The Shariah Advisory Council of Bank Negara Malaysia (the SAC) 142nd Meeting

The Shariah Advisory Council of Bank Negara Malaysia (SAC) held its 142nd meeting on 17 December 2013. The meeting discussed issues arising from the proposed Istisna` standard, specifically on the following:-

(i)      Imposition of ibra’ in the case of early settlement by the purchaser;
(ii)     Selling and pledging istisna` asset under construction;
(iii)    Factors in determining the selling price of the istisna` asset; and
(iv)    Factors in determining the punitive condition in the case of late delivery of the istisna` asset.

This document belongs to Bank Negara Malaysia (BNM). Full access to the original source is available here: https://www.bnm.gov.my/banking-islamic-banking