there is a gap between theory and the real practice of Islamic finance. An Islamic finance instrument may be an ideal choice to customers but not very popular from IFIs’ sides. In this respect, the authors add to the growing literature of Istisna’ by asking the direct questions to IFIs and the authors get honest responses pertaining to default risk, legal issues and accounting treatment.
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Saifuddin, Ahmad Muflih, and Amrie Firmansyah. "PENERAPAN AKUNTANSI ISTISHNA PADA BANK SYARIAH BUKOPIN." Jurnal Ekonomi Syariah Teori dan Terapan 8, no. 1 (January 26, 2021): 55. http://dx.doi.org/10.20473/vol8iss20211pp55-63.
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ABSTRAKPenelitian ini bertujuan untuk mengulas penerapan pembiayaan istishna dan akuntansi istishna pada produk Istishna Bank Syariah Bukopin dengan menggunakan ketentuan PSAK 104 tentang Akuntansi Istishna. Metode kualitatif digunakan dalam penelitian ini dengan melakukan wawancara kepada informan. Wawancara dilakukan untuk mengumpulkan data dengan mendapatkan informasi terkait dengan masalah penelitian ini. Informan penelitian ini adalah staf back office Bank Syariah Bukopin Kantor Cabang Semarang yang bertanggung jawab menangani dokumen yang berkaitan dengan transaksi nasabah dan membuat pembukuannya. Penelitian ini menyimpulkan bahwa penerapan transaksi istishna dalam pembiayaan istishna Bank Syariah Bukopin telah sesuai prinsip-prinsip akad istishna yang berlaku di Indonesia. Selain itu, secara garis besar praktik akuntansi istishna pada Bank Syariah Bukopin telah sesuai dengan PSAK 104. Kata Kunci: akad transaksi, istishna, standar akuntansi. ABSTRACTThis study aims to review the implementation of istishna funding and accounting on Bank Syariah Bukopin products using the provisions of PSAK 104 concerning Istishna Accounting. Qualitative method is employed in this study by conducting interviews with the informant. An interview was conducted to collect data by obtaining information related to this research problem. This research's informant is the back-office staff of Bank Syariah Bukopin Semarang Branch Office, who is responsible for handling documents related to customer transactions and making his books. This study concludes that the implementation of istishna transactions in Islamic Bank Bukopin istishna financing is under the istishna contract principles that apply in Indonesia. Also, in general, istishna accounting practices at Bank Syariah Bukopin are under PSAK 104.Keywords: transaction contract, istishna, accounting standard.
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Paramansyah, Arman, Izul Abdillah, and Dessy Damayanthi. "Implementasi Akad Ba’i Istishna dan Ba’i Taqsith Pada Pembiayaan Kepemilikan Rumah (Non Bank) di Perumahan Islami Indonesia." Al-Kharaj : Jurnal Ekonomi, Keuangan & Bisnis Syariah 3, no. 1 (December 7, 2020): 72–87. http://dx.doi.org/10.47467/alkharaj.v3i1.189.
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This study aims to analyze the application of istishna and ba'i taqsith contracts on bankless home ownership financing and to find out the advantages of each of these contracts. This research was conducted using qualitative research with descriptive analysis method, namely research by focusing on the implementation of istishna and ba'i taqsith contracts and showing a relationship between the financing of house ownership without the bank, then conducting a description to provide a clear picture. The results of the study conclude that the istishna contract in its application, namely the mustashni/customer, pre-orders the house to be ordered from the shani/maker by stating the raw material specifications, size and payment system at the beginning of the agreement and the handover of the building will be handed over in a tough manner. In the payment system there are 2 schemes, namely: In cash and credit, in credit financing for Indonesian Islamic Housing using a ba'i taqsith agreement. Namely a sale and purchase contract with a payment in installments at a certain time and is more expensive than the cash price. Credit calculation uses a 7% margin of cash and flat prices until the end of payment, there are no penalties for late payments and if there is default, deliberations will be held for the solution. The advantages of the ba'i istishna and ba'i taqsith contracts are the advantages of the istishna contract, it can change the design desired by the consumer and the advantages of the ba'i taqsith contract, can negotiate prices, late payment is not subject to fines, the benefits are greater than the cash price, and to educate the public about sharia credit.
