![]() This is necessary so that the buyer can show that they are not entering into debt with a second party in order to eliminate the debt. Salam transaction occurs if the buyer has paid the purchase price to the seller in full at the time of sale. Hence, it is made permissible to fulfill these needs. The owners of the agricultural products and businesses also needed some financing to support themselves or to fund their crops until the day of harvesting. ![]() There is also the need of the people in it. ![]() Ijma Every single jurist that we came across had given their consensus with regards to the permissibility of Bay Al-Salam particularly because the product in sale is one of countervalues in a contract (similar to the permissibility of postponing the monetary payment which is one of the counter value as well). said, Whoever pays money in advance for dates (to be delivered later) should Hadith Narrated by lbn Abbas: The Messenger of Allah (s.a.w) came to Medina and the society used to pay in advance the price of fruits to be delivered within one or two years (the sub narrator is in doubt whether it was one to two years or two to three years) The Prophet S.A. Lbnu Abbas commented that: I bears the witness that al-Salaf (Al-Salam) stipulated for a stated term had been made legal by Allah in His holy book and His permission is in it. The seller undertakes to supply some specific goods to the buyer at a future date in exchange of an advance price fully paid at the time of contract. Literally salam or salaf means pre-payment Technically: A sale with postponed delivery of the merchandise but immediate payment of the price.īay as-Salam or Salam means a contract in which advance cash payment is made for goods to be delivered later on. ![]() ISLAMIC BUSINESS TRANSACTION OBJECTIVECONDITIONĭEFINITION EVIDENCE PILLARS OF AL-SALAM OBJECTIVE OF BAY AL-SALAM CONDITION OF BAY AL-SALAM DISADVANTAGE OF BAY AL-SALAM ![]()
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