Istisna Contract and Securities: Applications of Istisna in Islamic Financial Markets

Istisna contracts or construction orders are widely used in Islamic financial markets today due to the possibility of meeting the various needs of individuals and institutions for construction and not having some restrictions of other contracts and bonds. Banks can finance economic projects and act as intermediaries between individuals and legal entities and industry owners. In this book, firstly the jurisprudential validity of the Istisna contract is established, and then Istisna bonds are introduced in order to provide a suitable ground for using this contract in the banking system and the capital market in the Islamic Republic of Iran. Also, the features of Istisna contract in Islamic banking in the form of interest-free banking operations law, the way of entry of these bonds into the stock exchange, and the possibility of applying fiscal and monetary policy by the government and the central bank, are examined.