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SALAM
SALE
Definition:
Salam
in the definition of the jurists, is a sale of a
commodity whose
delivery will be in a future date for a cash
price, which means,
it is a financial transaction in which price is
advanced in
cash to the seller who abides the delivery of
commodity of
determined specification on a definite due date.
The deferred is the commodity sold and described (onliability)
and the immediate is the price.
The Salam
sale serves the interests of both parties:
The
Seller:
The seller gets in advance the money he wants
in exchange of
his obligation to deliver the commodity later. He
benefits from
the Salam sale by covering his financial needs
whether they
are personal expenses, family expenses or expenses
for productive
activity.
The
Purchaser:
Here it is the financing bank. The bank gets the
commodity it
is planning to trade on in the time it decides.
Because the commodity
becomes the liability of the seller who meets his
obligation. The bank
will also benefit from the cheap prices for
usually Salam sale is cheaper than a cash sale.
This way the
bank will be secured against the fluctuations of
prices.
The
bank can sell on parallel Salam commodity in the
same kind as
it has previously purchased on first Salam without
making one contract
depend on the other. The bank also has the
option of waiting to receive the commodity and
then sell it for
cash or deferred payment.
Salam
is a kind of debt because the subject of the Salam
contract is the
liability of the seller up to the due date so its
allowance is
subsumed in the above quoted holy verse.
The
Prophet (PBUH) said:
"He
who sells on Salam must sell a specific volume and
a specific weight
to a specific due date".
There
is consensus among Muslims on the permissibility
of Salam due to the
need for it and because the commodity in the
contract is a recompense for the price paid in
advance therefore the
commodity is similar to the price in the sale on
credit so it is considered
to be an affirmed liability.
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