Jadid Muashy Masail - By: DR - Mufti Abdulwahid Sahab

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Æ Meezan Bank's guide to Islamic Banking [ Â
232 @223 ] ,
The Principle of Limited Liability 6
Xì Ð yZÄÆ
X • ˜Øæ * 
Ññ~k’~ m 
ôZ%Z 7Â~k’zŠg Z
As a humble student of Shariah, this
author have been considering the issue
since long, and what is going to be
presented in this article should not be
treated as a final verdict on this subject,
nor an absolute opinion on the point. It is
the outcome of initial thinking on the
subject, and the purpose of this article is
to provi de a foundati on for further
research.
( Meezanbank's guide to Islamic Banking P-224)
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The limited liability in the modern
economic and legal terminology is a
condition under which a partner or a
sharehol der of a busi ness secures
himself from bearing a loss greater than
t he a m o unt he ha s i nv e s t e d i n a
company or partnership with limited
liability. If the business incurs a loss, the
maximum a shareholder can suffer is that
he m ay l o se hi s e nt i r e o ri g i nal
investment. But the loss cannot extend to
his personal assets, and if the assets of
the co mp a ny a re not s uff i c i ent to
discharge all its liabilities, the creditors
cannot claim the remaining part of their
receivables from the personal assets of
the shareholders.
Rather, it will be truer, perhaps, to say
that the concept of 'limited l iabi lity'
originally emerged with the emergence of
the corporate bodies and joint stock
companies. The basic purpose of the
introduction of this principle was to attract
the maximum number of investors to the
large-scale joint ventures and to assure
them that their personal fortunes will not
be at stake if they wish to invest their
savings in such a joint enterprise. In the
practice of modern trade, the concept
proved itself to be a vital force to mobilize
large amounts of capital from a wide
range of investors.
The question of 'limited liability' it can
be said, is closely related to the concept
of juridical personality of the modern
corporate bodies. According to thi s
concept, a joint-stock company in itself
enjoys the status of a separate entity as
distinguished from the individual entities
of its shareholders. The separate entity
as a fictive person has legal personality
and may thus sue and be sued, may
make contracts, may hold property in its
name, and has the legal status of a
natural person in all its transactions
entered into the capacity of a juridical
person.
The basic question, it is believed, is
whether the concept of a 'juridical person'
is acceptable in shariah or not. Once the
concept of 'juridical person' is accepted
and it is admitted that, despite its fictive
nature, a juridical person can be treated
as a natural person in respect of the legal
consequences of the transactions made
in its name, we will have to accept the
concept of 'limited liability' which will
follow as a logical result of the former
concept. The reason is obvious. If a real
person i.e. a human being dies insolvent,
his creditors have no claim except to the
extent of the assets he has left behind. If
his liabil ites exceed hi s assets, the
creditors will certainly suffer, no remedy
being left for them after the death of the
indebted person.
Now, if we accept that a company, in
its capacity of a juridical person, has the
rights and obligations similar to those of a
natural person, the same principle will
app l y t o a n i nso l v ent c om pa ny . A
company, after becoming insolvent, is
b o u n d t o b e l i q u i d a t e d : a n d t he
liquidation of a company corresponds to
the d eat h of a pe rso n, b ecause a
company after its liquidation cannot exist
any more. If the creditors of a real person
can suffer, when he dies insolvent, the
creditors of a juridical person may suffer
too, when its legal life comes to an end
by its liquidation.
Meezanbank's guide to Islamic Banking pp
223-225
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Xì ÅV- p°Å¿ä (Salmond) r‚
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capability of interests and therefore of rights, of acts
and there fore of duties. (Jurisprudence by M. Farani
p.118)
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An entity to which rights and duties may be
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X • D™s  ŸzÐW (Keeton) èE4G
In law, we are concerned with legal persons,
whether they are natual i.e., human beings capable of
sustaining rights and duties or artificial or juristic i.e.
groups or things to which law attributes the capacity of
bearing rights and duties. (Jurisprudence by M. Farani
p.118)
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{gÃè
Xì Š XZ ¦Z ºZgzZ ¦¡Åyâ ‡¿ãâ ‡ -1
Legal personality is therefore an artificial creation
of law. (Jurisprudence by M. Farani p.119)
Û ¿ì eÃÚ TgzZ •Tyâ ‡ -2
Xì Y}Šg Z Œ
so a legal system may pesonify whatever beings or
objects it pleases. (Jurisprudence by M. Farani p.118)
zz Å q Z ºZÆ,ã â ‡
But legal personality remains, in essence, merely a
convenient juristic device by which the problem of
organ is ing ri gh ts an d d uti es is ca rr ie d o ut.
(Jurisprudence by M. Farani p.120)
z t £Ð Tì=g f ãâ ‡y‚ Wq
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Xì @
( Å ~g »tâužœ) u 6zZŽ ~ÃÅyâ ‡±

ì ¿ã â ‡v
A group of persons, such as a Joint Stock
Company or a Corporation aggregate may be regarded
as a person in law Here although the company consists
of human beings it is the company as such, distinct
from the human beings that comprise the company,
that is regarded as a pesron in law and invested with
rights and duties. (Jurisprudence by M. Farani p.119)
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z uh gzZxsZ )Xì CƒŠzö~g ZŠ)f Å v² Cƒ
( 61, 62m]g ˆ
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Cär ÑñŠpŽ :
 ™ ã¢ i*  » kZ
ìt
The basi c purpose of the
introduction of this principle was to attract
the maximum number of investors to the
large-scale joint ventures and to assure
them that their personal fortunes will not
be at stake if they wish to invest their
savings in such joint enterprise.
} (ž ì t Ñ ~Š ã
» ä™g (Z Ã‚ ŸÆ ~g ZŠ )f Šzö
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iÐ {Š c
i ~ V1µ~g !
zg »žœ
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tâu ñƒ ñ Î Æ yZ ~ ]gßÅ y vž ñ Y c
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» ~g ZŠ)fŠzöžì s Z ‹ZŠpÃr
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EJ"
ìµnÆyÇyŠ nŒ Û gzZ è ZŠg¦
E4
G5
X • ˜ŠpØæ ã ¢i*
Ññ
No doubt, the concept of 'limited
liability' is beneficial to the share holders
of the company. but at the same time, it
may be injurious to the creditors. If the
liabilities of a limited company exceed its
assets, the company becomes insolvent
and is consequently l iquidated, the
creditors may lose a considerable amount
of their claims, because they can only
receive the liquidated value of the assets
of the company, and have no recourse to
its share-holders for the rest of their
cl a i m s , E v e n t he d i r e c t o r s o f the
company who may be responsible for
such an unfortunate situation cannot be
held responsible for satisfying the claims
of the creditors.
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As mentioned i n the books and
research papers of Isl ami c j uri sts,
companies come under the ruling of
Shirkat-ul-Ainan. (Meezan bank's guide to
Islamic Banking)
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But legal personality remains, in essence, merely a
convenient and juristic device by which the problem of
or ga n i s i n g r i gh t a n d d u t i e s i s c a r r i e d ou t .
(Jurisprudence by M. Farani p.120)
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1. Waqf
The first precedent is that of a waqf. A
waqf is a legal and religious institution
wherein a person dedicates some of his
properties for a religious or a charitable
purpose. The properties, after being
declared as Waqf, no longer remain in
t he o w ne r s hi p o f t h e d o n o r . T he
beneficiaries of a Waqf can benefit from
the co rpus or the proc eeds of the
dedicated property, but they are not its
owners. Its ownership vests in Allah
Almighty alone.
It seems that the Muslim jurists have
treated the W aqf as a separate legal
entity and have ascribed to it some
characteristics similar to those of a
natural person. This will be clear from two
rulings given by the fuqaha (Muslim
jurists) in respect of Waqf.
