Les contrats d’ istisna’a dans le financement bancaire islamique

Sinan Al Shattnawi

Revue internationale de droit économique, 2021, vol. t. XXXV, issue 1, 23-47

Abstract: Islamic banks were not allowed to finance government development projects, owing to financing schemes that contradict the laws of those governments. Such projects are considered prohibited and offer benefits that are considered Islamically illegal because they are forbidden by Islamic law. In particular, it is not acceptable for these banks to finance projects of a private nature through loans with interest (Riba), which are illegal. The Istisna?a contract appears to be the appropriate formula from a religious and economic point of view to finance various governmental projects. It can be defined as a contract by which the client, as the ?final purchaser? or ?owner,? seeks to acquire a good that requires a manufacturing process. The bank as ?seller? or ?prime contractor? undertakes to purchase the raw materials and deliver the good to be manufactured according to a predefined description of the product?s characteristics, at a fixed price and payable according to the terms agreed upon in the contract.

Keywords: islamic banks; financing; sharia; Istisna’a; contract (search for similar items in EconPapers)
Date: 2021
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