A Comparative Review of the Jurisprudential Views of the Khamsa Religions in Fiqh Ul-Bay Al Salam and their Contemporary Applications

Abstract

This study undertakes an in-depth comparative examination of the jurisprudential perspectives of the five major Islamic schools of law Hanafi, Maliki, Shafi‘i, Hanbali, and Ja‘fari regarding Bay‘ al-Salam, a distinctive form of forward sale in which full payment is made at the time of contract while the delivery of the specified goods is deferred to a future date. The research systematically analyzes the classical juristic foundations of Salam, tracing its legitimacy from the Qur’an, Sunnah, and the established practices of the Companions, and then evaluates how each school of law conceptualizes its legal rationale and scope of permissibility. Particular attention is given to the essential conditions of Salam, including the requirement of advance payment, precise specification of the subject matter in terms of quantity, quality, and type, the determination of the delivery date and place, and the avoidance of gharar (uncertainty) and ribā (usury(.The study further highlights the areas of consensus (ijmā) among the jurists such as the permissibility of Salam as an exception to the general prohibition of selling non-existent goods while also critically examining the points of divergence among the five schools, especially concerning the types of commodities eligible for Salam, the permissibility of Salam in non-fungible goods, the conditions related to delivery delays, and the implications of market volatility. By comparing these doctrinal variations, the research illustrates the methodological approaches adopted by each school, including their use of qiyās, istihsān, maslahah, and textual interpretation. In addition, the study explores the contemporary relevance and applicability of Bay‘ al-Salam within the framework of modern Islamic finance. It analyzes how Salam-based contracts are employed in agricultural financing, commodity trading, Islamic banking instruments, and supply-chain financing, particularly as a Shari‘ah-compliant alternative to interest-based lending. The paper also assesses the challenges and opportunities associated with implementing Salam in modern financial markets, such as risk management, standardization of contracts, regulatory compliance, and integration with contemporary financial systems. By bridging classical fiqh discourse with present-day economic realities, the research demonstrates the enduring flexibility and ethical foundations of Islamic commercial law. Overall, this comparative framework not only clarifies the jurisprudential nuances and methodological differences among the five schools of Islamic law but also provides valuable practical insights for policymakers, Islamic financial institutions, Sharīah scholars, and researchers. It underscores the potential of Bay‘ al-Salam as a viable, socially responsible, and Sharīah-compliant financing mechanism capable of addressing modern economic needs while remaining firmly rooted in the principles of Islamic jurisprudence.