The Istisna contract is an agreement between a buyer and a producer for the future delivery of a specific commodity or asset.

Key characteristics of the Istisna contract:

1. Providing an exact description of the item to be manufactured in accordance with the buyer's requirements. The subject of the contract should not exist or be in the possession of the producer at the time of contract formation.
2. Establishing the price at the time of contract formation, with the buyer and producer being able to agree on full or partial deferred payment, or payments in the form of periodic installments.
3. Specifying the delivery period for the ordered item. Unlike the Salam contract, in Istisna, the buyer may not specify a specific delivery date but can indicate a minimum delivery period. Additionally, in contrast to Salam, the subject of the Istisna contract must be a manufactured item and not an agricultural product, implying the transformation of the product from one form to another in the production process.
4. Quality and quantity of the item under the Istisna contract can be changed by mutual agreement. If the quality of the Istisna item falls below the agreed-upon level, the customer has the right to reject it or demand a price reduction.
5. The possibility of including a penalty clause in the Istisna contract, including a clause allowing for the rejection of the item in case it is not manufactured within the specified time.
6. The buyer can exit the transaction and cancel the Istisna contract before the producer commences work on the production of the ordered item.
7. If not specified otherwise by the customer, the producer has the right to supply an item from a different manufacturer.