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Bai Salam is an Islamic contract in which full payment is made in advance for specific goods to be delivered at a future date. It is necessary that the quality of the commodity intended to be purchased is fully specified leaving no ambiguity leading to dispute. Bai salam covers almost every thing which is capable of being definitely described as to quality, quantity and workmanship. For Islamic banks this product is an ideal for Agriculture financing but can also be used to finance the working capital needs to the business customer.
It is one of the most popular Islamic Modes of finance used by banks in Islamic countries to promote riba-free transactions.
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Search interest data over the past 12 months indicates that this topic periodically attracts global attention. Sudden spikes often correlate with major news events, public statements, or geopolitical developments.