Document Details

Document Type : Article In Journal 
Document Title :
Market Price of Salam on the Date of Delivery : Is it Permissible ?
السَّلَم بسعر السوق يوم التسليم هل يجوز ؟
 
Subject : Discussion Forum  
Document Language : English 
Abstract : Al-Salam is a kind of deferred sale, in which advance payment is made for goods to be delivered later on. There is consensus among the fuqaha on its permissibility if contracting parties agree on the price. However, some fuqaha have said that ‘the price’ means the one pervailing in a market on the day of contract, while others have allowed the market price on the date of delivery. Even some fuqaha think that agreement on the-latter price is possible provided a specific amount or a proportion of it is deducted from it. For example, if you pay 100 Saudi Riyal now and get after a year a commodity whose price in the market exceed by 10 over 100 Saudi Riyal, then this extra amount will be a kind of riba'l-nasiah , because the process is more akin to lending than sale. The sale contract in this case is free from any risk. And most probably the buyer will transform the sale of the commodity to exchange to get 110 . Thus, inspite of the fact that increasing price in credit sale is permissible to majority of fuqaha and similarly decreasing the price is also permissible in deferred sale, in which delivery of the commodity i delayed, the sale in the above mentioned case shall be invalid as it will be a subterfuge to earn interest. 
ISSN : 1018-7383 
Journal Name : Islamic Economics Journal 
Volume : 16 
Issue Number : 2 
Publishing Year : 1424 AH
2003 AD 
Number Of Pages : 3 
Article Type : Article 
Added Date : Sunday, October 11, 2009 

Researchers

Researcher Name (Arabic)Researcher Name (English)Researcher TypeDr GradeEmail
رفيق يونس المصريRAFIC YuNus AL-MASRIResearcher  

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