Firstly, if a property is purchased with
the income of a W aqf, the purchased
property cannot become a part of the
Waqf automatically. Rather, the jurists
say, the property so purchased shall be
treated, as a property owned by the
Waqf. It clearly means that a Waqf, like a
natural person, can own a property.
Secondly. the jurists have clearly
mentioned that the money given to a
mosque as donation does not form part
of the W a q f, b ut i t p as s es t o t he
ownership of the mosque.
Here again the mosque is accepted to
be an owner of money. Some jurists of
t he M a l i k i S c ho o l ha v e e xp r e s s l y
mentioned this principle also. They have
stated that a mosque is capable of being
the owner of something. This capability of
the mosque, accordi ng to them, is
constructive, while the capability enjoyed
by a human being is physical.
Another renowned Mal i ki j uri st,
namely, Ahmad Al-Dardir, validates a
bequest made in favour of a mosque,
and gives the reason that a mosque can
own properties. Not only this, he extends
the principle to an inn and a bridge also,
provided that they are Waqf.
It is clear from these examples that
the Muslim jurists have accepted that a
Waqf can own properties. Obviously, a
Waqf is not a human being, yet thay have
treated it as a human being in the matter
of ownership. Once its ownership is
established, it will logically follow that it
can sell and purchase, may become a
debtor and a creditor and can sue and be
sued, and thus all the characteristics of a
'juridical person' can be attributed to it.
2. Baitul-Mal
Another example of 'juridical person'
found in our classic literature of Fiqh is
28 Y |
?ì ^ Û zh
 z• yÅi¥H
that of the Baitul-mal (the exchequer of
an Islamic state). Being public property,
all the citizens of an Islamic state have
some beneficial right over the Baitul-mal,
yet, nobody can claim to be its owner.
Still, the Baitul-mal has some rights and
obligations. Imam Al-Sarakhsi, the well-
known Hanafi jurist, says in his work
"Al-Mabsut": "The Baitul-mal has some
ri g ht s a nd ob l i gat i o ns , w hi ch may
possibly be undetermined."
At another place the same author
says: "If the head of an Islamic state
needs money to give salaries to his army,
but he finds no money in the Kharaj
department of the Baitul-mal (wherefrom
the salaries are generally given) he can
give salaries from the sadaqah (Zakah)
department, but the amount so taken
from the sadaqah department shall be
deemed to be a debt on the Kharaj
29 Y |
?ì ^ Û zh
department."
It follows from this that not only the
B a i t ul - m a l , b u t a s l o t h e d i f f e r e nt
departments therein can borrow and
advance loans to each other. The liability
of these loans does not lie on the head of
state, but on the concerned department
of B a i tul - ma l . I t m ea ns t ha t e a ch
department of Baitul-mal is a separate
entity and in that capacity it can advance
and borrow money, may be treated a
debtor or a creditor, and thus can sue
and be sued in the same manner as a
juridical person does. It means that the
Fuqaha of Islam have accepted the
concept of Juridical person in respect of
Baitul-mal.
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32 Y |
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( 82 m]g ˆ
Once the concept of juridical person
is accepted and it is admitted that,
despite its fictive nature, a juridical
person can be treated as a natural
person i n respect of the l egal
consequences of the transactions made
in its name, we will have to accept the
concept of limited liability which will follow
as a logical result of the former concept.
(Meezanbank's guide to Islamic Banking
p.225).
33 Y |
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h gzZ xsZ ) ó óX } ™ “
 ZŠ'Šp { z ~g ZŠ ) f Å kZ ž
( 82 m]g ˆz u
Xì ÃûÐg ±Z &x¯ Zg7 t » *
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g pX c
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 @ Û Ã[g p
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» ä™ | ywâ g JŠ Z c Š : ]i YZ
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 Zz y- Š Ð äh
ä [g pX • Dƒ Z yg JŠ Z wâ Xì @
 ƒ g(Z
Û %Æ ]i YZ Å wÓZ [g
6[g p Â~g ZŠ)f Å yZ ÂVƒ n nŒ
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CgŠ ËQ X Zh
y Ù k• ä [g pX c
g JŠ Z yâ ‚ »g ZD ŠBzgÄÑ q
Z
Ù k• h
ðŸ »g ZD '× wÓZ [g Âˆƒ uh ~×gzZ w â Zg ‚t Ð ÄW
X Çƒ
çÖæ ÄnfÖ] ý‚nÏi ÜÖ ojÖ] èÏ×_ÛÖ] oÊ h…^–ÛÖ] Ô×Ûmæ -1
D470, 540 ” …^jíÚ …•E èÊ…^ÃjÚ èònŠÞ æ ‚Ïße ]‚‰^Ê
Ôm]†e ØÛÂ] p] ÔÖƒ äÖ ØnÎ á] æ èÞ]‚j‰ Ÿ]æ š]†ÎŸ] Ô×Ûm Ÿæ
ÔÖ^ÛÖ] “ßm ÜÖ ^Ú ÜnÛÃjÖ] oÊ ¡ì‚m Ü×Ê …^rjÖ] Änß‘ àÚ ^³ŠnÖ ^ÛãÞŸ
D4 t541 ” …^jíÚ…•E ^ÛãÓ×ÛnÊ ^Ûãn×Â
å‚ßÂ ‹nÖ æ àm• àÛ%e èÃ×‰ p†j•] ]ƒ] ^ÛÒ DèÞ]‚j‰Ÿ]æ äÖç³ÎE
àÚ å‚ ßÂ á^ Òç×Ê ! àÛ %Ö] Ô Öƒ ‹ßq à Ú o ò • èe …^ –Û Ö] Ù^ Ú à ³Ú
•…E oò• oÊ èÞ]‚j‰Ÿ] àÚ àÓm ÜÖæ èe…^–Û³Ö] o×Â ð]†• á^Ò äŠßq
D4 t 541 ” …^jíÛÖ]
B‚Æ oÑkZ Ã[g pwÓZ [g Lž
L ] ~y
Wt »Øæ *
Ññ -2
Z ó }
Ð kZ¤ ó ™“
 ZŠ'
Šp{z ~g ZŠ)f ÅkZž} Š ]i YZ Åh Û
 nŒ
Û ÇŠ Z%
Î ÃoÑkZ Âƒ »gZl „ X{Zpì nŒ
èYì w‰„ *
ƒ 7g (Z » ¶Š h
g(Zt X @ Û Ã[g pÌA
 nŒ ƒ Ç"
g p
X }Š}Š ]i YZ6gîxÅkZŠpw ÓZ[g Z Ü z ÏZ
 ì M‰
u Å ñâužì Š Z%ÅØæ *
Ã[g pwÓZ [g J ZgzZ -3
Ññ¤
Ð] kZÆ * tž 67Å {Š c
Ññ] ! iì êŠ ]i YZ Åh Û
 nŒ
Æ oÑkZ ]i YZ Åh Û ÃvÐ s§Å y Zg ZŠz L ž
 nŒ L ì VÈ
iÐbâuñƒ ñÎ ~g ZŠ)f ÅVçŒ
: {Š c Û y Z6ëžì CƒB‚
9zgÄÑq
ZÃ[g pwÓZ [gèYì ] !  ó Xó ƒ
"t ÌA
Å] !
