Bai Salam (بب ب سلpalestinian, more precisely transcribed than Bai us Salami) is an Islamic contract in which full payment is made in advance for certain goods (often agricultural) that will be delivered later. It is necessary that the quality of the product to be purchased is fully specified, without ambiguities giving rise to disputes. Bai Salam covers almost everything that can be described in quality, quantity and treatment. For Islamic banks, this product is ideal for financing agriculture, but can also be used to finance working capital needs for the business client. It is one of the most popular Islamic financing methods used by banks in Islamic countries to promote riba-free transactions.  At the time of delivery on the specific due date, the bank has several options to choose from: the bank receives the goods on the due date and sells them either in cash or on credit; or it may authorize the seller to sell the goods on its behalf for a fee (or no fee); or it may order the seller to deliver the goods to a third party (the buyer) in accordance with a previous promise to purchase, the promise being that the buyer will buy from the bank. Once the delivery is arranged by one of the above options, the goods are sold by a sales contract between the bank and the buyer. In this contract, the bank undertakes to sell the goods for cash or a deferred price higher than the purchase price of Salam paid by the bank to the seller. The buyer undertakes to purchase and pay the price in accordance with the agreement. one. The performance, delivery and performance of the main documents by the Supplier (i) is not contrary to any existing laws, regulations or approvals to which the Supplier is subject, (ii) results in an infringement or delay under any agreement or other instrument to which the Supplier is or is subject, or (iii) in breach of any provision of the Supplier`s Governing Documents or a resolution adopted by the Board of Directors, or r of the supplier; b. The annual accounts, together with the notes on the accounts and all contingent liabilities and assets contained therein, constitute a genuine asset position of the supplier`s business and, to the supplier`s knowledge, there are no significant omissions and/or misrepresentations.
c. All necessary business and administrative authorizations that the Supplier must obtain in order to file the Main Documents are fully in force and effective, and such authorisations allow, inter alia, the Supplier to obtain in advance the full sale price under this Contract and to fulfil its obligations under this Contract and that the performance of the Main Documents by the Supplier and the exercise of its rights and the performance of its V`s obligations arising from this contract, which constitute private and commercial activities for private and commercial purposes; Early and contemporary jurists agree on salam`s legitimacy.  As a general rule, under Sharia law, no sale is legal unless the goods sold are present at the time of the agreement. The sale of Salam is an exception found in the hadith of the prophet of Islam Muhammad (collections of his proverbs and teachings), provided that the goods are defined and the date of delivery is fixed.  After emigration from Mecca, Muhammad arrived in Medina, where people paid in advance the price of fruits or dates that had to be delivered over one, two or three years.  However, such a sale was made without indication of the quality, measurement or weight of the product or the date of delivery. . . .