Designing professional banking models to implement the fatwas of the rule of, EzalatElghabn and Iqala , Replacement for the sale of Salam

Abstract

The application of the Salam contract in Sudanese banks and financial institutions has faced many problems , which prompted the relevant parties to resort to the supervisory and legal authorities to decide on the cases referred to them. The research aimed to highlight the jurisprudential and economic frameworks for the Salam contract and its banking applications. The study worked on developing the utilization of banks’ resources by using the Salam contract and focuses on transposing Fatwa and jurisprudential opinions issued regarding the Salam contract (Iqala, EzalatElghabn and replacement) to practical and professional application, by making banking and professional models. The first and second models indicate how to implement the EzalatElghabn in the extend of a price increase in cash and in kind.The third model explains how to EzalatElghabn in kind in the event of a decrease in prices.Whereas , the fourth model includes a mechanism for applying partial and total Iqala in the event of price stability. As for the fifth and sixth models, they deal with the application of partial and total Iqala with the EzalatElghabn - in cash and kind - in case of high prices. The seventh and last model deals with how to apply for replacement and compensation if the agreed-upon product is not available at the outset.