n }g v6í pì ]i YZ Å h Û »ž ì HgzZ ì êŠ
 nŒ
kZ [g pX Çƒ: {Š c Û ñƒ
i Ð ñ âu ñƒ ñÎ }÷)f » nŒ
Ù kŠÄÑ q
»g ZD Z ÀgzZì © Û 9zgg ZD
nŒ Ù kŠÐ Ë6]i YZ o zæ
Y ƒ uh w â Zg ‚ Ð ÄW CgŠ ËQ Xì @
[ Z Xì @ y
h y â ‚
~Š ]i YZ Åh ÛJ
 nŒu Å ñâuä ?žì HÃwÓZ [g [g p
Û kZ ?Z®Xì 1nŒ
)fÆ ¶ŠÆnŒ Û »g ZD
Ù kŠ sÜä ~gzZ ¶
Û Æ 9zg kŠ sÜ H Â9zg g ZD
Ì~ nŒ Ù kŠ ]gßt gzZ Xƒ g ZŠ
Xì Cƒ ~g Y
Û n¾
w ÓZ [gž ì t sÜ ]gß Å ~g ZŠ )f Šzö~ nŒ
} Š : Ð „ }u ]i YZ Åh
6w ÓZ [g Â:ž @ Û Ã[g p
 nŒ
@ Û ÃkZ „: gzZ X ñ W~g ZŠ) f ÅnŒ

Ã » nŒ
ƒ b§kZŽƒ Ýq {Z Û
{Š c Ù ªÐ Tì @
i œžìC Û [g pžì
Î~ ]g ˆÌ¶g ÅnŒ
X ì @
ƒ
Û Åig®ƒ ¥Æ vb§ÏZ
~ ]gßÏZ sÜ~g ZŠ)f ~ nŒ
Û ÃyZI]
 nŒ
ƒ: Þ]i YZ Åh  ÏƒŠzö
Z e Ð s§Å yZ Z
Û {zž Çƒt ÂÈ » kZ:gz
%Æu Ë Â«oÆ nŒ
•Te ¢
t X • T e ´g ŠzDÉ Šzö6
] ! Û²
zZ LZ ÃV- g ZŠ)f Å nŒ
Xì s ÜÆ‚ŸÆ ÜßÇÖê Ý†ÇÖ]
Vµê sÜ~g ZŠ)fŠzöž m?ÅØæ ã ¢ *
ìgJ Ññ-II
• ˜Øæ *
Ññ
So, the concept could be restricted, to
the public companies only who issue their
shares to the general public and the
number of whose shareholders is so
large that each one of them cannot be
held responsible for the day- to- day
affairs of the business and for the debts
exceeding the assets.
As for the private companies or the
partnerships, the concept of limited
47 ?ì òsZ x Â»…‚ H
laibility should not be applied to them,
because, practically, each one of their
shareholders and partners can easily
acquire knowledge of the day-to-day
affairs of the business and should be held
responsible for all its liabilities.
There may be an exception for the
sleeping partners or the shareholders of a
private company who do not take part in
the business practically and their liability
ma y b e l i m i te d a s pe r ag r ee m e nt
between the partners.
If the sleeping partners have a limited
liability under this agreement, it means, in
terms of Islamic jurisprudence, that they
have not allowed the working partners to
incur debts exceeding the value of the
assets of the business. In this case, if the
debts of the business increase from the
sp e c i f i e d l i mi t , i t w i l l b e t he s o l e
responsibility of the working partners who
48 ?ì òsZ x Â»…‚ H
have exceeded the limit. (Meezanbank's
guide to Islamic Banking p 231, 232)
LZŽ ì YY 3gŠzöJ
Vµê sÜg¦t Z®
ãZ ‰•qÆ XgzZ • C™ ~g Y n Æ ê ‰
] 5ç Cg ˆÆ {%izgÃq Ù Ð ~ yZž• Dƒ {Š c
ZC i
X YY c ÛZ
¯ 7g ZŠ)f »] Y£ŒZiÐ VN U
ZgzZ
Šzö~ yZ Âì m» • vf
 ZÑ c ÇZ6J
V˜
Ù c
ÑC
izg q Ù » yZèY ’ e ãƒ 7~g ZŠ)f
‰ïqC
x ÓÅkZ {z n kZgzZì Yƒ •Zz6] 5ç Cg ˆÆ {%
’
5.)
ÿG Æ vf ÇZ6%Z Xì Y0 gZŠ )f » V°ZŠ Z
n~ ]g ˆŽ ‰ïq c Ñ
(Sleeping Partner) q
Xì $ Ë ƒŠzö~g ZŠ)f Åy Z • 7q
Ñ
’
5.)•Æ DõÎâ Æ Y »Ñ¤
)f ŠzöÃq
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’
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ÿG
kZ X ~Š 7]i YZ Å h Û {Š c
 nŒ i Ð ] Y X U
Z ÃY »Ñ
izˆ Ð qâ Å ] Y X U
Z nŒ Û ~g ! Z ~ ]gß
zg» ¤
’
5.¡~g ZŠ)f Åy Z ÂN Y™
X Ïƒ6ÿG
•ëë
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P Ì~ ]g „kZ ÅØæ ã¢ *
Ññ
~g ZŠ)fŠzö~•
 ZÑgzZ vf
ÇZ6L –t Â¬ ä *
Lž Ññ-1
49 ?ì òsZ x Â»…‚ H
g! Ù c
ÑC
zg »q Ù » y Z Lž
‰ïqC L ðCtzz ÅkZgzZ ó ó’ e ãƒ 7
» V°ZŠ Z x ÓÅ kZ {z n kZ gzZ ì Yƒ •Zz 6] 5ç {%izgÆ
ó Xó ì Y0g ZŠ)f
’
5.)Ð zz Å xÀ~ q
ÿG Ù c
ÑC Ù ª p ÖZ {>â
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X 7q Ù gzZì 4ZŠ Ìq
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’
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Ñ n~ ]g ˆŽ ‰ïq c
Ñ
q
ó Xó ì $
Ë
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kZ ÅØæ *
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zg »Æ {%izggzZ • q
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zg »Æ {%izg {zž• M
Û gzZ V NU
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„
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Z®X Cƒ 7Šzö~g ZŠ)f Å[g p1ì CƒŠzö Â~g ZŠ)f ÅwÓZ
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Zi ~ ñâuÆ wÓZ [g èEG 4E
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( 82 m]g ˆz uh gzZxsZ ) ó Xó @
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kZ c g p ðƒ ðC ÅŠpÅØæ *
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50 ?ì òsZ x Â»…‚ H
Dƒ •Zz sÜ: Ð gñZ x ÓyZI]
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I]
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ÆØæ *
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Z eÆ vp L L
ó Xó ì ŠzöÌ~g ZŠ)f ÅkZì ã â ‡
äƒ ~g ZŠ)fÆ y ZI]  žì Â¸ x £ » ä™g¨èÑq
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Ññˆ~Š~ hÆ~g ZŠ)fŠzöÅv -III

Å ã¢*
[ ZŽ » kZgzZ?ŠgzZq
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51 ?ì òsZ x Â»…‚ H
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As mentioned i n the books and
research papers of Isl ami c j uri sts,
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companies come under the ruling of
Shirkat-ul-Ainan. (Meazanbank's guide to
Islamic Banking)
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64 ?ì òsZ x Â»…‚ H
 Z®ì Cƒ gÃè ~ Memorandum of association
ðÃZ
D™tÃoÑkZ {z Âì @
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Tì ‡ Ã Z®ì s ÜÆ -ñ~oÑtèa gzZ ì @
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h ñƒ
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The directors are empowered by the
company`s articles of association to
borrow or raise money or secure payment
of any sum or sums of money for the
purpose of the company's business.....
ì Ýqg (Z ÃyZI]Z e •Æ cZ ÏÁZ s W<gWÆ v
™ÇZ ¶g c
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 á£Œ zg »Æ v{zž
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To borrow money from time to time
required for any of the purpose of the
company by receiving advances of any
sum or sums of money with or with-out
security upon such terms as the directors
may deem expedient ..........
