- Al Baraka Group
- Branches & ATMs
Al Salam Sale
Al Baraka Sudanese Bank provides financing in the form of Al Salam and pays the price of a commodity (the delivery of it) immediately and receives in return for the commodity that commodity at a later date so that the customer can obtain the money necessary to complete his agricultural and industrial work.
Areas where AlSalam Sale Is Applicable
Salam sale is suitable for financing agricultural operations, as the bank deals with farmers who are expected to have the commodity available in season from their crops or others’ crops that they can buy and deliver if they fail to deliver from their crops. With this financing, they are provided with the necessary expenses for production operations. Salam sale is characterized by its response to the needs of various and numerous segments of people, whether agricultural or industrial producers, and its response to financing operating and capital expenses.
Steps of AlSalam Sale
- The customer submits a request to the bank expressing his desire to sell a commodity to the bank with specific specifications, quantities and prices, to be delivered at a later date, provided that the bank pays the price immediately.
- The bank studies the process and, after ascertaining the economic feasibility, sets the terms and guarantees for its ratification.
- The bank signs a Salam contract with the customer in which the customer undertakes to deliver the commodity, specifying the place and time of delivery.
- Sign contracts and take guarantees.
- After receiving the agreed guarantees, the bank pays the agreed value of the commodity to the customer's account.
- The customer, on the agreed date, will deliver the agreed upon commodity.