salam
Installation
SKILL.md
THE STRUCTURE
Salam: The bank pays in FULL and IN ADVANCE for a commodity to be delivered at a specified future date, location, and of specified quality and quantity.
Shariah requirements (all must be met — if any fails, contract is void):
- Full payment at contract date (not deferred)
- Commodity is fungible and standardised (gold, wheat, oil — not unique items)
- Delivery date, location, and quantity all specified precisely
- Commodity need not exist at contract date (unlike conventional spot contracts)
AAOIFI FAS 7 — SALAM RECEIVABLE
At contract execution (payment of advance): Dr: Salam Receivable [Full payment amount] Cr: Cash [Full payment amount]