Price and Object Deferred Sale

Definition of "Price and Object Deferred Sale"

A sales contract where goods and price thereof are deferred. Under the normal rules of the shari‘ah, it is not a lawful contract. But bai‘ al-istisna‘ is one such sale where both the goods and the price are deferred and the Hanafites allow it on the basis that the bai‘ al-’istisna‘a is not a binding agreement.