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Defect option (khiyar al-ayb):
❑ Any defect in the istisna` asset which
occurred before the delivery of the
istisna` asset but is discovered by the
purchaser after the acceptance of the
istisna` asset must
purchaser to exercise the defect option.
❑ The defect option must entitle the
purchaser to either:
(a) terminate the istisna` contract
(b) accept the defective istisna` asset, with
or without any variations to the terms of
the istisna` contract
Ownership of istisna asset
▪ Pending delivery of the istisna` asset, ownership
remains with the seller. Ownership of the istisna`
asset must transfer from the seller to the
purchaser upon the purchaser taking possession
of the istisna` asset that meets the agreed
specifications.
▪ Possession of the istisna` asset must take effect
by the seller releasing the asset (takhliyah) to the
purchaser through any mechanism permitted by
entitle the Shariah including customary business practice
(`urf tijari) so that the purchaser would have an
access to the istisna` asset (tamkin) and would
have assumed its ownership risk.
▪ Possession of the istisna` asset must be either in
the form of physical possession (qabd haqiqi) or
constructive possession (qabd hukmi).
▪ The purchaser must not sell the istisna` asset to
another party prior to taking its actual or
constructive possession