Stisna: –
Sales transactions concluded before the commodity came into existence. Coopbank shall act as a manufacturer or constructor to undertake house construction, plant, power station, road projects, etc. as per specification.
Features
- Coopbank Islamic may conclude Istisna’a financing contractual agreement with a customer who is willing to pay the agreed amount on an installment basis during work in progress or in a lump sum at the completion of the work or on an installment basis following the completion of the work.
- At the conclusion of the contract, Coop bank shall collect a security deposit from the customer for his/her binding promise of Istisna financing.
- Based on the specification given by the customer for Istisna’a financing, Coopbank shall enter a contractual agreement with the builder/ manufacturer (contractor) in the form of parallel Istisna’a.
- Please contact Coopbank Islamic to get more detailed information and advice.