Sale of Object before Due Date in Futures Contract

Salaf or Salam (Futures Contract) is one of the types of sale and is opposite of credit transaction. According to Fuqahā (jurists) object of sale in futures contract is a general descriptive in seller’s debt which is sold for cash and for a due date. In addition to general sale rules and regulations, it is imposed special rules for this sale such as taking all prices in contractual meeting before buyer and seller separating from each other, determining the delivery time, possibility of delivering the goods at the due time and prohibition of selling the object before the due time. While expressing a valid available ʼIjmāʻ (consensus) in this issue and referring to different jurisprudential books in order to refute the claim that agreement of the jurists is weak, this article in an analytically-descriptive method and with a fundamental-applied approach has discussed the presented reasons in this sub-jurisprudence among the two major sects (of Shi’a and Sunni). Considering the effectiveness of futures contract in financing production and moving towards the removal of usury from economic relations and in order to solve problem of not-allowing the reselling of object before the due time and benefit from this contract in capital market, Islamic economists suggest the use of contracts such as compromising the object of sale, non-gratuitous donation and parallel salam. It seems, considering being appropriative of futures contract and affirmative barriers of parallel salam and non-gratuitous donation and compromise, that it is impossible to apply this type of contract in capital market due to frequent resale of object of sale in secondary market and discrepancy of traders’ mentality with three mentioned conditions for correction of parallel salaf and such solutions has conventional union with the examples.