Istisna - Staggered Payment Arrangement
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Definition of "Istisna - Staggered Payment Arrangement"
It is a proposed arrangement for financing government operations. In case the government intends to get some facility like a road or bridge constructed, it can sub-divide the whole project into distinct phases and contract out the work on the basis of bai al-istisina. It can then agree to pay for each completed phase of the work.