Al-selm
Al-Salam sale is an Islamic financing formula that allows the customer to pay the price of the commodity in advance while postponing its delivery to a future period. This type of sale is beneficial to both the capital owner, who needs to purchase the goods, and the owner of the goods, who needs the price in advance to finance his production. Salam sale allows banks and merchants to provide financing to producers without dealing with usurious interest, making it a legitimate and acceptable method in Islam.
Types of service:
- Direct Al-Salam sale: In which goods that are produced in the future are sold, where the buyer pays the price in advance and the goods are delivered later according to the agreement.
- Parallel Salam sale: Involves concluding a Salam sale contract with the buyer and another contract with the producer, allowing the bank to deal with the products as real goods instead of cash.
Service features:
Sharia Compliant
Al-Salam sale is in line with the principles of Islamic Sharia, as it avoids usurious interest.
Profit Making
It allows banks and merchants to make profits by disposing of products without the need to deal with cash.
Facilitating financing for producers/Workers
Provides farmers and producers with funds in advance to finance their production, which contributes to supporting the local economy.
Real trade
Enhances the role of the bank as a real commercial entity and not just a financial intermediary, which contributes to developing the market.