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ÆMeezan Bank's guide to Islamic Banking Â[The Principle of Limited Liability6232@223 ,]

ÆÄZyÐìXZgŠz’k~Â7Z%Zôm~’k~ñÑ*æؘ�X

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 provide a foundation for further

research.

(Meezanbank's guide to Islamic Banking P-224)

)Ñ<ÆZq¬b¤DÅwÐ~¹²�ÐZkX6g™@g;ƒVZzgZk*y~�ìw7HYg;ìZkÃZkñçq6êÁ!]:ªYñXtZqZ’Zð¨gz„»³ìZzgZk»ZÝÑ'×hïcãŠ�ÛZë™*ì(X

…ñÑ*æØƸ�ÐZ·t7ƒZX

vÅözŠf)ŠZg~»¬gspŠñÑ*æØZk»¬gs-V™ZD�X

The limited liabil ity in the modern

economic and legal terminology is a

condition under which a partner or a

shareholder of a business secures

himself from bearing a loss greater than

the amount he has i nvested 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 h i s e n t i r e o r i g i na l

investment. But the loss cannot extend to

his personal assets, and if the assets of

the company are not suff ic 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 'l imited l iabi l i ty'

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 this

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 al l 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 'l imited 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 l iabi l i tes exceed his 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

apply to an inso lvent company. A

company, after becoming insolvent, is

bound to be l i qu i da ted : and the

liquidation of a company corresponds to

the death of a person, because 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

FÀ:]h‡âyZzg]hZOŠc]ÅZ˜b~ªözŠf)ŠZg~Ðz{qª%ZŠìT limited liability

~»gz!g»Ñqcqï‰vcÑZ•~ZLÎñƒñuâtÐicŠ{vyÐZKÃ'~g‚ìX®ZZ¤»gz!g~vyƒYñÂz{Zk»gz!g~ÎñƒñZLuâtÅu

JÂvy'ŠZ“™}ÇÔZkÐicŠ{7XZzgZ¤vÆZUXY]Zk6zZZZÑŠZYŒÛçVÅZŠZ5Æn7g}:ƒVŠZ"54è JEGEZzgŒÛnpZ{ZL!¹â0{ŒÛçVÅzZ3»_cq�‰ÆŠvfZCZUXY]~Ð7™MX

'tI�áhicŠ{Šg„ƒÇ�özŠf)ŠZg~»¦gZ’ZÖS»g7gfZŠZgzVZzg�Zz6uµVÆz�Š~WäÐZ½ZX

özŠf)ŠZg~ÆŸ‚ÃZ(g™ä»ãŠ~Ñtì�(}œ�»gz!g~µ1V~icŠ{ÐicŠ{uât»gzVÃgZáHYñZzgZ7ZEyŠÑcYñ�vyÅßg]~ZyÆÎñƒñuâtÆ´z{ZyÆŠvfZCZUXY]6iŠ:7}ÏXñ�Š{g]ÆgzZ`~özŠf)ŠZg~»¦g¹ÐuâtÃÃu™ä»!¯ìX

''''''t!]½Y$Ëì�özŠf)ŠZg~ÆX»ñ�Š{

œ�»gz!g~ZŠZgzVŇâã,Ð�ZmìXözŠf)ŠZg~ƦgÆ_.Zqœ�6uvZqe{x

,gBì�q�‰ÅZÐZŠ~oVÐ]ZÇ:wÅqïìXt]ZÇ:,Z¤p�ÛèìpZkÃ

‡âãZ±gqÝìZzgZkzzÐz{pŠæ¦Zzgæ¬m“Ôç5]™äZzgZL*xYGZŠÅ!gpÅZqÅqï

ìZzgAŠ+ÆZLÓxç5]~ZkÃÇ¿ÅχâãwqÝìXÍcÇ¿Æ£«~ts~c‡âã¿ìXZ[ãŠ~ÎZwtZ½@ì�H‡âã¿»¦gÑ<Æ‚B_“g‚ìc7?ZZkÃt™1Yñ�‡âã

