The object of a salam contract which is exchanged for the price (thaman or ras-ul-mal). It is the commodity or item that the seller (al-muslam elihi) is obliged to deliver to the buyer (al-muslim) at delivery date. Shari’a stipulates that salam contracts are concluded on fungible goods, like those that may be weighed, counted, measured, etc. That is, goods whose articles or units don’t differ in terms of specifications in any significant matter. For example, a salam contract may have as underlying the units of a product manufactured in approximate specifications that are usually identified by trademarks and are available, in normal market conditions, at any time.

Shari’a doesn’t permit that salam has a specified (non-fungible or ghair mithli) item as underlying, i.e., an item for which there is no similar items (replacements) in the market like a specific plot of land, building, car, etc. The same applies to objects whose values are based on subjective assessment such as jewelry and antiques.