Cycle	MCREDIT	SOP Reference	1
Function	SALAM	Version	1
Sub-Function	BASIC CONCEPT AND FEATURES	Date of Issue
		Approved by	Qazi Abdul Samad
Basic Concept
·    Salam sale refers to advance payment for goods which are to be delivered later. The   seller undertakes to deliver goods to the buyer at a later date in exchange of an  advance payment.   ·    One of the basic conditions for the validation of a sale transaction in Shariah is that the commodity (intended to be sold) must be in the physical or constructive possession of the seller. Salam sale is an exclusion from this general rule subject to certain specific provision. ·    In  Salam  sale,  the  seller  obtains  advance  payment  against  an  obligation  to  deliver  the commodity later and accordingly, he gets the benefits through covering his financial needs whether these are personal expenses or expenses for productive or trading activity. On the contrary,  the  purchaser  gets  the  discounted  prices  for  the  commodity  and  gets  the commodity according to the time of his desire. ·    Salam is beneficial to the seller as well as buyer, as one receives the price in advance a nd other is charged lower than spot sale price. ·    Salam  sale  is suitable  for  a  number of trading  and  business  operations  including  as  an alternate to traditional finance of agricultural operation.

Allah has permitted trade and forbidden usury

OUR VISION

 

To be the Premier Islamic Bank providing innovative Financial Services, based on the Principles of Shariah.

OUR MISSION

 

To translate true Islamic economic principles in to practice, with firm beliefs to establish an economic system based on the Final Revelation. By partnering with our customers in Halal earnings with employing best business practices, the latest financial services technologies and placing our trust in Allah we are confident of our success in achieving constant economic growth, creation of job opportunities and poverty alleviation.

OUR VALUES   

   

WAY OF LIFE
We believe in living according to Islamic values and Principles.

CUSTOMERS
We value our customers and hold their satisfaction as our priority.Our customers are our dearest and most cherished assets.

ACCURACY AND EFFICIENCY
We understand that our customer’s time is very precious so we strive to deliver the best, accurate, efficient and timely service.

STRONG RELATIONSHIPS
We seek customer’s loyalty and works on strengthen their relationships with us.

INNOVATION
We care about making a difference in our customers experience and seek to constantly innovate and enhance our service to them.

TEAM WORK
Teamwork is the basis of every thing we do in the Bank. We respect and value all ideas and points of view that contributes to the overall improvement of our Bank’s performance.

 

Shariah Supervisory Committee    

  

Mufti Muhammad Zahid (Chairman)
Vice President,
Jamia Islamia Imdadia,
Faisalabad

Syed Muhammad Abbas (Member)
Principal,
Quaid-e-Azam College of Commerce,
University of Peshawar,
Peshawar.

Professor Dr. Dost Muhammad Khan (Member)
Director,
Sheikh Zaid Islamic Centre,
University of Peshawar,
Peshawar.

Dr. Shahzad Iqbal Sham (Member)
Associate Professor,
Head Department of Correspondence Courses,
House # 339, Swan Road, G10-3, Islamabad.
Islamabad.

Mr. Muhammad Ayub (Member)
Director Research and Training,
Riphah Centre of Islamic Business,
Riphah International University,
274 Peshawar Road,
Rawalpindi.

Mr. Abdul Samad (Shariah Advisor)
The Bank of Khyber, Islamic Banking Group,
State Life Building, 6th floor,
34, The Mall, Peshawar Cantt.