¿Ã!z�Šs~ƒäÆǿŧbZ±gHYYìÂZkÆx³Æîg6özŠf)ŠZg~ÃÌt™*7}ÇXZk

ÅzzzZãìYèZ¤ÃðÇZy̓™%Y@ìÂZkÆŒÛnpZƒVZzgŠZ"54è JEGEÅg‚ðÜsZkÆZUNVJgSì�z{gh™%ZXZ¤Zk6ŒÛ2ZkÆZUNVÐiZZƒVÂiZZŒÛnÐZyÃøzxƒ*7}ÇZzgZk»ÃðæZzZ:ƒÇXZzgZ¤t!]t™àYñ�‡âã¿ÅwÐvZy„

£tzf)ŠZg-VÅqïì�Ç¿g‚츟‚ÍzŠ-ZDv6ÌÑ̓ÇX̓äÆvÅÑõ!¹ƒ

ÏZzgËv»¹ƒ*Z,„ì‰ZqÇ¿»%Y*Y蹃äÆv»z�Š!¹7gLXZ¤Ç¿Æ

ÐøzxƒM�‡âã z ŒÛnpZ{ZkÅ¿~ñ]Åz¿Å¹Ð»ƒä6ZkÆŒÛnpZ{ZzgŠZ"54è JEGEÌøzxƒM�X

H�Zz6uvѬ‡âã¿ì

ñÑ*i¢ãæØ�Zz6uvÇâã¿ŒÛZgŠï�ZzgZrVä}ZsòКZÓwZzgz�Åßg]~ZkÆÂ]Â7

G�pѦZ±gÐvÜs‡âã¿„0$ËìÔÇ¿7ZkÆnZrVäÃðѦŠ?7Š~XcŠgì�Zz{‡âã¿»

ÂZEw™D�‡âyÐZyÅ%ZŠ±)Ѧ‡âyìXÇ¿Zzg‡âã¿Æ!g}~묱‡âyÆ_.¼,f™™D

�Xä¿Å°p-VÅìX (Salmond) ‚r

A person is any being to whom the law attributes a

capability of interests and therefore of rights, of acts

and there fore of duties. (Jurisprudence by M. Farani

p.118)

¿CÙz{�ìTÇâ㢊Z]zZqwÅ&¢ÐZzg³~£tZzgf)ŠZg-VÐéŒÛZgŠêìX

äÌ¿ÅZ+„°pÅìX (Gray) ¤}An entity to which rights and duties may be

attributed.

z{�Tãtzf)ŠZg-VÐéŒÛZgŠcYYìXWÐzŸs™D�X (Keeton) Zzgµ54è LGHE

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)

‡ây~øg~!]‡âãZ¾mŃCìpZ{z{ǃVªZyƒV�£tzf)ŠZg-V»·™MƒVc -i

z{�Ûèc‡âãƒVª¤z\)ù´(cZâYƒVXÇây -ii

£tzf)ŠZg-VƷŇ/ÐéŒÛZgŠêìXèÃg{!Ñ!ÂVÅgzÝ~¥xƒZ�:

‡â㿇âyÅ¡¦ZzgZºZ¦ZXŠìX -1

Legal personality is therefore an artificial creation

of law. (Jurisprudence by M. Farani p.119)

‡âyT�ZzgTÚÃeì¿ŒÛZgŠ}YìX -2

so a legal system may pesonify whatever beings or

objects it pleases. (Jurisprudence by M. Farani p.118)

z ‡âã,ÆZºZqÅzBut legal personality remains, in essence, merely a

convenient juristic device by which the problem of

organis ing righ ts and duties is ca rr ied out.