To issue or guarantee the issue of or
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the payment of interest on the shares,
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ä kZèY Ç ñ Y ¹7! IÉ ^
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125
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126
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Xì ^
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127
Xì —v…‚
The Company shall act as a Mudarib for
the purpose of managing the investment of
Participant's contribution. As such, the
Company stands entitled to a share in the
investment income there of as Mudarib.
äƒ Ýq Ð } P Æ g®ƒ Œ 0ª q
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$
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+ Û zŠ "
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ƒ ¿Ð + ƒ wâ Ð
Ë 07[g p{zgzZì w ÓZ[g {z Z®ì à á
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Âvž ñ Y ¹t ¤
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ƒ !Å•z {z • ïŠ {P Žg®ƒ Œ0
ÅkZ vgzZì @ žì [
Xì Cƒ à áÌ
Û tâuŽ n Æ -•z ä v, i Z {z´
ÂÌ~ kZ ì Hë Z•
128
„ ŠpgzZ wÓZ [g „ Šp v ÂÏ}™x » 6gîÆ "
g p „ v
X 79Ž µ[g p
• ˜Øæ ã ¢i*
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à Ú è f Š ß e æ Ø ’ Ë ß Ú ‚ Ï Ã e è e … ^– Û Ö ] á ç Ó i á ] ½ † Ž e ‚ u] æ k Î æ o Ê
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^Ûe æ Üã–Ãe ‚ßÂ Ø%ÛÖ] é†qê ÌÎçÖ] š…] †q^jŠm á] ÌÎçÖ] †¾^ßÖ
D421 ” 2 t èm‚ßãÖ] pæ^jËÖ]E àm†ì• ‚ßÂ Ø%ÛÖ] é†q] o×Â ‚mˆ³m
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kZgzZƒ Ìà áÅ -•z ~ ‰ Ù ª :ÀF
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èYƒ: {Š c g Lg âz~ œ» v}uzŠgzZƒ Zƒ Z]
iÐ f -
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c Y cø*
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ì YY H kªÃ" Zi Ð kZ
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129
Xì Cƒ ´Š é]̀Z ÅkZÃš¸ ÌA ƒ: nÆ
{zp¤Z Âá á 6]̀ZŠpÃèZg Z Å•z à á c ø* Z b§ÏZ
¤
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n kZ k 7]gßÌðÃ ~i W c Ç~ " g pX c ŠÈ {g YZ Ui W
Xì 7e* ™kª6{g YZÃ" g p
{z n kZ • 7tb§~g7 6kªkZ ÌØæ ã¢ i* Ññ
g(ZÃ]gß„ « nä v…‚p¤ Z • D C Ì]gßwŠ •q Z
:• ˜t ]gßwŠ •Øæ * ÑñXì H
æ Ì Î ç Ö ] è n Ö ç i à n e è Ò † Ž Ö ] Ä Û q o Ê Ô • Õ ^ ß â á ^ Ò à ò ³Ö æ
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Šã
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130
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ì È » T ( ì C™ì‡-•z Ðzq
ZÆtâu LZ v
Xì C™ì‡Ã-•zÐtâuLZ {zgzZì Cƒ ì‡v¬ž
Å yZI]Z e ~ Tì ¿ã â ‡q
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Z e ðÃ Z®Xì CY Å s§Å ¿
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 ž• ë ë~ [ ZŽ pX ñY0 à á » -
g±ZÆ x »ÆvZ
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B‚Ænç 6 q
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c x OZÐ Šp„ v._Æ m ÑñQXì C¯ à á
?kZ ÅØæ *
Xì C™Ìnç » "
g pc ~g»tâugzZì C™Ìnç6]̀Z
¬6y Z ä ëŽ Zƒ "
ž å HZ U
x Z²Z „zÐ V Â!
ÅØæ *
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X 7^ Š ¯ „ VâzŠ [g pgzZ wÓZ [gÃvä *
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*
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•z -2
ì 9v…‚
T hi s P o l i c y m a y a t a n y t i m e b e
terminated at the option of the Company on
131
14 days' notice to that effect being given to
the Participant............. In that case, the
Parti ci pant shal l be given an amount
equivalent to a rateable proportion of the
contribution for the unexpired Period of
policy from the date of such cancellation.
This policy may aslo be terminated at any
time at the request of the Participant, in
which case the Participant will be paid an
amount equivalent to the actual contribution
made initially by him / her, less the amount
worked as per the following scale.
Ü z ÌË6g(ZÆ vŒ0
Æ yŠ 14 ‰ …‚t :ÀF
Å]æ† Ãg®ƒ Œ0 Ë Y Å »6Fâ
~ ]gßkZ'ì $
Åg®ƒ Œ0 ¶g ÎÅ} P Ð Ú
X Ïñ Y Å:Zzì k
Ë Y Å »Œ0
‰ ØŠ ~ ]gßkZgzZì $  ZpgŠ
t Ì6„
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X Ïñ Y Å:Zz
ž• ë ë
3ZzÃ´ â Å kZÐ zg Å<ÑgzZì !Å•z ¶g Å}P
132
: ÅÀ: 7^
Æ •z sÜ b§Å œÆ ¶g •zÃ ¶g kZ X Åzb Y
à ážì 7g´]gßðÃ+Z Xì YY H ay
~ œ£z Ôr
Xá á :ZzÃkZ {yŠ {P c
} Š™:ZzÃ´ â !Å•z
133
5 :X
VÒZy
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!^n×’Ú æ ]‚Úû ä×Ö] ÜŠe
sÑZ yZ/~ßñ}Š Z ñ™Æ yZgzZØæ ã¢i*
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Xì yvZ(q
Zt G gzZÐ N Y W6wC
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134
Meezan Bank's Guide to Islamic Banking
á ™É[ Â ò *
ù• ó óÉZg ÅJ y Zön Æ ~g î òsZ L Lª
ÑñŠ *Z Æ c Z™ x‰Zg ZŠ gzZ Å
[ Â KZ ä ã Z/ £Z i ÚZ ËZ e *
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Xì @ ¯ g £ÃŠÎ bÑ -1
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~ T • D™™f f
g (F l o at i ng)
žŽ ì Cƒ Ýq Ã Karachi Inter Bank Offered Rate
bÑkZžì t ÈXì Cƒ ŠÎ bÑÅ +Š AÆ :WÆ VË
7 Ð ~pÅ kZ gzZ Ï ñY Å ”ÅbZ™ c
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135
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k0 Û Ð VËy Z {z ì Cƒ ]gz¢Å
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nŒ Û Xì CƒZ
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Y ¹ Inter Bank offered rate ÐZ ì êŠ
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Karachi Inter Bank ªgÆ» & ì @
ƒ w EZ : e
X • ë Offered Rate
g£ òsZ ðÃ™hgÃgÆ» J òsZ ~ y Î 0
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ZJž• ët s§q
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136
Ü z'Æ kZ Â}™nç »Ì Z%B‚
~ 7 Â: 6ä™: 5ZŠ Z ‰
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Z r
:• ˜Ãäƒ
Another issue with Murabahah is that
if the client defaults in payment of the
price at the due date, the price cannot be
changed nor can penalty fees be charged.
