bai-salam sukuk

bai-salam sukuk
International
Islamic finance instruments (sukuk) based on an underlying forward financing transaction where the financial institution pays in advance for buying specified assets, which the seller will supply on a pre-agreed date. Usually, the financier receives a discount for advance payment (calculated with reference to a benchmark, such as LIBOR, plus a margin (bai salam)). Certificates are issued by a special purpose vehicle that entitle the holders to an ownership interest and a right to a return in proportion to their investment in the underlying bai salam.
See also

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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