Istisna’a

Our Istisna’a system manages contracts whereby a bank undertakes to support the production of specific goods and services, made according to certain agreed-upon specifications, at a determined price, and for a fixed date of delivery. The production of goods includes any process of manufacturing, construction, assembling or packaging. The system follows the contractor/manufacturer payments, percentage of completion, delay on delivery fines, and delivery of the assets upon completion and meeting the specifications and at the end, the delivery to the customer.

 

For further information about ICS BANKS® ISLAMIC Istisna’a, please do not hesitate to contact us at contactus@icsfs.com