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Xì Y
Û ~g Yêt {zœ„}uzŠQp
X •D â•
In order to deal with dishonest clients
who default in payment deliberately,they
shoul d be made liable to pay
compensation to Islamic bank for the loss
suffered on account of defaultL L . P.129
137
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gz¢ (Z Jž ì DÃkZèa gzZ ì á
: » äƒ 2 ~ …‚
Xì @ Ì{z ÂÇ}™Ðzz ÅkZ¡gzZ Ç}™
ƒg …k
Provisional Rental {Š™~g Y ÅJ yZö~Y{g Y Zg » -ii
» { â ¬ žì `gŠ ~ ( ø
 ~gˆÅtZ™ ) Calculation Sheet
138
Æ V¸ ¹! á ÌÃ] Y Zy
gzZ ì ï• Z Æ ~g ZŠ'g !
gzZ cZgtZ™
7 Å T ~ h Çq á ÌÃ ¶g Å ( …‚ c
Z †• ï• ) ÷g›Z ñ Z™
Xì 9zg 3,44,000
Inclusive of {z gzZ ì 9zg 31,487 tZ™ » {â ¬ Æ kZ
Xì Registration, Rent and Freight charges
Ù Œ Zž Z
¶g Å ÷g›Z {z gzZ ì 9zg 11,487 tZ™ » {â C 
Xì Inclusive of insurance ªì É
z*Š ÅJ pì (Provisional) ~gˆ)*
] Z m  tp¤
ø Z
~ {g YZg »žì Y Y ¹ùt Âì @
Y c á~
3Š ÌÃH ÇgzZì ï•
™ ZŠ Z À6Ð s§KZ ŠpgzZ ì @
@ Z™÷g›Z Ð s§KZ ŠpJ
Xì
:„Å œ6Š ã
Åtâuð- -4
(On the basis of daily products)
n Æ ä™ {Š â W6äZ™ ¦ƒ ¶g ÌÎgzZ Z
 ÃVzg ZŠ M3
sÑZ y Z/Xì à ïYÅ ¶Š œ6Š ãÅtâuð- ä VËzz%
:• ˜ ~}g !
Æ kZ r ™
"Many financial institutions finance
the working capital of an enterprise by
opening a running account for them from
where the clients draw different amounts
139
at different intervals, but at the same
time, they keep returning their surplus
amounts. Thus the process of debit and
credit goes on upto the date of maturity,
and the interest is calculated on the basis
of daily products. Can such an
arrangement be possi ble under the
musharakah or mudarabah modes of
financing (Meezan Bank's guide. p: 177)
If such an arrangement is agreed
upon between the parties, it does not
seem to violate any basic principle of the
musharakah. ----practically, it means that
the parties have agreed to the principle
that the profit accrued to the Musharakah
portfolio at the end of the term will be
divided based on the average capital
utilized per day, which will lead to the
average of the profit earned by each
rupee per day. The amount of this
average profit per rupee per day will be
140
multiplied by the number of days each
investor has put his money into the
business, which will determine his profit
entitlement on daily product basis."
(Meezan Banks' guide p:178)
lŠ¤
k
iÆ }g ZŠ Z ~g !
zg » Ë}g ZŠ Z C1â Ð ¹ L L
Z » kZž • ï Š K
M3V Zzg q Ð j§kZ Ãtâu
 F
’
5. Ð ~ T • ï Š wÅ
Sg Z~ ] ‡zZ ZÿG
n¾X • Tg D Z™Ì¦tâuåÃ „B‚gzZ • s ï
ð- gzZì Lg ¸ J
 •Z õg @
¿»% ïgzZ äZ™ ¦Sg
Ì Z%gzZžg xnç (Z HXì @ Î [ ˆ »ŠÎ6VzŠ ã
Y c 
?ì YY HÌ~ ~g »tâuÅ
kZ ÂñY ƒ t · Z 6nç, Z y xgŠ Æ Vkg0
Z
¤
»kZ6gîiX Cƒ 7¿#Å‚Ÿ ~Š ã
ËÆžg xÐ
žì 1™t · Z6‚ Ÿz {°‡kZ ä Vkg0
žì t È
6Š ã WÆ ]æ ~ D 3Æžg x
kZ {zƒ ¦ œŽ ~ y
x- ° Ð kZ Xì Zƒ w EZtâu Hx- ° ¹zZž Çƒ „
Ð Š°Æ x c
Z y Z ÃT Çƒ x¥ œÑZz äƒ ÝqBzg °
c
Î ~ g ! Ù ~ XÐ , Š [¢
zg »tâu CZ ä g »tâuC
ó Xó Ïn Y Å”Å œ6VzŠ ã
ð- Ð kZXì
» kZÆ ™Šg Zz nZ ‹Z q
Z „ ŠpQ ä r
 ™ sÑ Z y Z/6kZ
141
@ Š [ ZŽ
 ZÑžì t nZ ‹Z Xì c
ƒ D» wÓZ kZgÆ VrÑ Â~ •
n kZ • Tg D Z™ ¦gzZ s ïSggZŠM3~ x Â kZžZ
ì
Ü z Dƒ 4ZŠ ~žg x
kZ gzZ ì Cƒ w!g Zl ÅtâuÆ yZ ‰
»vZ¶g ã‚ »)´~ [ ZŽÆ kZQì @
Yƒë! ˜
žg xÐ ª
(̄ ! ˜tž• ë ñƒ ïŠ!Zj
»} ×) Å]ˆßÖ] oÖ] o–Ë³Ú ª
:• ˜Xì @
Y „ƒD»g Zl Âì @ y
Y Zh yâ ‚Z
 èYì 7
"But the proposed running account of
musharakah where the partners are
coming in and going out every day,
nobody has undertaken to contribute any
specific amount. Therefore the capital
contributed by each partner is unknown
at the time of entering into Musharakah
which should render the musharakah
i nv a l i d . The ans w e r t o t he a b o ve
objection is that the classical scholars of
Islamic fiqh have different views about
whether it is necessary for a val id
Musharakah that the capital is pre-known
to the partners. The Hanafi scholars are
unaminous on the point that it is not a
142
pre-condition. Al-kasani, the famous
hanafi jurist writes:
"According to our hanafi school, it
is not a condition for the validity of
musharakah that the amount of capital is
known, while it is a condition according to
Imam Shafi. Our argument is that jahalah
(uncertainty) in itself does not render a
contract i nval i d, unl ess i t l eads to
disputes. And the uncertainty in the
capital at the time of musharakah does
not l ead to di sputes, because it is
generally known when the commodities
are purchased for the musharakah,
therefore it does not lead to uncertainty in
the profit at the time of distribution."
(Meezan Banks' guide: pp. 179-180)
4ZŠ: Zizg q
Ñ~ TM3VZzg {iX »žg xp L L
Ñ ÌðÃ • Tg Dƒ `g { gzZ
¦ ¶g ³~ kZ q
7~g ZŠ)f ÅäZ™
Æ ä™ q zÑžg xn kZXì ©
ÅTì x¥*
g ZlÅ (tâu) w ÓZ kZgÆ q Ù ‰
ÑC Ü z
143
Yƒ‡Ãžg xÐzz
X ’ e *
>*ŠÆ òsZ}žìt [ ZŽ » nZ ‹Z Ñ!
{gÃè
c
Wn Æ i ZŽÆžg xžì ñ Zg s %Z ~ }g !
kZ »
Y f4X 7c
ì oÑ *
ƒ x¥Ð ¬ » w ÓZ kZgÆ Y »Ñ
ò ã ‚ ») ´ž4g•Xì 7oÑtžì t · Z 6kZ »
:• ˜
oÑ ðÃt n Æ i ZŽ Æžg x ._ÆÃ}g ø
á x â Zp¤
ÆvZ¶g w• Zƒx¥g ZlÅwÓZ kZgžì 7
Æ-Šp] Z &
ª ˜žì t ?Š ~g ø Xì oÑt q
Š 4
q Z 4
{z Z Ü z ÏZ sÜÉ Cƒ 7Š YZ
 ì Cƒ‰  ñn
~}g !