(Jurisprudence by M. Farani p.120)

qÝtì�‡âã,ZqW‚y‡âãfg=ìTУtzf)ŠZg-VÆZOxÆXÃiHY@ìX

±‡âyÅÃ~�Zz6u)œ�uât»g~Å(v‡âã¿ì

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)

Z�ÛZŠÆù·}�Zz6uvc»g7gcÇây~¿¹YYìXvZ¤pPZâV6ŒìpZyÐsÙÆÜs

vÇây~¿ŒÛZgŠcŠìZzg£tzf)ŠZg-VÃZkÐzZhHŠìX

vZzgÑ•~�ÛtÑ•Zzgv~‰�Ût��ñÑ*i¢ãæØÆZÖp~t�:

Ñ•~CÙ¿»gz!gÆÓxZUNV»xqîg6 -1

â´ƒ@ìXCÙÑqŠzu}Ñq»zVƒ@ìXCÙ¿Åf)ŠZg~7VƒCì}ÃðŠ+zZZƒZÂÓxÑ»YÐ

'Z'ŠgZ~¬qƒÏ1v~Z(7ƒ@XÑ•~ÃðÑqÑ•Z™ÆZCuât -2

ïÜeìÂïwYì1v~ÐZCuât7ïÑYYZ%‰�Ûz|GYM�X

Ñ•»ZµÐÃð‡âãz�Š7ƒ@Ôv»ZµÐ -3

‡âãz�Šƒ@ìTÿ‡âãë�XÑ•~À˜f)ŠZg~»gz!gÆZUNVJözŠ7 -4

ƒC²vÅf)ŠZg~özŠƒCìX)ZsxZzg]huz(61, 62 ˆg]m

vÅf)ŠZg~»H:ìZk»:�pŠñÑ*i¢ã™räCcz{ZyÆZLZÖp~tì

The bas i c purpose o f t he

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.

özŠf)ŠZg~ÆŸ‚ÃZ(g™ä»ãŠ~Ñtì�(}œ�

»gz!g~µ1V~icŠ{ÐicŠ{uât»g~ÃgZáHYñZzgZ7ÎñƒñuâtÆ´z{ ZEyŠÑcYñ�vyÅßg]~ZyÆ

ZyÆŠvfZCZUXY]6iŠ:7}ÏX

pñÑ*¢ã™rÃpŠZ‹Zsì�özŠf)ŠZg~»¦gŠZ"54è JEGEZzgŒÛnŠyÇyÆnµì

ñÑ*i¢ãæØpŠ˜�XNo doubt, the concept of 'l imited

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

cla ims, Even the d i rectors of the

company who may be responsible for

such an unfortunate situation cannot be

held responsible for satisfying the claims

of the creditors.

Zk~Ãð—7�özŠf)ŠZg~»¦gvÆq�‰ÆnÆìp‚B„tŠZ"54è JEGEcµìYèZ¤

özŠvÆŠ-yzŒÛ£Y]ZkÆZUNVÐzi™YNÂvŠ-ZDƒ™¹ƒYCìZzgŠZ"54è JEGEzŒÛnŠyÇyZL

Š-yZzgŒÛçVÅ(~lZgÐøzxƒYD�Yèz{Üsvƹ”{ZUXY]~ÐZLŠ-yZzgŒÛnzßw™M�Zzg!¹lZgÆnZyÃq�‰JÃðg‚ð

7ìXŒVJ�vÆeZ]IZyÃÌ��Äg{ÆZÝf)ŠZg�Š-yZzgŒÛçVÅ7g~ZŠZ5»f)ŠZg7¯cYYX

ZëÒñÑ*i¢ã™räZKÂ[ZsxZzg]huzg]~

Ñ•ZzgvÆŠgxy��ÛtÒyG�z{Zz6¦g`�XZyÐzZãì�v»»gz!gÑ•ÐZìXZqZzgZ%s»ëZŸ†™D��tì�Ñ•~Ñq|Z]~Üsœ„ƒ@ìz{9Z{7á