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Abdullah, Muhammad Wahyuddin, and Nurul Faqiha Yasin. "IMPLEMENTATION OF ISTISHNA AND SALAM CONTRACT TO SONGKO RECCA CRAFTS." Laa Maisyir : Jurnal Ekonomi Islam 7, no. 2 (December 10, 2020): 218. http://dx.doi.org/10.24252/lamaisyir.v7i2.13388.
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Hayati, Riris Rizky, and Noven Suprayogi. "Pengaruh Cost Of Loanable Fund, Overhead Cost, dan Risk Factor Terhadap Tingkat Margin Pembiayaan Berbasis Natural Certainty Contract di Industri Perbankan Syariah." Jurnal Ekonomi Syariah Teori dan Terapan 2, no. 5 (December 4, 2015): 441. http://dx.doi.org/10.20473/vol2iss20155pp441-458.
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The purpose of this study is to find out which of the three component parts were cost of loanable funds, overhead costs and risk factors that have a significant effect in determining the margin rate of natural certainty contracts-based financing in Islamic banking industry. This study uses two natural certainty contracts financing agreement, which is murabaha and istisnaa. This study uses a quantitative approach. The statistical tool used is multiple regression time series. The sample used is the Islamic Banks and Sharia Business Unit which data summarized in statistical reports of Islamic banking. The research period is 2009-2013 years. The results of this study is all three rate component simultaneously affect margin rate of murabaha and margin rate of istisnaa. Partial test results were variable risk factors significantly affect the margin rate of murabaha, and variable overhead costs significantly affect the margin rate of istisnaa
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Akintan, Ismaila, Mohammad Dabiri, and Jubril Salaudeen. "A LITERATURE REVIEW ON ISLAMIC FINANCE MODES AS AN ALTERNATIVE APPROACH TO FINANCE THE BUSINESS MODEL OF A CIRCULAR ECONOMY." International Research Journal of Shariah, Muamalat and Islam 3, no. 8 (September 1, 2021): 31–48. http://dx.doi.org/10.35631/irjsmi.38003.
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This study explores how Islamic Finance Modes can provide alternative sources of financing business models in a circular economy. A comparative analysis of the Islamic Finance Modes such as Musharakah, (Equity Sharing), (Mudarabah), (Silent partnership), Forward sale (Salam), Manufacturing Financing (Istisna), Leasing (Ijarah), Sukuk (Investment Certificate), Qard Hassan (Beneficence Loans), Wakalah, (Agency contract) Kafalah (Suretyship Contract), and Ju’ala (Service Agency) were undertaken in relation to its suitability as a source of financing businesses in a circular economy. This study relies heavily on secondary data through literature reviews and research works of authors and researchers on Islamic Finance and Circular Economy. The study concludes that Ijarah, Sukuk, Qard Hassan, Istisna, Musharakah, Mudarabah, Wakalah, Kafalah, and Ju’ala financing modes are essential for providing alternative solutions to financing challenges confronting business models such as balance sheet extension, working capital, and increased credit risk in a circular economy. This paper recommends that Islamic Banks should review and redesign their products and services in order to cater for financing businesses in a circular economy and also support them by providing professional services in analyzing the creditworthiness of companies and viability of projects.
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Maulidha, Erina, and Asrul Aminulloh. "Perekayasaan Akuntansi Istishna’ Pada Produk Pembiayaan Apartemen." JURNAL AKUNTANSI DAN KEUANGAN ISLAM 1, no. 1 (June 18, 2019): 79–101. http://dx.doi.org/10.35836/jakis.v1i1.58.
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Adoption of PSAK 104 on Accounting Istishna, creating an obstacle for Islamic banks.Plus the difficulty of implementing the contract istishna itself in the banking business.PSAK related more appropriately applied to the real sector companies engaged insteadof banking services. This study aims to determine the constraints and associated engineering analysis accounting istishna ‘apartment on financial products in Islamic banks.The research method used is descriptive qualitative field research. Analysis was used tocompare the conditions obtained in the field by the recognition of regulated accountingunder PSAK 104 and the legislation in force. Based on the analysis, there are severalobstacles that arise in the application of financing istishna, which is related to information technology, human resources and the prevalence of apartment construction businessin Indonesia in the implementation of accounting standards. Consequently, in practice,Islamic banks have not fully adopted PSAK 104, especially in terms of disbursement offunds to the developer, the recognition of revenue on accrual basis and cash basis, andmargin recognition in installments during construction by the customer.
