Salam and Istisna'a Quest
Finance farms and factories with sales of goods delivered later
Introductory · 5 hours · 11 lessons · Language: English and Arabic · ID: IFS-COU-0067
Finance farms and factories with sales of goods delivered later. This free gamified course turns the basics of AAOIFI standards into five interactive missions. In each one you flip learning cards, make decisions in short scenarios, race through true-or-false rounds, match terms, put steps in order, sort what is allowed from what is not, and finish with a final challenge where you have three lives. You earn XP, keep streaks, collect stars and unlock a badge for every mission.
The missions:
- Selling what is not here yet
- Salam and parallel salam
- Istisna'a: made to order
- Parallel istisna'a and projects
- Delays, defects and penalty clauses
After each mission a short recap sums up what you unlocked, with the references. When all five badges are yours, take the final exam: 30 questions in 60 minutes, 70% to pass.
This course is independent educational material written by ifSPACE in its own words. It does not reproduce AAOIFI texts, is not affiliated with AAOIFI and is not a fatwa.
What you will learn
- Explain why selling what you do not own is normally not allowed, and how salam and istisna'a work as recognised exceptions.
- Apply the conditions of a valid salam and structure a parallel salam that stands on its own.
- Identify a valid istisna'a and describe how its specification, price, risk and ownership work.
- Describe how a bank finances houses and projects through parallel istisna'a and istisna'a followed by ijarah.
- Choose the right remedy for late delivery, poor quality and defects in salam and istisna'a, including penalty clauses.
Syllabus
1.Mission 1: Selling what is not here yet
- How this quest works5 min
- Mission 1: Selling what is not here yet25 min
- Recap: Selling what is not here yet10 min
2.Mission 2: Salam and parallel salam
- Mission 2: Salam and parallel salam25 min
- Recap: Salam and parallel salam10 min
3.Mission 3: Istisna'a: made to order
- Mission 3: Istisna'a: made to order25 min
- Recap: Istisna'a: made to order10 min
4.Mission 4: Parallel istisna'a and projects
- Mission 4: Parallel istisna'a and projects25 min
- Recap: Parallel istisna'a and projects10 min
5.Mission 5: Delays, defects and penalty clauses
- Mission 5: Delays, defects and penalty clauses25 min
- Recap: Delays, defects and penalty clauses10 min