Salam Contract

A forward sale contract where advance payment is made for goods to be delivered later. The goods sold do not exist at the time of concluding the contract but the actual specification of the goods including the quality, size, price, and description must be specified and agreed upon in the contract. Thus, the goods price is paid in advance and the delivery will be delayed to a specific date provided that the goods can be delivered at that date. Salam sale contract is definite and does not contain the option of condition to any of the contract parties.
The Bank sign Salam contracts to purchase goods that will be delivered later for advance payment and re-sell goods similar to what he bought to a third party through a parallel Salam contract without any link between the two contracts.


 

 

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