Legal, Juridical and Financial Aspects of Salaf Contracts in Exchange

Salaf contract as a kind of sale in Imami fiqh and Iranian law is subject to the specific rules furthermore general rules in contracts among necessity of delivery in the contract assembly and deterrence of sale of salaf goods before overdue. Commodity exchanges established this kind of sale, hence it is necessary to survey that rules and requirements in this markets which its delivery occur after minimum 3 days and the buyers going to sell their goods which bought by salaf contract. The survey of juridical and legal justifications and approaches offered by authors and suggestion of abstraction idea of securities from its underlying contracts is the subject matter of this article. Indeed the issuer of securities by the authority granted by the governmental supervisor make the credital properties and the buyers and the sellers exchange this properties while forgave the underlying contracts and relations; the same role which central banks perform in monetory market.