Æ w ÓZ kZg ~ qzÑÆžg xgzZ X ¶ ̄ !
»
 ( •Æ žg x) èY Cƒ 7̄ !
Z » q Z 4ª
˜
{z ~ „Å œ Z®ì @
Y ƒ D» kZ Âì @ y
Y Zh y â ‚
ó Xó Cƒ 7̄ !˜
»ª
•ëë
y Z/~ßñÈŽ » ]g „ÅvZ¶g ã‚ »)´žì k\Z …
ÅvZ¶g ã‚ ») ´Xn ™7t · ZÐ kZ ëì c
Cä r
 ™sÑ Z
:ì V- ]g „
o Ö ] ^ ã ñ ^ – Ê Ÿ Ø e ^ ã ß n Ã Ö ‚ Ï Ã Ö ] ‡ ] ç q Ä ß Û i Ÿ è Ö ^ ã r Ö ] á ] ^ ß ³Ö æ
ä Þ Ÿ è Â ‡^ ß Û Ö ] o Ö ] o – Ë i Ÿ ‚ Ï Ã Ö ] k Î æ Ù ^ Û Ö ] Œ ] … è Ö ^ ã q æ è Â ‡ ^ ß Û Ö ]
144
ð]†ŽÖ] kÎæ á^Þ‡çi †nÞ^Þ‚Ö]æ Üa]…‚Ö] áŸ ^fÖ^Æ æ ]†a^¾ å…]‚ÏÚ Ü×Ãm
! è Û Š Ï Ö ] k Î æ x e † Ö ] … ] ‚ Ï Ú è Ö ^ ã q o Ö ] p • © m ¡ Ê ^ â … ] ‚ Ï Ú Ü × Ã ³n Ê
D63 ” 6 t Äñ^ß’Ö] Äñ]‚eE
Cƒ 7ú â Æ i ZŽ Æ -Šp] Z &
ª˜žì t ?Š ~g øL L
Ü zÆ-gzZ Xì Cƒ ú â Ðzz Å äƒ ä Â‡ ^ ßÛ Ö ] o Ö ] o – Ë Ú É
‰
 ˜ Åg ZlÅw ÓZ kZg
Ðgîx ¬èY 7 äÂ‡^ßÛÖ] oÖ] o–ËÚ ª
Ü z kZ n kZì @
ÅkZ ‰ Y ÑÂÃ.* Ü zÆhy
Šz ë ZgŠèa ‰ Åy â ‚
Ü z Æ „Å œ Z®ì CY ƒ x¥g Zl
7w! Ìg Zl Å œ‰
ó Xó Sg
Ü zÆ-žìt Š Z%ÅvZ¶g ã ‚»)´
D-»g ZlÅtâu‰
Ü zÆ-ž It X 7oÑ *
?Š š ì 7oÑÌDà )Z »g Zl‰ ƒ
.* Ü zÆ ~g Zh
Š z ë ZgŠèa ‰ y Û ŠpvZ¶g)´ ¶ Š Xì
ž• D â •

Xì @ Ü z kZ Âì @
Yƒì D-žŽ D»g ZlÅ yZ ‰ Y Hyiz »
Ü zÆ -Ž • .*
yZž ‰ ØŠÄg t ‚ ‰ Š z ë ZgŠ {ztž Zƒ x¥
zz Å äƒt ‚.* Ü zÆ -n¾X Ïƒ •
Š z ëZgŠ ‰ g xB‚Æ
á Z s§Å yZ c
Zƒ gz¢ ÂDà )Z »g ZlÅ y Z Ð zz Å äƒ {g • Ð
Ü zÆ-~XÆŠ ã
:gzZì Dà )Z Â: »g ZlÅtâu‰ ð- ²
Xì D-
Û zŠ Ái Z Ážì Â¸ |ÅwZñÑ!
³LZ & • Ñy
y Á• W
6Š ã
Å yZgzZ B™mºn Æ J
]æm 5~-kZ ñ âu
)´ X ,™ð bÑÅ œn LZ ( ÌÐ zz Å ¿Âƒ ]gz¢gzZ )
145
» ( Basis of daily products)Š ã
ð- ~gzŠÆvZ¶g ã‚ »
žg x~ : WòŠ WzŠ~gzŠÆy Zžì Y Y eÎù Z® å7ŠŽz Â
Ü zÆ-p,™ Â- »
Z¼ »g ZlÅtâuÃy Z Â: ‰
„:gzZƒ { i Z0
sÑZ yZ/Ã]g „ÅvZ¶g ã ‚»)´ n¾X ,™ð bÑ ðÃÅ œ
 gŠ b§Ët NÑ~ hLZ r
Xì 7„ ™
 ™ sÑZ yZ/6(Basis of daily products) Š ã
r ð-
Z „Špä
:ìt Žì HÜnZ ‹ZgzZq
"Some contemporary scholars do not
allow this method of calculating profits on
the ground that it is just a conjectural
method which does not reflect the actual
profits really earned by a partner of the
musharakah. Because the business may
have earned huge profits during a period
when a particular investor had no money
invested in the business at all or had a
very insignificant amount investsd, still,
he wil l be treated at par with other
i nv e s t o r s w ho ha d hug e a m o unt s
invested in the business during that
period. Conversely, the business may
146
have suffered a great loss during a period
when a particular investor had huge
amounts invested in it. Still, he will pass
on some of his loss to other investors
who had no investment in that period or
their size of investment was insignificant.
Y Ã j§kZ Æ ”Å œY f)ëPL L
B7^
žg xÐ Tì i§g¡q
Zt ~ w ìÆ yZèY
etžì tzz X @
ƒ 7x¥ œÇZƒ c ÑË~
¾ »q
Ñq
q  ƒ Zƒ~ VâŠ yZ œ{Š c
Z Z i¹ ~g !
zg »žì
Þ ‡ž Z hðÚ Z Âƒ c
„™f . ƒ: ŠŽñ„tâu Âc
Ð }u »
Ç ñ Y Œ' Æ Y »Ñ}uzŠ yZ ÃkZ ŠŽz!
Z' Æ kZ Xƒ:
Îtâu~g Zl~(¹ ~ ]æ kZ ä VM
ÆkZXƒ c
{Š c
i ¹ ~ ]æ kZ » g !
zg»žì et ~ ]gß@'
Æ kZ Xƒ Îtâu {Š c
i¹ »q
Ñq
Z Z
 ƒ Zƒ yv
Š ™vÃY »ÑvŠ y Z yv¼ » kZŠŽz!
kZ » X Ç ñ Y c
ó Xó ƒ™f .
