Professional Documents
Culture Documents
Introduction
Salam is a transaction in which the price is paid immediately
for goods which are to be delivered later but are specified in
the contract.
E.g - A customer went into a boutique
shop and ask the
tailor to tailor-made
a suit, the customer pays first before
delivery of the suit at a specified
date.
PILLARS OF AL-SALAM
Rabb as-salam/ Musallim
- Buyer
Muslam Ilaihi
- Seller
Ra's al-Mal
- Price
Al-Musallim Fih
- Product
Sighah
- Ijab ( Offer )
- Qabul ( Acceptance )
CONDITIONS
i - Seller undertakes to supply goods to
buyer at a future date in consideration of
a price fully paid in advance at the time
the contract is made.
ii- Specifications, quality, quality of the
goods must be determined to avoid gharar.
iii- Date and Place of deivery must be
agreed.
iv- Buyer cannot sell back the commodity to
the Seller after delivery.
Musallim
Buyer
e.g Bank
Musallim Fih
Product
e.g Pineapple
Muslam Ilaihi
Seller
e.g Farmer
SELLER
2
BUYER
HYBRID SALAM
FINANCING
1
2
BANK
SELLER
3
5
4
CUSTOMER
BANK
SELLER
Group of purchasers
PILLARS OF ISTISNA'
Mustasni'
- Customer
Sani'
- Manufacturer
Ra's al-Mal
- The Price
Masnu
- The Product
Sighah
- Ijab ( Offer )
- Qabul ( Accpetance )
CONDITIONS
i ) The subject matter must be a munufactured
product
ii) The subject matter must be such that it needed
time to be made.
iii) If failed to comply with agreed specifications,
the customer can reject the product.
iv) Payment of price of the product can be deferred
to a future date by installment or lump sum.
NATURE
CONTRACT
DURATION