M²vÆeZ]IZy9Z{Zzg½Ìzßw™D�XpZkÆ!z�ŠñÑ*i¢ãZzgZyÆ™ñZŠ}ñß~/Zy

ZÑs¢ãvÅ|Æ!g}~ÐE&[»Dg�XpZkÃ

Y+ЬñÑ*i¢ãæØÅÂ[ZsxZzg]huzg]»Z½k7#X

LL'vÅ�S:]‚tWð�ZyÆÒpÐvÑ•ÅczsZlx~ÐË~ŠZ47X�YäÑ•Åeg9f™Å�XZ¤pg"ÃÌZk~�áï™1YñÂ0õ90YC�Xv»tÂxZy0vV~ÐË

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Zqt�ѬѕZy0õ©V~«ìZzgvZy~ÐË~Ì�xz¾wŠZ47X

ŠzuZÃtì�'�Y™Zxä�Zlxf™Å�z{µm7ÔÉ�YäÑ•Å%zzßgÂV»Z`ZY™ÆZkÅgzÝ~„�Ûâðì'®ZZ¤Ñ•ÅÃðßg]ZyZlx~ŠZ4:ƒZzgÑ•ÆZßwµ�~ÐËÆÜsÌ:ƒÂz{YƒÏX

ŠZÃ|]œZÑ#Öåâ~gõZvm»ìXZrVä�Ûâcì�ZKÇgzbÆZ±gÐvÑ•Áy

(Z¤pvʼnZ+ 37,464 ~ŠZ4ì)ZæZŠZ2zòmS:]��czsÑ•Áy~70ðY'pZyÅ

(79 zzÐÁyÅ|ps7ƒCX)m

ëë�ñÑ*¢ã™rÅt„g]ÐÏìXvZzgÑ•ÆŠgxy

�ÛtÒy™DƒñÑ•ÃÇf™HT»ÈƒZ�Ñ•-Å0ßg'Zk~ŠZ4�pZ{z{czsegƒVcZyÆ´z{ÃðZzg)czsƒZzgvZyƒÐ]ZìXQñÑ*ävÃÑ•Å)ZqZzg(n¯1ZzgQñÑ*åâ~gõZvmÅ„g]ÅgzÝ~tCŠc�Zk~ÁyÅ|Ì!¹ìX

¾nvЬѕÅÞÔÅQZkÔÅÔ™DƒñZkÊgz$gzÑ•Áy~ŠZ4™ŠcZzgZyÆ™ñZŠ}ñß~/ZyZÑs

¢ã™räÂZkÆÑ•ÁyƒäÅ??¥ô™Š~XAs mentioned in the books and

research papers of Islamic jur ists,

companies come under the ruling of

Shirkat-ul-Ainan. (Meezan bank's guide to

Islamic Banking)

)6��ñZsxÅÂ1VZzgó£ßV~èÃgì|VÑ•ÁyÆ�WC�(XñÑ*i¢ãæØÅt„g]ÌZyÆE&[ÅzzÐìX

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ëë��Z¤ñÑ*i¢ã™røg~?mÐZ·t™,Âz{ZLE&[ÐòM�Xøg~?mtì�tZziÑ•Z5uìZzg

Q-ZYg{ìXZkÅzŸstì�‰ÆyhZgZzgZ’Zðuât»gZLâw5™Z‰™f�Zzg-VZyÆâw~Ñ•‡ìƒYCìXQeZ]Ii»OîHY@ì�Z]ZzgjVÆún~Zkœ�uât6»x

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LLvÆz�Š~WäcLL-ZYg{óó¢zg~7ìÉZ&tZqLL-xg�óóìóó

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But legal personality remains, in essence, merely a

convenient and juristic device by which the problem of

organis ing r igh t and dut ies i s ca r r ied 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

the ownershi p o f the donor . The

beneficiaries of a Waqf can benefit from

the corpus or the proceeds of the

dedicated property, but they are not its

owners. Its ownership vests in Al lah

Almighty alone.

It seems that the Muslim jurists have

treated the Waqf as a separate legal

enti ty and have ascribed to i t some

characteristics similar to those of a

natural person. This will be clear from two

rul ings given by the fuqaha (Musl im

jurists) in respect of Waqf.

