What is a Salam contract, what are its conditions and rulings, and is it possible to provide a copy of it?
As-Salam (forward buying) is the sale of a described item that is a liability (i.e., not present at the time of the contract) using the specific terms "salam" or "salaf." It is an exception to the prohibition of selling non-existent items due to people's need for it. Its permissibility is indicated by the narration of Ibn Abbas (may Allah be pleased with them both) from the Prophet (peace be upon him): "Whoever pays in advance (salaf) should pay for a known measure, a known weight, to a known term." (Agreed upon). As-Salam aims to facilitate matters for people by providing liquidity to those who need it in exchange for future goods or products.
The pillars of an As-Salam contract are four: two contracting parties, the صيغة (form/wording of the contract), the capital (price) of the As-Salam, and the Muslam fihi (the item to be delivered).
As for its conditions, the most important are: the delivery of the capital (price) at the contracting session, that the Muslam fihi (item) can be precisely described, that its genus, type, quantity, and description are known, that the Muslam (item) is a debt (i.e., not a specific, designated item), that it is possible to deliver it when the term is due, the designation of the term (delivery date), and the designation of the place of delivery if necessary.
Summarized from the full answer at Ftawy · imported
Read the full answer on Ftawyhttps://ftawy.com/en/questions/35441
Where this answer came from
- Source platform
- Ftawy
- Original fatwa ID
- 35441
- Imported
- Translation status
- Source text, unreviewed
- Read the full ruling
- Read the full answer on Ftawy