International trade and other sales : enquiry on Salam, and Ijarah Sukuk

السؤال

Assalamu Alaykum Doctor, hope this mail reaches in good health. Sir, could u please provide explanation on the following : 1) Salam : in agricultural finance where the bank provides funds to farmers in advance with the agreement that the bank will buy its produce at harvest. Sir, can the bank and farmers reach an agreement with farmers that the future price of the produce should be a percentage of the prevailing market price at the time the bank is to take delivery of the goods from the farmers instead of fixing a fixed price ab initio ? Salam price must be determined in advance at the time of contract, it must also be paid in full to the seller at the time of contract. It cannot be left to be set at the time of hearvest under whether as full market price then or a percentage of it. What can be done instead is to secure a purchaser with a binding promise to buy the goods at a given price. This way your finance’s expected return will be known in advance at the time of buying on Salam. Also this way, the Salam contract with farmers along with a promise to buy at a given price from users of the goods (say flour mills for wheat) would help stabilize the prices of agriculture and serve the same objective as true non-speculative forward market. 2) In Ijarah Sukuk, sir who bears the risk of any calamity that may befall the leased asset (like inferno) ? And what is done in practice to prevent such calamity obviously the asset is owned by the Sukuk holders and this ownership is in fact what gives them entitlement to earning the rent. Whatever may happen to the asset is thus the liability of the owner. The owner remain required to always keep the asset available in shape to provide the usufruct which is sold to user / lessee. The Solution is Takaful and when it is not available we need to create it but meanwhile we use conventional insurance. This is a must solution for any Ijarah Sukuk. Insurance must cover the asset and its rental earning together not only the asset so that Sukuk holders can be fully secured. In addition, since the rent is a debt on the lessee, adequate collateral / guarantees can and should be obtained from lessee to secure this debt.

جواب الفتوى

أنقر هنالمشاهدة هذا المحتوى

تاريخ النشر

2011-08-02

التخصصات الرئيسية

الاقتصاد و التجارة
العلوم المالية و المحاسبية
الأديان
الدراسات الإسلامية

الموضوعات

• الفقه الإسلامي
• البيوع
• العقود
• التأجير
• المزارعون
• سياسة الأسعار
• التكافل
• التمويل
• التجارة الدولية
• أصحاب الأسهم
• اقتصاد السوق
• البضائع
• الباعة و المشترين
• السندات المكتوبة

عدد الصفحات

1

نوع البيانات

فتاوى

لغة النص

الإنجليزية

رقم السجل

BIM-734309

• APA
• MLA
• AMA