Firstly, if a property is purchased with

the income of a Waqf, 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 aqf, but i t passes to the

ownership of the mosque.

Here again the mosque is accepted to

be an owner of money. Some jurists of

the Mal i k i School have express 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, according to them, is

constructive, while the capability enjoyed

by a human being is physical.

Another renowned Mal i ki jur ist ,

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 i ts 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

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

rights and obl i gat ions, which 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

department."

It follows from this that not only the

Bai tul -mal , but as lo the d i f fe rent

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 Bai tul -mal . I t means that each

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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(82

Once the concept of juridical personis accepted and i t is admitted that,despite i ts fictive nature, a juridicalperson can be treated as a naturalp e r s o n i n r e s p e c t o f t he l e g a lconsequences of the transactions madein its name, we will have to accept theconcept of limited liability which will followas a logical result of the former concept.(Meezanbank's guide to Islamic Bankingp.225).

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ÆŸ‚ÆÜsìXñÑ*¢ãæØÅ?m�özŠf)ŠZg~ÜsêµVJgì -II

ñÑ*æؘ�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 l imited

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

may be l imi ted as per agreement

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

speci f i ed l imi t , i t w i l l be the so le

responsibility of the working partners who

have exceeded the limit. (Meezanbank's

guide to Islamic Banking p 231, 232)

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~èÃgƒCì®ZZÃð¿vÆ¥iZ’ZY~c association

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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.....

vÆWg<WsZÁÏZcÆ�eZ]IZyÃZ(gqÝì�z{vÆ»gz!gÅ{§ËÌlZg~ŒÛ£áM�cg¶ZÇ™M

�XZk§bZqvÆ™g&x~-VŠg`ì:

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

the payment of interest on the shares,

debentures, debenturestock or other

security or obligation of this company......

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]Ö³ÛÆæÍ ŒÛn¢czsìc¥xì�ŒÛnÆ%Ãðv7¹Â»‡°{‡ììXZϧbZŒÛnh»f™ƒpZkÆ Ò^ÖÛ�†æ½

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«Ñotì�z{¥ƒ®gZkvÆZ0gΊ~»gz!gÆ(ƒ Over-rule ÜsWzZi¢zgZVñZ¤pZkÅWzZišŠ)

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(Gambling) ãg -2

(120 )‚…m (Uncertainty) ¾g -3

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iyZÒVvpŠ„g[ZÓwZzgpŠ„pg[kìX -1

‚…v—ìXThe 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.

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z�cZkÅ!û™* -2‚…v9ì

Thi s Pol i cy may a t any t ime be

terminated at the option of the Company on

14 days' notice to that effect being given to

the Participant............. In that case, the

Participant 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.

ŠyÆ 14 FÀ:t‚…0ŒvÆZ(g6ËÌz‰Ü

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Meezan Bank's Guide to Islamic Banking

ªLLZsòîg~ÆnöZyJÅgZÉóó*òÂ[É™�áùÅZzgŠZgZ‰x™ZcÆZ*ŠñÑ*eZËZÚiZ£/ZãäZKÂ[LLZsò

îg~XZq|IY{óó�áùÅXZyÅãŠ6ëäZkîg~ÅŠg`fsPyZÒVè�X

ÑbΊãg¯cY@ìX -1ZsòJZq‹w z ËÚÅ7c™Ztð™äÆn%z

ªKibor gff™™D�T~ãŠ~ZÌ (F loat i ng)

Ãq݃Cì�� Karachi Inter Bank Offered Rate

ËVÆW:ÆAŠ+ÅÑbΊƒCìXÈtì�ZkÑbΊÅãŠ67c™ZbÅ”ÅYñÏZzgZkÅp~Ð7c™Zt$mgìÇXZk~ŠzyZÒV�X

7c™ZtÆð™ä~ÑbΊãg¯äZzgZkÃf™™ä -i

~ZsxÆ)Ί~ÂxÐo97ìXZkÐtÌZ06ƒ@ì�Ëz‰ÜZsòJÃuâtÅ¢zg] -ii

ƈ[ÐΊZŠZ Kibor ƒÂz{ÌŠzu}ËVÐŒÛn©ìZzgZyÙ@ìX

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LL…Zk!]»ÌY{¢e’�ñ�Š{qÑ]~

ZsòJÑbΊÃYV£g¯D�ZzgZk»�Šwˆl™ä~Z7°ZÒwÁ)]»‚oìX

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¹Y@ìªËV Inter Bank offered rate ìZÐìX Ibor Æ!bç5]~7HŠÑbΊXZk»Ã

