SALAM - Summit Bank


Salam is a sale whereby the seller undertakes to supply some specific goods to the buyer at a future date in exchange of an advanced price fully paid at spot. The contract of Salam creates a moral obligation on the Salam seller to deliver the goods. The Salam contract cannot be cancelled unilaterally once signed. (reference: Introduction to Islamic Finance– Mufti Taqi Usmani).

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Last Updated 2023-03-20

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