تلخیص
Financing and procurement play a vital role for the success of small and
medium enterprises (SMEs), but, riba and gharar, commonly used in
conventional transactions, are the barriers for the Muslims to get
benefit of this deal. Riba is pre-determined excess return to the extended loan
while Ghrar is a kind of uncertainty that may lead to dispute. Gharar includes
selling of commodity which does not exist or which is not owned and
possessed by a seller. Bai Salam is the best alternate Sharia compliant solution
to riba and gharar based transaction. Bai Salam which is generally used in
agricultural products can also be employed on non-agriculture objects. It can
also be executed by way of parallel Salam. This paper aims to discuss Bai Salam
and its implications on SMEs in the context of 2011 Punjab Assembly Bill.
Dr. Sheikh Muhammad Ishtiaq, Hafiz Muhammad Sarfaraz Nihal, Muhammad Mubashir Mukhtar. (2015) An Alternative Islamic Mode of Finance for SMEs: A Case for Bai Salam, Islamic Banking and Finance Review, Volume 2, Issue 1.
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