Introducing Salam as an alternative financing tool for paddy field cultivation in Sri Lanka : special reference to Eastern province

Abstract

Islamic banking is one of the fastest growing industries all over the world. In Sri Lanka even it is a non-Muslim country it has achieved a significant growth within the short period of time. As an alternative to Interest based financial institution, Islamic financial institutions also offer their customer varies financial products according to modern financial needs. However, there are certain classical Islamic financial products less usage like ‘Salam’ even though it’s an original financing mode. This paper attempts to propose potential application of ‘Salam’ in Islamic Financial Institutions in Sri Lanka