Istithmar Package

This product is provided in two phases by means of two separate contracts:

• The first one: is a sale contract under which “alburaq”, as a manufacturer, sells a commodity manufactured thereby to the customer requesting it “Mustasni’” for a specified agreed on price and term.
• The second contract: is an Istisna’a contract concluded by “alburaq”, as the “Mustasni’i”, with a manufacturer other than the customer; under which the latter manufactures a commodity with the same specifications as the Istisna’ commodity of the first contract in return for a specified price and term; provided that the date of delivery under the second contract is earlier to the date of delivery under the first contract. It is important for said contracts to be completely separate.
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Under this product, “alburaq”, upon the customer’s request and promise to lease, purchases movable or immovable assets, actually acquires them and registers them in its name, then leases them to the customer by means of a lease contract for a specified rental amount and term, such that “alburaq” owns the said movable or immovable assets and the customer benefits from them, and at the end of the lease term the ownership of the said movable or immovable assets is transferred by means of a separate sale contract as per the customer’s wish.​