An Islamic bank has launched a product based on Salam in order to provide cash finance for its retail and corporate customers
Fatawa Question
An Islamic bank has launched a product based on Salam in order to provide cash finance for its retail and corporate customers. As per the product structure, the customer will sell to the Islamic bank a certain quantity of a described commodity in consideration of the price paid by the Islamic bank on an upfront basis immediately upon signing the Salam sale agreement. The delivery of the goods will be on a staggered basis on defined future dates. In order to address all possible scenarios related to the product, the Islamic bank has requested to know the Shariah compliant solution if the customer seeks from the bank an early settlement of its obligation under Salam financing facility.
Fatwa
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Publisher
Publication Date
2015-03-11
Country of Publication
Malaysia
Main Subjects
Economics & Business Administration
Islamic Studies
Data Type
Fatawa
Language
English
Record ID
BIM-783051
American Psychological Association (APA)
Hassan, Husayn Hamid. 2015-03-11. An Islamic bank has launched a product based on Salam in order to provide cash finance for its retail and corporate customers. . Kuala Lumpur Malaysia : Islamic Finance News.
https://search.emarefa.net/detail/BIM-783051
Modern Language Association (MLA)
Hassan, Husayn Hamid. An Islamic bank has launched a product based on Salam in order to provide cash finance for its retail and corporate customers. Kuala Lumpur Malaysia : Islamic Finance News. 2015-03-11.
https://search.emarefa.net/detail/BIM-783051
American Medical Association (AMA)
Hassan, Husayn Hamid. 2015-03-11. An Islamic bank has launched a product based on Salam in order to provide cash finance for its retail and corporate customers. Kuala Lumpur Malaysia : Islamic Finance News.
https://search.emarefa.net/detail/BIM-783051
