Istisna Contract Case Study
In the context of construction industry, Istisna ' instrument is widely used in this industry. Take infrastructure projects as an example of Istisna ' application e.g. Construction of power plants, factories, roads, schools, hospitals, etc. Example company that use Istisna ' contract are Kuwait Finance House (KFH). The application of Istisna ' contract in KFH as the home financing which are properties under construction and project financing (Faleel Jamaldeen, 2012). In other words, Istisna ' contract is being widely used in Malaysian construction industry nowadays as to meet the demand of financing and construction but what are the role of Istisna ' in construction development? How does Istisna ' contribute to the development of Malaysian construction industry?
Muhammad Al-Bashir (2001) in his books stated that Istisna ' can play an important role in construction economic
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This payment will obviously benefited the manufacturer as it can finance the process of production or other investment projects. Apart from that, it will also finance the manufacturing expenses and stabilize the production process.
c) Stabilizing the Price of Manufactured Goods
During the conclusion of the contract, sound and thorough calculation must be made between the buyer and seller before the production commence. In this situation therefore, buyer in Istisna ' contract is fully aware of what he has to pays and that it commensurate the right price. On the other hand, the seller or manufacturer wants the market to continually progress in a stable manner in order to secure regular demand for his merchandise. Thus, the agreed price in Istisna ' contract is based on a solid estimate, which will apparently contribute to the market price and reflects the realities of supply and demand.
d) Promoting Industrial and
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