الاستصناع وتطبيقاته في النظام المالي الإسلامي مقارنة بين المعيار الشرعي والقانون الباكستاني

Istisna in Islamic FinanceComparative Perspectives between Shariah Standards and Pakistani Regulations

Abstract

This study explores the concept of Istisna (manufacturing contract) in Islamic jurisprudence and its practical implementation in contemporary financial systems, with a specific focus on Pakistan's legal framework. Istisna is a contract where one party orders a manufacturer to produce a specific item according to agreed specifications and price. The research delves into its definition, essential elements, and legal justification, highlighting its role in fulfilling modern financial needs while adhering to Shariah principles. The study compares the standards outlined by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) with the regulations of the State Bank of Pakistan. It examines critical aspects, including the permissibility of delayed payments, conditions for the goods, and the responsibilities of both parties. The findings indicate a high level of alignment between the AAOIFI standards and Pakistani regulations, emphasizing the robustness of Shariah-compliant financial tools in addressing contemporary challenges.