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Suhendar, Muh. "PENERAPAN HYBRID CONTRACT PADA LETTER OF CREDIT." AKSY: Jurnal Ilmu Akuntansi dan Bisnis Syariah 2, no. 1 (February 28, 2020): 111–22. http://dx.doi.org/10.15575/aksy.v2i1.7865.
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Keberadaan letter of credit yang benar-benar sesuai dengan syariah Prinsip-prinsip syariah telah ditunggu oleh para pengusaha muslim yang ingin menjalankan nilai-nilai agama mereka di sepanjang hidup mereka. L/C konvensional dipertimbangkan seperti pada L/ syariah karena praktiknya masih menerapkan sistem bunga. Itu Peraturan L / C Syariah telah ada dalam UU No. 21/2008 tentang Perbankan Syariah, dalam pasal 19 hal, dan jauh sebelum undang-undang dibuat, undang-undang tersebut keberadaan L/C Syariah telah disebutkan dalam Fatwa Dewan Syariah MUI Nasional No. 34/DSN-MUI/IX/2002 tentang L/C Impor Syariah dan Fatwa Dewan Syariah Nasional MUI No. 35/DSN-MUI/IX/2002 tentang L/C Ekspor Syariah. L/C Syariah dapat menerapkan beberapa model akad kontrak,seperti: wakalah bi al-ujrah, qard, murabahah, salam/istisna’, musyarakah, hawalah dan al-bai. Dari berbagai kontrak model yang dapat diaplikasikan ke L/C Syariah, wakalah bi al-ujrah dan murabahah dianggap sebagai yang paling efisien, paling aman, dan paling minimum berisiko. Kata kunci: Letter of Credit, Hybrid contract, wakalah bil ujrah
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Felix, Rega, and Lastuti Abubakar. "Application of Al-Ijarah Al-Maushufah Fi Al-Dzimmah for Infrastructure Project Financing in Indonesia." Yuridika 35, no. 1 (October 21, 2019): 129. http://dx.doi.org/10.20473/ydk.v35i1.9021.
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Islamic bank has a huge potential to involve in large project financing such as infrastructure. The demand for infrastructure provision in Indonesia is growing rapidly, so the Islamic bank should become one of the financial institutions for a financing infrastructure project. One of the products of Islamic bank is lease based contract or ijarah. In 2016, the Indonesian Islamic Scholars Council (MUI) enacted Fatwa that allowed ijarah contract for a forward obligation or called al-ijarah al-maushufah fi al-dzimmah (IMFD). IMFD has some characteristics that equitable for infrastructure project needs, such as for long term financing. The main issues in this research are to drawn a model for infrastructure project financing by applying IMFD and observe the readiness of Indonesian regulation to support the implementation of IMFD on infrastructure project financing. The type of research is the normative study, and the approach of this research having four methods approach among others are statute approach, conceptual approach, cases approach, and comparative approach. The results of this research are model for infrastructure project financing by applying IMFD is by combining musharakah-istishna’-ijarah (IMFD) and regulation in Indonesia is not ready enough to support the implementation of IMFD on infrastructure project financing because combination of three contracts like musharakah-istishna’-IMFD, implementation of liquidated damages in istishna’ contract, and allowance IMFD in infrastructure project are not regulated in Indonesia.
Dissertations / Theses on the topic "Contrat istisnā’"
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Zuwam, Fatma. "La finance islamique une alternative à la finance classique." Thesis, Tours, 2019. http://www.theses.fr/2019TOUR1009.
