Bai Salam definition
Bai Salam means a contract in which advance payment is made for certain defined goods to be delivered later on a fixed date.
Bai Salam means a contract in which advance payment is made for certain defined goods (other than gold, silver and currencies) to be delivered later on a fixed date.
Bai Salam means a contract in which advance payment is made for goods to be delivered later on. The seller undertakes to supply some specific goods to the buyer at a future date in exchange of an advance price fully paid at the time of contract. It is necessary that the quality of the commodity intended to be purchased is fully specified leaving no ambiguity leading to dispute. The objects of this sale are goods and cannot be gold, silver, or currencies based on these metals. Barring this, ‘Bai-Salam’ covers almost everything that is capable of being definitely described as to quantity, quality, and workmanship.
More Definitions of Bai Salam
Bai Salam means advance sale and purchase. Bai-Salam may be defined as a contract between a buyer and a seller under which the seller sells in advance the certain commodity/products permissible under Islamic Shariah and the law of the land to the buyer at an agreed price payable on the execution of the said contract and the commodity/products are delivered to the buyer as per specification, size, quality, quantity at a future time in a particular place.
Bai Salam means advance purchase and sale.When a buyer and a Seller make a contract for sells in advance the certain commodities/products depends on Islamic Shari‘ah. Buyer agreed to pay the price on execution of the said contract and at a future time in a particular place the commodities/products are delivered as per specification, size, quality, quantity.
Bai Salam means a contract for the purchase or sale of commodities or equipments with prompt payment of the price for 25