Comparative Analysis of the Istisnaʿ Contract with Iranian Regulations and Its Economic Functions
Keywords:
Istisna, Jurisprudence of Transactions, Comparative Analysis, Islamic FinanceAbstract
The Istisnaʿ contract, as one of the significant instruments in Islamic commercial jurisprudence and Islamic finance, has assumed an increasingly prominent role in legal and economic systems in recent years. This study was conducted with the aim of comparatively analyzing the juristic and legal nature of the Istisnaʿ contract within the Iranian legal system and examining its economic functions. Within this framework, the theoretical and jurisprudential foundations of the contract were first explained based on authoritative Persian, Arabic, and comparative sources. Subsequently, employing a descriptive–analytical method and content analysis of legal documents and previous studies, the essential elements, conditions, juristic disagreements, and legal foundations of the contract were examined, and its economic principles and practical functions were analyzed. The findings indicate that despite certain differences of opinion within Islamic jurisprudence, Istisnaʿ enjoys a reliable jurisprudential foundation and is capable of being aligned with the general principles of contract law within the Iranian legal system. Furthermore, the economic analysis demonstrated that, by facilitating installment-based payments, reducing transaction costs, and improving liquidity management, this contract can serve as an effective financing instrument for projects. Comparative examination also reveals that countries such as Malaysia and Jordan have facilitated broader utilization of this contract through the adoption of precise implementing regulations. Finally, the study concludes that Istisnaʿ possesses considerable legal and economic capacities, and its further development in Iran requires more comprehensive regulations and greater standardization within the banking and contractual sectors.
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