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La crise financière de 2008, dite crise des subprimes, a mis en évidence la déconnexion, de plus en plus profonde, entre l’économie financière et l’économie réelle. La question s’est alors posée de réorienter la finance internationale vers des valeurs morales. Ce contexte explique l’intérêt porté à la finance islamique, qui aurait été épargnée par la crise, en raison, notamment, de l’interdiction de la spéculation (maīsir), illicite au regard du droit islamique. C’est également dans ce contexte que des études ont présenté cette finance comme une concurrente, voire une alternative à la finance conventionnelle. Cette posture peut s’appuyer sur l’extension de la finance islamique aux pays occidentaux. Elle peut aussi se prévaloir de certains arguments tournant autour d’impératifs éthiques, préconisés par l’Islam et adoptés, en théorie, par la finance islamique : interdiction de l’intérêt usuraire (ribā) et prohibition de l’incertitude (gharār) dans les termes des transactions contractuelles ; partage des profits et des pertes entre les contractants et adossement de toute opération financière à un actif tangible ; octroi de prêts gratuits (ḳarḍ al-ḥassān) et répartition de la zakāt (aumône) aux plus démunis, mise en place d’une assurance islamique solidaire (takāfūl), constituée de contributions volontaires, et où les assurés sont en même temps des assureursThe financial crisis of 2018, called the subprimes crisis, highlighted the increasingly deeper disconnection between the financial economy and the real economy. The question then arose as to whether redirect the international finance to moral values. This context explains the interest in Islamic finance which is said to have been spared by the crisis, in particular, due to the ban of speculation (maīsir) which is illicit as regards Islamic law. Still in that context, some studies presented this finance as a competitor or even an alternative to the conventional finance. This stance can rely on the extension of Islamic finance to the Western countries. It can also rely on some arguments relating to ethical imperatives, recommended by Islam and adopted, in theory, by Islamic finance : prohibition of usurious interest (ribā) and of uncertainty in the terms of contractual transactions (gharār) ; profit and loss sharing between contractors and asset-backing in any financial operation ; benevolent loans (ḳarḍ al- ḥassān) and distribution of the zakāt (alms) to the needy ; implementation of an insurance based on solidarity (takāfūl) consisting of voluntary contributions and where the insured persons are insurers at the same time
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Cekici, Ibrahim-zeyyad. "Le cadre juridique français des opérations de crédit islamique." Thesis, Strasbourg, 2012. http://www.theses.fr/2012STRAA036.
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Le développement de la finance islamique a attiré l’attention non seulement des banquiers et des juristes, mais également des pouvoirs publics français depuis quelques années. Cette finance, qui obéit à la loi islamique, fonctionne non pas sur la stipulation de l’intérêt, mais sur deux autres modes de rémunération des bailleurs de fonds : elle applique, d’une part, le principe du partage des profits et des pertes en fondant les transactions sur les contrats de société, et d’autre part, sur une marge bénéficiaire lorsque l’opération s’adosse à un contrat de vente et de location.Parmi les produits bancaires islamiques, les crédits islamiques sont les plus caractéristiques qui écartent la stipulation du ribâ (intérêt). La fixation de leur régime juridique français est tributaire de deux corpus juridiques, a priori, opposés. Bien qu’ils n’aient ni des fondements juridiques, ni des régimes juridiques clairs et précis en droit français, ce dernier arrive à les encadrer. Cet encadrement présente non seulement des points de convergence, mais également des points de divergence avec le droit musulman. La flexibilité de ces systèmes juridiques nous a conduit à définir tant un cadre juridique général pour définir les régimes français de la rémunération du dispensateur de crédit islamique, qu’un cadre juridique spécial pour régir la structuration des opérations adossées à des contrats de vente (comme la mourabaha, le tawarruq, le salam et l’istisna), de location (l’ijara et l’ijara muntahia biltamlik) et de société (comme la moudaraba, la mousharaka et la mousharaka dégressive)The development of the Islamic finance drew the attention of the French public authorities, bankers and lawyers since a few years. This finance, which rules by the Islamic law, does not apply the interest, but two other methods of payment of the financiers: on the one hand, the principle of the profit and loss sharing, by backing the transactions on partnership contracts, and on the other hand, on profit margin when the operation backs on a sale and lease contracts.Among the Islamic banking products, the Islamic credits are the most characteristic. The French legal framework of those transactions depends, in fact, on two legal systems which are apparently in contradiction. Although they have neither legal sources, nor clear and precise legal regulation in French law, the latter could rule them. This framework presents not only some points of convergence, but also points of difference with the Islamic Law. Nevertheless, the flexibility of both Laws led us to define a general legal framework of the remuneration of the Islamic credit provider, and a special legal framework to rule the structuration of the operations backed to partnership (moudaraba, mousharaka et degressive mousharaka), sale (mourabaha, le tawarruq, le salam et l’istisna), and lease contract (ijara et ijara muntahia biltamlik)
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Hrdličková, Ivana. "Právo Sharia, zejména islámské bankovnictví, ve vztazích s mezinárodním prvkem." Doctoral thesis, 2012. http://www.nusl.cz/ntk/nusl-308504.
