In case of other than grains and edible items, a few jurists allow to sell the same. However,
as a general rule these still
should be avoided.The goods sold on Salam basis are considered a liability debt in form of goods (i.e. in exact quantity
and quality of the
goods agreed) and not in form of cash (i.e. the cash
value of such goods).
The seller is obliged to deliver the same when
it
is due, according to the specifications stipulated
in the contract. In case, due to any reason he could not produce or grow the same, he shall buy the
same from market
and deliver to the buyer
instead of
returning the
advance money.
6.Buy-back transaction
Salam sale should not be accompanied with a buy-back transaction i.e. the goods purchased on Salam should not be
sold
back
to the same customer,
either under a contract, or under
a business norm. It is not permissible to link the obligations under the two Salam contracts together such that
the execution of the
obligations of
one contract
is
contingent on the
outcome of
the other.
7.Delay in the delivery of goods
7.Delay in the delivery of goods
No additional
amount
can be charged or levied on the seller if he delays in the delivery of goods. However, in such case, the sale may
be cancelled and the advance amount shall be returned to
the buyer.
8.Documentation of Salam
8.Documentation of Salam
In Islamic Shariah permissibility of any financial transaction is dependent on the fact that whether
or not the clauses of the agreement conform to the principles defined in Shariah. The bank’s Salam
Agreement and other related
Appendixes have been
approved by the bank’s Shariah Supervisory Committee
/ Shariah
Advisor, which
are as under:
This Agreement sets out the terms and conditions upon and subject to which the bank has agreed to
have the Specified subject to
all terms and conditions of the
agreement.
Ø
AGENCY AGREEMENT
A commercial bank has a
diverse range of customers and bank does not possess the expertise of
dealing in such a wide range of commodities. For this purpose Agency
Agreement is executed between
the customer
and the bank to sell the Salam assets.
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