Þ ‡* ƒ:tâuÌ¼ ~ ]æ
Ž Zhð¹ Âƒ c
•ëë
Ñ ËÐ j§kZžì t Ýq » nZ ‹Z
9Å œªZzÆ q
]æ Xì yŠÎq Û èY Cƒ 7x¥g Zl
Z ]æ ÀÅžg x, ™n•
147
Ù kŠ ä –gzZg ZD
]æ ~g7 gzZ X ñ Z™ ¦g ZD Ù õ0
ä /~ „ qzÑÆ
Ù õ0
gzZ ñZ™ ¦g ZD i~¨ £Æ yZX ðZd: ¶g¼ ~
~ q zÑäh
Ù õ0
XØŠ Z™ ¦Q9zgg ZD ~ VâŠ kŠÆy
WX n Zd{zˆyŠ kŠ
ÄÑ!Î'' Zƒtâu »VâŠÎy Z
( ÄÑ5) 5,00,000= yŠ 100x9zg 5000 Æ/ª
( ÄÑ10) 10,00,000=yŠ 100x9zg 10,000 Æ–gzZ
(ÄÑ1) 100,000= yŠ 20x9zg 5,000 Æh
igzZ
Ù 16 ~ yŠ q
gZD Z Âìg~ wEZ9zgÄÑ 16 À~ yŠ 100
Ð [ ˆÆŠ ã
ð- Âƒ9zg 8000 œÀ¤
Z Xìg~ w EZ9zg
X9zg 500 Zƒ »h
igzZ9zg 5000 Zƒ »–gzZ9zg 2500 Zƒ œ»/
qzÑgzZƒ Zƒ~ VâŠ 4ZÆ y xgŠ œ»9zg 8000 žì et [ Z
V-âuÆ VzuzŠzzš Ãh
iXƒ Zƒ: œÌ¼ ~ VâŠ kŠ kŠÆy
Wz
~ ]gßÅy v„,Z X ‰ ï9zg 500 Ð ~ œá Zz äƒ6
Xì Yƒ
:• ïŠ V- [ ZŽ » nZ ‹Z kZ r
 ™sÑZ yZ/
"This argument can be refuted on the
ground that it is not necessary in a
musharakah that a partner should earn
profit on his own money only. Once a
musharakah pool comes into existence
all the participants, regardless of whether
148
their money is or is not utilized in a
particular transaction earn the profits
acc rui ng to the j o i nt p ool . T hi s i s
particulary true of the hanafi school,
which does not deem it necessary for a
valid musharakah that the monetary
contribution of the partners are mixed up
together. (Meezan Banks' guide:p178)
žì Y Y HŠg 6Š ã
kZ Ã?Š ðƒ ~Š Å Y f y Z L L
œ6tâu LZ sÜq
Ñž7„ì ~gz¢ Ât ~žg x
Yƒðžg xiŠ q
kZ Y »Ñ „ x Ó Âì @ Z Z
 X ñ¾
Zƒ w EZtâu » yZ ~-m{ Ëž ñƒ D™ÃsÐ
Dƒ g ZŠz ~ œá Zz äƒ Ýq Ð žg x 7c
ì
¸ {Š c
yZèY ì W Š 4
iq ÆÃ6gîm{ ] !
t X•
Æ Y »Ñx Óžì 7oÑt n Æ i ZŽ ÆžgxVŒ Æ
ó Xó ñ Y c
Š™o ‘ÃV- âu
•ëë
 ™ sÑ Z yZ/
t ~žg xž ì t Ýq » [ ZŽ kZ Æ r
 ZÑX }™Ýq œ6tâu LZ sÜq
ˆÆ • Ù ž 7~gz¢
ÑC
ÑÌY »ÑvŠ ~ œpƒ Zƒ wEZtâu » q
q Ñq
Z sÜp¤
Z
149
X • Dƒ
™7t‹ » kZ {z p c
C Â‚Ÿ »žg x ä r
 ™ sÑ Z yZ/
W Âà Zd ¶g KZ ˆ Æ yŠ kŠ Z
~ ÃÅ <Ñ c  äh
iž ñ 0
CYƒ »„ • Ù ªX 7c
 ZÑ ÂÐ b§kZžì C „g Ì¹!
 ZÑ
•
Ñï¬)) Sleeping partneržZ
ÀCZ {zgzZƒ ( q  îSì
tâuÀ¤ Ñï¬) Active partner tâu
Z Xá á :ZzÐ ( q
èY ˆƒ ë! á Zd :Zz Û á : :Zz
 ZÑ—‚ ÌA
Â•
 Ú6 ÆV- âu
X Ïƒ ]gz¢Å-6 Ð (ratio) ƒ
W%Z X • Š ã
{z ~ y " bÑŠ x ÓÆ r
 ™ sÑZ yZ/n¾
]
h Ztžt {zgzZì C™g66ä™g¨ÃòŠ WŽ • ï Š ?ŠgzZ q
q Z
6kZ¤
Z y ›•Æ Üû ãô›ôæû †ö •ö ‚øßûÂô áøçû Ûö×ô ŠûÛöÖû]ø g
ugzZì ]gß
Æ kZ CW7xi Ñ *’Å w'gzZ ¹Å x ZwËž Z
 ÂB ™t · Z
:• ˜ {zXì 7ú â ðÃÐg(Z
"In the proposed system, all the
partners are treated at par. The profit of
each partner is calculated on the basis of
the period for joint pool. There is no
doubt that the aggregate profits accrued
to the pool is generated by the joint
ut i l l i za t i o n o f d i f fe re nt a mo unts
contributed by the participants at different
150
times. Therefore, if all of them agree with
mutual consent to distribute the profits on
daily products basis, there is no injunction
of shariah which makes it impermissible,
rather it is covered under the general
guidelines given by the Holy Prophet 
~
in his famous hadith,as follows: "Muslims
are bound by their mutual agreements
unless they hold a permissible thing as
pr o hi b i te d or a pr ohi bi ted thi ng a s
permissible."
Ù Xì @
C Y Hnç V7 Ð Y »Ñx Ó~ x Â {iXL L
tâu » kZ ~ Tì @ Î6Š ã
Y c Å ]æ kZ œ » q
Ñ
œÀ~žg xž 7— ðÃ~ kZ X ;g ¦~M3žœ
ÝqÐ wEZÆ V¶g Zˆ ðZ™ ¦~ ] ‡zZ Z
ð- {zžƒ ~q Ÿg b!
6kZ Å ƒ
¤
Z n kZ Xì Zƒ
+Z ùðÃÅ<Ñ ÂÐ ,™„œ~ : W6Š ã
Åtâu
g•q Û^
 Ñ ÂtÉ ƒ îŠg Z Œ
Z Å ~ Y*
ÃkZŽ ì 7
Z
{z J • È0 u
Æ VîÑ ðƒ Åð KZ y ›ž g
Ð B ™: w'Ãq x ZwËgzZ B ™: x ZwÃq w' Ë
ó Xó ì 4ZŠ •Æ‚Ÿ {”"
U
151
œ Zƒ H Ýq » gzZ Ë•Æ x Â kZž • ` C 6
zZ ë p
}uzŠz¼ » yvá Zz äƒ ÃgzZ ËgzZ ì @ Š }Š Ã}uzŠ
Y c
]gß{gÃèÐzz kZXì 7^Y G ]! t Xì @ Y c Š w Z e ÌuÆ
Xì 7„ gŠ 't Z] »Üï ãô›ôæû †ö •ö ‚øßûÂô áøçû Ûö×ô ŠûÛöÖû]ø g
uÃ
 ™ sÑZ yZ/~ y
Ð Vzg î gzZ VË VY äY : r W
:• ˜™ƒ [ú%
"If distribution on daily products basis
is not accepted, it will mean that no
partner can draw any amount nor can he
inject new amounts to the joint pool.
Si mi l ar l y, no b od y w i l l b e ab l e to
subscribe to the joint pool except at the
paticular dates of the commencement of
a new term. This arrangement is totally
impracticable on the deposit side of the
banks and financial institutions where the
accounts are debited and credited by the
deposi tors many ti mes a day. The
rejection of the concept of the daily
products will compel them to wait for
months before they deposit their surplus
152
money in a profitable account. This will
hinder the uti lizati on of savi ngs for
development of industry and trade, and
will keep the wheel of financial activities
jammed for long periods. There is no
other solution for this problem except to
apply the method of daily products for the
calculation of profits, and since there is
no specific injunction of Shariah against
it, there is no reason why this method
should not be adopted."
