DefinePK

Abstract

Islam, alongside acts of worship such as Salah (prayer), Zakah (almsgiving), Sawm (fasting), and Hajj (pilgrimage), has also given guidance concerning human economic and social life. Acting upon these teachings not only brings reward in the Hereafter but also ensures prosperity in worldly life and helps in the formation of a righteous society.Trade has held an important place in the human economy since the earliest times. In the past, commercial transactions used to be settled in a simple manner; however, with the passage of time, new forms of trade began to emerge. In the present age, one such transaction is ‘Aqd al-Istisnaʿ, which refers to commissioning or ordering the manufacture of something. The practice of Istisnaʿ has been in existence from the time of the Prophet ﷺ until today, and it has been used in every era and every region. In the modern era, the use of Aqd al-Istisnaʿ has increased significantly, which has also enhanced its importance. New variations of it have emerged in the market, and it is now also used by financial institutions for financing and investment purposes. Similarly, in today’s world, the Istisnaʿ contract is witnessing rapid growth in sectors such as textiles, construction, and food products. On both national and international levels, items ranging from fabrics to uniforms are prepared under Istisnaʿ contracts.
In earlier times, it was used only for producing small items; therefore, the examples found in the works of classical jurists differ greatly from modern-day applications.This paper will present the linguistic and technical definitions of Istisnaʿ, its legal ruling in Shari‘ah, and an analysis of its various contemporary forms in order to determine its current legal status.In Istisnaʿ, since the item purchased by the buyer does not exist at the time of the contract, it has been permitted due to customary practice (taʿāmul) and juristic preference (istihsan). However, if the item does not yet exist, and the buyer sells it to another party before it is produced, and then that second buyer sells it to a third party — can this be done before the manufactured product comes into existence? What will be the rulings and conditions regarding possession in this case? This situation frequently arises today, especially in the purchase and sale of flats.Many such questions arise in one’s mind, and this research will attempt to answer them so that the reality of Istisnaʿ becomes clear. In addition, it will address the modern forms that have developed — particularly the practice of constructing large plazas under Istisnaʿ contracts, where the developers invite people to join the project and even start paying them rent before the shops or apartments actually exist. The market today presents numerous such contracts, making it important to know their Shari‘ah ruling and solutions.Therefore, this paper will provide a complete explanation of Istisnaʿ, its conditions, and its contemporary applications.