0Îy~¬xîg6™ZcÆËV»ÑbΊ�ge:ZEwKarachi Inter Bank Offered ƒ@ì&»Ægª

ë�X Rate

Z¤0Îy~ZsòJ»ÆgÃgh™ÃðZsò£g¯*e�ªCÙì�ZkÆnZsò<ÅZq(~âgL»z�Š~W*¢zg~ìXZ:v0Îy~ÌW×W×tâgLF¹™g„ìXóó)Zsòîg~Zq|IY{Ô

(54m

âàâ:zßwHY@ì��Ίì -2ñß~/ZyZÑs¢ã™rZq§stë��JZ¤ËÆ

‚B%ZÌ»çn™}ÂZkÆ'z‰ÜZŠZ5:™ä6:Â7~p~ÅY$ËìZzg:„ZkÐÃðâ:zßwHYYìpZkÆ!z�Šz{

JÆnt@ZeÌYg~™D��z{ÇH�Zqâ{ÅúYÆ!z�ŠËëw±gÆ%Yy1ú™ZŠZ57™@ÂZkäJÃAvyàcìZkÆDZguÆnZkÐZâg¶zßwÅYñX

Š¶/ZyZÑs¢ã™rZq§sâ:Æ*YƒäØ�:

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.

%ZÌ~ŠzuZXtì�Z¤ÇHHg@gõ6ZŠZ57™@Â:Â7psÅY$ËìZzg:Ãðâ:zßwHYYìX

pQŠzu}„œz{têYg~�ÛâD�XIn order to deal with dishonest clients

who default in payment deliberately,they

s h o u l d b e m a d e l i a b l e t o p a y

compensation to Islamic bank for the loss

suffered on account of default LL . P.129

$Šc-ÇH�Yy1ú™'z‰ÜZŠZ57™DZyÃ

ÐZsòJÃ�vyƒZìZk z 6gHYYì�ZkÅzÆDZguÆn¼g¶Š,X

ëë��Ãð»[/ZyZÑs™rÐ7i�vyÆDZguÆîg

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»g98Zzgƒx+$k5ë EEY~Z›g÷c‚… -3ZsxÅgzÐZ›g÷G*YìZzgZk~ΊÔ�ñZzg¾gÆp

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)Zsò§iìX»g~JZL„*x6Z›g÷c‚…™Z@ìZzgy~JZzg

ÇHpŠZLZL”VÆ”g™ZD�XZk~qgzfs!'ÃZ0Zi7ÅY‰:

ÇH�»g98cƒx+$k5ë EEY™zZ@ìz{JÆZ›g÷c‚… -i

~2ƒä»:áìZzgaèZkÃDì�JZ(¢zg™}ÇZzg¡ZkÅzzЙ}ÇÂz{Ìk…gƒ@ìX

Provisional Rental »gZYg{Y~öZyJÅYg~™Š{ -ii

)™Ztňg~ø(~Šg`ì�¬â{» Calculation Sheet

™ZtgZcZzg!g'ŠZg~ÆZyZY]ÃÌ�áïìZzg!¹¸VÆ™Zñ

Z›g÷)c‚…(Åg¶ÃÌ�áï�†ZqÇh~TÅ7gz9ìX 3,44,000

Inclusive of gz9ìZzgz{ 31,487 ZkƬâ{»™ZtìX Registration, Rent and Freight charges

gz9ìZzgz{Z›g÷Åg¶É 11,487 Z�ZŒCÙâ{»™ZtìX Inclusive of insurance ìª

ìpJÅŠ*zmZ] (Provisional) Z¤ptø*)g~~�áïìZzgÇHÃÌŠ3cY@ìÂtù¹YYì�»gZYg{~JpŠZK§sÐZ›g÷™Z@ìZzgpŠZK§sÐ6ÀZŠZ™@ìX

