السَّـلَم في الأوراق النقدية بيـن الشريعة والتطبيق المصرفي .................................. Salam in Paper Currency in the Shariah and Banking Practice

الملخص

Salam refers to a contract in which advance payment is made for any goods to be delivered in future. Although the apparent analogy requires its impermissibility, since it involves the sale of a non-existing commodity, however, the Shariah permits it on the basis of Istiḥsan (Juristic Preference) to satisfy the needs of the people. Due to the inconsistency prevailing in the matter of Salam, the Sunnah has stipulated certain conditions in order to make the contract conclusive. These conditions include the specifications of weight, kind, quality, and the duration of the contract etc.

            In the era of Prophet (صلى الله عليه وسلم), gold and silver were used as medium of exchange. In this regard, the Prophet SAW laid down directions that if the exchange will be homogeneous in nature (e.g. exchange of gold with gold or silver with silver), then the possession must be equal and must conclude on the spot. Whereas in non-homogeneous contracts, both the volume of gold and silver may fluctuate, however, the possession of both the entities should take place on the spot.

            On these bases, the Jurists have laid down the basic prerequisite for the permissibility of Salam, that, it could be conducted in those commodities only which can be specified. This condition was stipulated to exclude gold and silver from the scope of Salam.

            After the occurrence of the practice of using paper currency as medium of exchange, the views of Jurists began to differ regarding the legal acceptance of Salam in paper currency. Majority of the contemporary scholars are of the view that Salam is not permissible in paper currency while some scholars of Indian subcontinent allow it. This paper critically examines the view of permissibility and its application in the Islamic banks of Pakistan.