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All Journal El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Journal of Ekonomics, Finance, and Management Studies
Kautsar Riza Salman
Fakultas Ekonomi dan Bisnis, Universitas Hayam Wuruk Perbanas, Indonesia
Religion Agriculture, Biological Sciences & Forestry Civil Engineering, Building, Construction & Architecture Economics, Econometrics & Finance Industrial & Manufacturing Engineering Social Sciences

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Reconceptualizing Salam Contracts: A Flexible Sharia-Compliant Framework for Modern Islamic Banking Kautsar Riza Salman; Entis Sutisna
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 7 No. 9 (2026): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v7i9.12716

Abstract

This study proposes a conceptual framework for an enhanced Salam contract model aimed at improving flexibility, operational efficiency, and practical relevance within contemporary Islamic banking. Although Salam is a Shariah-compliant forward sale contract with strong jurisprudential foundations, its institutional application remains limited due to contractual rigidity, sectoral restrictions, and operational challenges. Drawing on a systematic review of literature published between 2016 and 2026, this paper identifies key constraints in existing Salam practices, including narrow usage confined primarily to agricultural commodities, limited practitioner familiarity, and risk management concerns. In response, the study develops a conceptual model that extends Salam applicability to a broader range of goods and services meeting clearly defined specifications and introduces a structured price-adjustment mechanism that allows buyers to request discounts when delivered goods fail to meet agreed standards. This innovation is expected to reduce dispute risk, enhance legal certainty, and strengthen fairness principles in Shariah-compliant transactions. From a practical perspective, the proposed model has the potential to improve liquidity management, support product innovation—including digital and parallel Salam structures—and enhance institutional competitiveness.
Reconceptualizing Salam Contracts: A Flexible Sharia-Compliant Framework for Modern Islamic Banking Kautsar Riza Salman; Entis Sutisna
El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam Vol. 7 No. 9 (2026): El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam
Publisher : Intitut Agama Islam Nasional Laa Roiba Bogor

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47467/elmal.v7i9.12716

Abstract

This study proposes a conceptual framework for an enhanced Salam contract model aimed at improving flexibility, operational efficiency, and practical relevance within contemporary Islamic banking. Although Salam is a Shariah-compliant forward sale contract with strong jurisprudential foundations, its institutional application remains limited due to contractual rigidity, sectoral restrictions, and operational challenges. Drawing on a systematic review of literature published between 2016 and 2026, this paper identifies key constraints in existing Salam practices, including narrow usage confined primarily to agricultural commodities, limited practitioner familiarity, and risk management concerns. In response, the study develops a conceptual model that extends Salam applicability to a broader range of goods and services meeting clearly defined specifications and introduces a structured price-adjustment mechanism that allows buyers to request discounts when delivered goods fail to meet agreed standards. This innovation is expected to reduce dispute risk, enhance legal certainty, and strengthen fairness principles in Shariah-compliant transactions. From a practical perspective, the proposed model has the potential to improve liquidity management, support product innovation—including digital and parallel Salam structures—and enhance institutional competitiveness.
Co-Authors Entis Sutisna