-ðuâtÅãŠ6œÅ„: -4

(On the basis of daily products)z 3MŠZgzVÃZZzgÎÌg¶ƒ¦™Zä6WâŠ{™äÆn%z

ËVä-ðuâtÅãŠ6œŠ¶ÅYïàìX/ZyZÑs™rZkÆ!g}~˜�:

"Many financial institutions finance

the working capital of an enterprise by

opening a running account for them from

where the clients draw different amounts

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

o f d a i l y p r od uc t s . C an suc h an

arrangement be possible 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

util ized 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

multiplied by the number of days each

investor has put his money into the

business, which will determine his profit

enti tlement on dai ly product basis."

(Meezan Banks' guide p:178)

LL¹Ðâ1CZŠZg}Ë»gz!g~ZŠZg}Æik¤ŠluâtÃZk§jÐFKŠï��Zk»ZqgzZV3MÅwŠï�T~Ð’.5ÿGZZz‡]~ZgSïs�Zzg‚B„Ãåuât¦Ì™ZDgT�X¾ngS¦

™ZäZzgï%»¿@gõZ•J¸gLìZzg-ðãŠzV6Ί»ˆ[ÎcY@ìXHZ(çnxg�Zzg%ZÌÅuât»g~~ÌHYYì?

Z¤0gkVÆŠgxyZ,çn6Z·tƒYñÂZkÐxg�ÆËãŠ~Ÿ‚Å#¿7ƒCXiîg6Zk»

Ètì�0gkVäZk‡°{zŸ‚6Z·t™1ì�xg�Æ3D~æ]ÆWy~�œ¦ƒz{ZkãŠ6„ƒÇ�Zz¹°-xHuâtZEwƒZìXZkа-x°gzBq݃äzZÑœ¥xƒÇTÃZyZcxÆ°ŠÐ¢[Š,

ÐX~CÙuât»gäZCuât»gz!g~ÎcìXZkÐ-ðãŠzV6œÅ”ÅYnÏXóóZk6/ZyZÑs™räQpŠ„ZqZ‹ZnzZgŠ™ÆZk»�Z[ŠcìXZ‹Zntì�ÑZ•~ÂÑrVÆgZkZÓw»Dƒ@ìZ�ZkÂx~3MŠZggSïsZzg¦™ZDgT�Zkn

xg�~ŠZ4ƒDz‰ÜZyÆuâtÅlZg!wƒCìZzgZk˜ªjZ! Ðxg�!ëƒY@ìQZkÆ�Z[~´)»‚ãg¶Zv»

7 )×}»!( ڳ˖o]Öo]Ö߈]Å Šïƒñë��t˜ªìYèZ‚âyyhZY@ìÂlZg»Dƒ„Y@ìX˜�:

"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

inval id . The answer to the above

objection is that the classical scholars of

Islamic fiqh have different views about

whether i t 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

pre-condition. Al-kasani, the famous

hanafi jurist writes:

"According to our hanafi school, it

is not a condition for the val idi ty 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 inval id, unless i t leads to

disputes. And the uncertainty in the

capital at the time of musharakah does

not lead to disputes, because i t 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)

LLpxg�»Xi{gzZV3MT~ÑqgziZ:ŠZ4Zzg{g`ƒDgT�ÃðÌÑqZk~³g¶¦™Zä

Åf)ŠZg~7©ìXZknxg�Ñzq™äÆz‰ÜCÙÐz ÑqÆgZkZÓw)uât(ÅlZg*¥xìTÅz

xg�ǃY*e’XèÃg{!ÑZ‹Zn»�Z[tì�}ZsòÆŠ*>»

