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Istisna

Istisna

Another exception to the general rule is the sale of 'Istisna'. In this type of sale the buyer asks a manufacturer to manufacture some specified goods for him. The sale in this case may be effected by the offer and acceptance even when the commodity is not in existence. Advance payment is also not necessary. The sole condition for the validity of this sale is that the commodity intended to be manufactured should be specified with all necessary particulars in a way that the possibility of a dispute is totally avoided. If the manufacturer produces the goods in accordance with the specifications mentioned in the contract, the buyer is bound to accept it and he does not have the option to cancel the contract unilaterally except if the manufactured goods are not in accordance with the agreed specifications or they are defective.

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Albaraka Bank Ltd Reg No 1989/003295/06. Albaraka Bank Ltd subscribe to the Code of Banking Practice of The Banking Association South Africa and, for unresolved disputes, support resolution through the Ombudsman for Banking Services. Albaraka Bank Ltd are an authorised financial services provider. Albaraka Bank Ltd is a registered credit provider in terms of the National Credit Act, 34 of 2005 (NCR Reg No NCRCP14).  An Authorised FSP No.: #4652