In order to finance working capital of ABC( PVT) Ltd., Islamic bank signed Istisna’a order with manufacturer of Tractors; ABC (PVT) Ltd. to manufacture 100 tractors for Islamic bank , ABC also agreed to sell these tractors after manufacturing as an agent of the Islamic bank using is tail distribution network. However, when ABC (PVT) Ltd delivered 100 tractors, the company refused to work as an agent to sell them in market on the grounds that Istisna’a and agency were parallel and independent contracts. As Islamic banker, do you think Islamic bank has option to blacklist and sue ABC (PVT) Ltd, please argue accordance with istisna?
In order to finance working capital of ABC( PVT) Ltd., Islamic bank signed Istisna’a order with manufacturer of Tractors; ABC (PVT) Ltd. to manufacture 100 tractors for Islamic bank , ABC also agreed to sell these tractors after manufacturing as an agent of the Islamic bank using is tail distribution network. However, when ABC (PVT) Ltd delivered 100 tractors, the company refused to work as an agent to sell them in market on the grounds that Istisna’a and agency were parallel and independent contracts. As Islamic banker, do you think Islamic bank has option to blacklist and sue ABC (PVT) Ltd, please argue accordance with istisna?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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In order to finance working capital of ABC( PVT) Ltd., Islamic bank signed Istisna’a order with manufacturer of Tractors; ABC
(PVT) Ltd. to manufacture 100 tractors for Islamic bank , ABC also agreed to sell these tractors after manufacturing as an agent of
the Islamic bank using is tail distribution network. However, when ABC (PVT) Ltd delivered 100 tractors, the company refused to
work as an agent to sell them in market on the grounds that Istisna’a and agency were parallel and independent contracts.
As Islamic banker, do you think Islamic bank has option to blacklist and sue ABC (PVT) Ltd, please argue accordance with istisna?
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