An Islamic bank has signed an Istisnah agreement with its customer for sale of a property (to be developed) whereby the bank is the seller and the customer is the purchaser
Fatawa Question
An Islamic bank has signed an Istisnah agreement with its customer for sale of a property (to be developed) whereby the bank is the seller and the customer is the purchaser. As per the agreement, the bank will deliver the property to the customer upon completion and the customer shall start payment of the Istisnah price in agreed installments. During the completion period, the customer has approached the bank with a request for certain modifications to the specifications of the property which shall result in increasing the cost of construction to the bank beyond the amount of Istisnah agreement. How should the bank handle the customer’s request ?
Fatwa
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Publisher
Publication Date
2013-08-07
Country of Publication
Malaysia
Main Subjects
Economics & Business Administration
Islamic Studies
Data Type
Fatawa
Language
English
Record ID
BIM-784601
American Psychological Association (APA)
Hassan, Husayn Hamid. 2013-08-07. An Islamic bank has signed an Istisnah agreement with its customer for sale of a property (to be developed) whereby the bank is the seller and the customer is the purchaser. . Kuala Lumpur Malaysia : Islamic Finance News.
https://search.emarefa.net/detail/BIM-784601
Modern Language Association (MLA)
Hassan, Husayn Hamid. An Islamic bank has signed an Istisnah agreement with its customer for sale of a property (to be developed) whereby the bank is the seller and the customer is the purchaser. Kuala Lumpur Malaysia : Islamic Finance News. 2013-08-07.
https://search.emarefa.net/detail/BIM-784601
American Medical Association (AMA)
Hassan, Husayn Hamid. 2013-08-07. An Islamic bank has signed an Istisnah agreement with its customer for sale of a property (to be developed) whereby the bank is the seller and the customer is the purchaser. Kuala Lumpur Malaysia : Islamic Finance News.
https://search.emarefa.net/detail/BIM-784601