The Social Aspect of ... Date Added: 14-03-2024

Ramadan: The Month of ... Date Added: 13-03-2024

From Etiquettes of Fasting Date Added: 12-03-2024

Tips for Seizing the ... Date Added: 11-03-2024

On the Occasion of ... Date Added: 02-04-2024

The Glad-Tidings for those ... Date Added: 20-03-2024

The Importance of Time ... Date Added: 18-03-2024

Ramadan: The School of ... Date Added: 17-03-2024

Fatawaa


Subject : Constructing Houses in Return for Installments is Permissible

Fatwa Number : 436

Date : 03-01-2010

Classified : Current Financial Issues

Fatwa Type : Search Fatawaa


Question :

I work as a house-builder. One customer asked me to build him a house estimated at (100 square meters). The approximate cost is (15000) and I have to deliver it after its completion. He stipulated giving (3000 JDs) as down payment and the rest as monthly installments. What is the ruling of Sharia on this kind of contract?



The Answer :

All perfect praise be to Allah the Lord of the Worlds. May Allah`s peace and blessings be upon our Prophet Mohammad and upon all his family and companions.

Istisna’ means asking house-builder to construct, build or manufacture an asset. In Islamic finance, istisna' is generally a long-term contract whereby a party undertakes to manufacture, build or construct assets, with an obligation from the manufacturer or producer to deliver them to the customer upon completion.

According to the Hanafi school of thought, this contract is permissible provided that the specifications of the manufactured asset are agreed upon to avoid any disputes upon delivery. Thus, the specifications of the house should be given in details, the type of the tools used during constructing and finishing it , and the builder should perfect his work and advise the customer to the best course of action in that regard.

Moreover, there is nothing wrong with delaying the whole price or giving it in installments with specified deadlines agreed upon by contracting parties. And Allah The Almighty Knows Best.






Comments

 

Name *

E. mail Address *

Country

Comment Title *

Comment *

Captcha
 
 

Warning: this window is not dedicated to receive religious questions, but to comment on topics published for the benefit of the site administrators—and not for publication. We are pleased to receive religious questions in the section "Send Your Question". So we apologize to readers for not answering any questions through this window of "Comments" for the sake of work organization. Thank you.