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- Istina
Istina
Product Operation
Literally istina means "request for production". The principle of theistina is to exchange goods at a given time but with a deferred delivery.
It is a service contract and an alternative to the contract salam "The difference is that the subject of the transaction involves the delivery of goods not purchased in the state, but finished products have undergone a process of transformation"(1).
The idea behind this contract is that the production of goods begins when payment is received.
In addition the contract must reflect quite precisely the features and specifications of goods sold. The price to be paid for entirely on the day the items are ordered as in the case, the contract may be considered as a future contract and be declared non-compliant.
For example, buying an apartment off-plan is an istina.
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(1)Islamic banking division of economic and financial studies, department documentation center of the group credit unions in Morocco, 2007.
