Ownership and Partnership in Islam

Author: Pentagon Press

Brand: Pentagon Press

Binding: hardcover

Number Of Pages: 376

Release Date: 01-12-2010

EAN: 9788182741584

Package Dimensions: 9.4 x 6.3 x 1.3 inches

Languages: English

Details: As per Islamic law, partnership is categorized as consisting of two kinds: proprietary and commercial. Since commercial transactions take place in day-to-day life, it is dealt with in detail in this book. Commercial partnership can be further divided into Mufawada, which can be translated as unlimited authority partnership, and inan, which can be equated with limited partnership. Similarity of religion among partners is mandatory under Mufawada, but under inan the partners can belong to different religions. Apart from this, prohibition concerning interest levy and dealing in prohibited goods is also part of the partnership contract. Besides Mufawada, Mudaraba is an arrangement in which an investor or group of investors pays the agent-manager a principally agreed upon share of the profit. For such a partnership also there is no condition of religious similarity. Islam is based on the benevolence of all mankind, at all times and under all conditions. Prohibition of interest is a part of the principle. Also, certain items are prohibited for sale by Islam, for example wine, pork, meat of dead animals etc. Various scholars have researched this subject, yet many of them lack comment on its specific characteristics. The present modest work hopes to fill this lack. Every precaution has been taken to ensure veracity and to exclude errors. It is hoped this work will be appreciated and welcomed in concerned fields.