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Charles University in Prague Faculty of Law Abstract of the dissertation The title of the dissertation: Sharia Law, particularly Islamic banking, in relations with international elements Author: JUDr. Ivana Hrdličková Supervisor: Prof. JUDr. Monika Pauknerová, CSc., DSc. Prague, February 2012 Key words: Islamic finance, sharia, mudaraba, musharaka, murabaha, ijara, sharia compliant, international law, choice of law, contract, riba, gharar, maisir. The dissertation, Sharia law, particularly Islamic Banking in the relations with international elements, considers an actual topic and branch of islamic law. Neither islam nor islamic law is a legal system applicable at any particular territory. However, legislation of the countries with majority of muslim population, is based, more or less, on islamic law. Whereas due to migration and globalization, islamic law unavoidably interferes in international law. The legal regulation of international private law under the terms stipulated by the law leads to the use of foreign law. One can thus meet the legislation based on islamic law, including in the field of contract law. In commercial contracts, where the one side is from countries where islamic law is a source of legislation, may be the choice of law (in accordance with article 3 of Rome I), which form's the basis...
Books on the topic "Contrat istisnā’"
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Fatāwá al-istiṣnāʻ wa-al-muqāwalāt wa-al-salam. [Jiddah]: Majmūʻat Dallat al-Barakah, Qiṭāʻ al-Amwāl, Sharikat al-Barakah lil-Istithmār wa-al-Tanmiyah, 1998.
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Ṣādiq, Dānishgāh-i. Imām, ed. Awrāq-i Istiṣnāʻ: Barʹrasī-i fiqhī - ḥuqūqī = Istisna'a securities : jurisprudence and legal survey. Tihrān: Dānishgāh-i Imām Ṣādiq (ʻA), 2013.
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Tadamon Islamic Bank. Fatwa and Research Dept., ed. Istisna' contract in Islamic fiqh. Khartoum: Tadamon Islamic Bank, Fatwa and Research Department, 2006.
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Bank, Tadamon Islamic, ed. ʻAqd al-istiṣnāʻ fī al-fiqh al-Islāmī. [Sudan]: Bank al-Taḍāmun al-Islāmī, Idārat al-Fatwá wa-al-Buḥūth, 1992.
Find full textBook chapters on the topic "Contrat istisnā’"
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Billah, Mohd Ma’Sum. "Islamic Manufacture Financing Contract (Aqd al-Istisna’)." In Islamic Financial Products, 279–89. Cham: Springer International Publishing, 2019. http://dx.doi.org/10.1007/978-3-030-17624-2_21.
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Craig R, Nethercott. "Part II Islamic Law and Contracts in Practice, 9 Istisna’ and Ijara." In Islamic Finance. Oxford University Press, 2020. http://dx.doi.org/10.1093/law/9780198725237.003.0009.
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This chapter discusses how 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. 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. Meanwhile, ijara is a term that means to give something in return for a rent. The ijara contract occurs principally in two situations. First, with respect to the provision of services. And second, with respect to the transfer of usufruct (or right of use) of an asset. In the second application, ijara is comparable to a conventional asset lease.
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Abdul Rashid, Khairuddin. "Istisna’ Model for Construction Works’ Contracts." In Concept and Application of Shariah for the Construction Industry, 107–20. WORLD SCIENTIFIC, 2018. http://dx.doi.org/10.1142/9789813238916_0006.
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Abdul Rashid, Khairuddin. "Validity of Istisna’ for Construction Works Contracts." In Concept and Application of Shariah for the Construction Industry, 121–28. WORLD SCIENTIFIC, 2018. http://dx.doi.org/10.1142/9789813238916_0007.
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