» kZ ÂñY H: wJÃ„Å œ6Š ã
Åtâuð- ¤
Z L L
ÑðÃ Â:žì È
-žœ„: gzZì YZd ¶g ðÃq
Ë Y Åï•
: eÌn ÆË b§kZXì $ á ¶g 5ðÃ~
qzÑÆ Š • 5ñZÎn Z™ ¦ ¶g ~ -žœ{zž Çƒ
¦Y ~ Vzg ZŠ Z C1â gzZ VËX ~ V:g @
{gHÅ äƒ
Þ ‡*
Y V˜ ì ¿. Ð }ui§t Ðg ±ZÆäZ™
FF~ yŠ q
X • D ZdgzZ • D Z™ ¦b g ! Z yÇà
žÐ Vƒg6yÇàY Ð ¶Š ™Šg Ãg¦Ætâuð-
V¸{z ¬ Ð äZ™ ¦tâu åÃ ~ M3 j œË
Æ Vxn Æ ¹FÅ ]g ˆz Å] !
t X ,™g OZ
153
C1â Ð b§kZ gzZ Ïƒ ú â Ð wEZ
¼ Æ 4z]
kZ »X kZ XÐ N Y {g™ƒ x Y Ç!
n Æ V Âæ sî
tâuð- n Æ ä™x¥Ã œžì 7igzZ ðÃ{z´Æ
ðÃÅ <Ñs ÜÆ kZèa gzZ ñY Hg (Z Ãi§Æ
ó Xó ì 7zz ðÃÅä™:g (ZÃkZ Z®ì 7ŠŽñù
Æ <Ñ6gî ãZz x Â » VzŠ ã
ð- ž ˆ Æ ä3Š t 6
zZ
Å ä™ {û¼ 6k
  ™ sÑ Z y Z/…ì s Ü
½¿â Z kZ Å r
 ƒ Âp ÖZÆ y!
•M L Æ kZ ñ ZÎ7]gz¢
i Å,x ¬ ËtL ž
ó Xó 7Æ,òsZgzZ +Š Ý¬ q
Z
Û zh
 z•
| yÅi¥ -5
Ð ,ë~ }g !
Æ| Û zh
 z• yÅ i¥~ y*LZú
 ™ sÑ Z y Z/~ßñpì ^
•ÆÌ Z% r Y*
{zž • ` ™™f
Û^
{z X • ï Š g Z ŒY ÌÃ| Û zh
 z• yÅ (Shares) ‰Æ Vµ
X •˜
"The shares of a lawful company can
be sold or purchased on Murabahah
basis because according to the principles
of Islam, the shares represent ownership
into assets of the company provided all
other basic conditions of the transaction
154
are fulfilled." (page 130)
y
gzZ } h ‰Æ v{°‡!Ë6Š ã
Å Ì Z%L L
 Ð zg Å VßßZ òsZèY • M
-ž Z YG | Û
 z•
ZÆ v‰t Vƒ „g Y Å ~g7 _ ZÑ~Š ã
X U x ÓvŠ Å
ó Xó • ?Š Å!~ ] Y
"In an equity or mutual fund (unit
trust) the amounts are invested in the
shares of joint stock companies. The
profits are mainly derived through the
capital gains by purchasing the shares
and selling them when their prices are
i ncreased. Pr ofi ts are al so earned
through dividends distributed by the
relevant companies." (P,210)
H4J
ö-G&r Z Ë L L
‰ÆVµu 6zYÐ -žœc
y
 gzZ™h
Z Ã‰4ZÐgîx ¬ Xì CY Å ~g »tâu~
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Û ÃyZ Âñ Yƒ†ŸZ ~ 7 Å y Z
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ƒÝq Ì{z • îŠ œŽ V |, i Z {z´Xì @
Y
Š OZ J0
Z6VzÒúgzZ Vúz LZ »J òsZ -6
PXì 7q ~(ðÃ ãÒ ß~}Ñç}g øž• Ù Š ë
155
Z ~ ] Ñq y Z Xì z » w©x ¬ *
gzZ ë Z q ¯ il
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Š hg6}g –ÆVÍß, ZÃx Â! zZ
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á •Æ e g ¬ zzÐ Ë c Š 3Š: wâ Zƒ Z 7—‚ ä ÿG
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?t •Æ~g»tâu=g fÆ¤¸
Û n Æ ~g Zh
nŒ yÅIR Z }L L
Ð J g Þ» q
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™h IR Û ÃkZ J Âì Le ¢
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156
5.t’ gzZ Ç } Š ¯ Vz
Å Vz Æ J IR}q {z ¬ ÿG
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ÃJ 6ŠÅ ~gZh  y
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h n Æ \ W6Š ã
IR
  »z ä ~ž Ç} Š™ i
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n LZÐ \ WIR
{z~ [ ZgzZì 1á ~ï LZ™
( 119 m 7 ` òz2 Z ŒZ )X ó óVƒ Le *
y
h 
:–íq6kZ ävZ¶g r
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Ž ÇÇ{ÒúðÃ CZ n Æ & ¤ÅïÆ ÿG Xì
7 ` òz2 Z ŒZ ) X ó óÇ}Š wu » kZ 6
äƒ "
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ï
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5. LZ {zgzZ 7g »ÃäVZ Ø»DË, ZJ òsZp
ÃÿG
 ™ ã¢sÑ Z yZ/ŠpXì êŠ µñî
8ÃDkZ ~ [ Â KZ r
X • ˜ ñƒ D™i Z0
ZÃ
"An agency agreement is signed by
both parties in which the institution
appoints the client as his agent for
purchasing the commodity on its behalf.
The client purchases the commmodity
on behalf of the institution and takes
possession as the agent of the institution.
The client informs the institution that he
157
has purchased the commodi ty and
si m ul t a neo us l y m a ke s a n o ff e r to
purchase it from the institution." (Islamic
Banking:p.127)
\Š 6)*  »z q
ª 5.’gzZ J ª) V‹g 0
Z ( ÿG zŠ L L
’
5.J •Æ TÐ ,™
Å äh ZŠÎn Æ J ÃÿG
y
ì @ y
h yâ ‚ {z n Æ J ÿG 5.’Xì @
™gHVz CZ§{
’
5.QXì @
ÿG ™ï 6yâ ‚ kZ 6gîÆ Vz Æ J gzZ
J „B‚gzZì 1h
yyâ ‚ ä kZžì êŠ q :ZÃJ
ó Xó ì @ y
™Ì¿7Åäh 
ÃkZÐ
ÅJ òsZ~ ] Ñq {ŠŽññƒ DƒÆ] Zç~ ¸Ñ!
{gÃè
Ù ª6ÔikZ
X Y Y H7yEZžìC
Û 6(Bill of Exchange)~z -7
oÑÅnŒ
 ™sÑZ yZ/
:• ˜ r
"The exporter wi th the bi l l of
exchange can appoint the bank as his
agent to collect receivable on his behalf.
The bank can charge a fee for this
service and can pvovide interest free loan
to the exporter which is equal to the
158
amount of the bill, and the exporter will
give his consent to the bank that it can
keep the amount received from the bill as
a payment of the loan.
Here two processes are separated
and thus two agreements will be made.
One will authorize the bank to collect the
loan on his behalf as an agent for which
he will charge a particul ar fee. The
second agreement will provide interest
free loan to the exporter, and authorize
the bank for keeping the amount received
through bill as a payment for loan.
These agreements are correct and
allowed according to Shariah because
collecting fee for service and giving
i nte r es t fr e e l o an i s pe rm i ss i bl e ."
(Meezan Banks' guide: pp 198/199)
Æ T{àæW'
Y ¯ Vz CZÃJ {zì ~z k0 LL
JnÆ x » kZX} ™wßz ¶gÐ s§ÅkZ {zž @
ì
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159
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161
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Jadid Muashy Masail - By: DR - Mufti Abdulwahid Sahab

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Jadid Muashy Masail - By: DR - Mufti Abdulwahid Sahab

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