Zk!g}~Z%sgZñì�xg�Æ�ZiÆnWcÑ»YÆgZkZÓw»¬Ð¥xƒ*Ñoìc7X4fY»Zk6Z·tì�tÑo7ìX�g4�´)»‚ãò˜

�:øg}ÃÆ_.xg�Æ�ZiÆntÃðÑo7

ì�gZkZÓwÅlZg¥xƒZ¤pZâx�áwg¶ZvÆ4ŠqtÑoìXøg~Š?tì�˜ª&Z]pŠ-ÆnñZYŠ7ƒCÉÜsZÏz‰ÜƒCìZz{4Zq»!¶XZzgxg�ÆÑzq~gZkZÓwÆ!g}~˜ª4Zq»!7ƒCYè)xg�Æ�(Z‚âyyhZY@ìÂZk»DƒY@ì®ZœÅ„~z{˜ª»!7ƒCXóó

ëë�…Z\kì�´)»‚ãg¶ZvÅ„g]»�Èñß~/Zy

ZÑs™räCcìëZkÐZ·t7™nX´)»‚ãg¶ZvÅ„g]-Vì:

æÖ³ß^]á]Örã^ÖèŸiÛßÄqç]‡]ÖÃÏ‚ÖÃnßã^eØŸÊ–^ñã^]Öo]ÖÛß^‡Âèæqã^Öè…]Œ]ÖÛ^ÙæÎk]ÖÃÏ‚ŸiË–o]Öo]ÖÛß^‡ÂèŸÞämÃ×ÜÚÏ‚]…å¾^a†]æÆ^Öf^Ÿá]Ö‚…]aÜæ]Ö‚Þ^Þn†iç‡Þ^áæÎk]Ö�†]ðÊn³Ã×ÜÚÏ‚]…â^Ê¡m©�p]Öoqã^ÖèÚÏ‚]…]Ö†exæÎk]ÖÏŠÛè!

D63” 6 Ee‚]ñÄ]Ö’ß^ñÄt7ƒCÉ LLøg~Š?tì�˜ª&Z]pŠ-Æ�ZiÆâú

ìXZzg-Æz‰ÜgZk ƒäÅzzÐâúƒC ÚË–o]Öo]ÖÛß^‡Âä7Yè¬xîgЂây ]Ö³Ûß^‡Âä ÚË–o]Öo ZÓwÅlZgŘª

zŠ*.ÃÂÑY@ìZknZkz‰ÜZkÅlZg ÅyhÆz‰ÜaèŠgZë¥xƒYCì®ZœÅ„Æz‰ÜœÅlZgÌ!w7gSXóó

´)»‚ãg¶ZvÅ%ZŠtì�-Æz‰ÜuâtÅlZg»-Dƒ*Ño7XtI�-Æz‰ÜlZg»Z)àDÌÑo7욊?ìXŠ¶´)g¶ZvpŠ�ÛâD��yhZg~Æz‰ÜaèŠgZëzŠ*.»ziyHY@ìÂZkz‰ÜZyÅlZg»D��-DìƒY@ìX¥xƒZ�tz{ŠgZëzŠ*.��-Æz‰Ü‚tgĊ؉�ZyÆ‚B

ÐcZyÅ z xg•ƒÏX¾n-Æz‰ÜŠgZëzŠ*.‚tƒäÅzÐZyÅlZg»Z)àD¢zgƒZ²-ðãŠÆ z §sZ�ág{ƒäÅz

X~-Æz‰ÜuâtÅlZg»:ÂZ)àDìZzg:-DìXWyÑ•Áy!ÑñZwÅ|Âì�ÁZiÁŠz�Û&ZL³

uâñZk-~5mæ]JÆnºm™BZzgZyÅãŠ6)Zzg¢zg]ƒÂ¿ÅzzÐÌ(ZLnœÅÑbð™,X´)»‚ã

(»Âz�Š Basis of daily products g¶ZvÆŠzg~-ðãŠ)7å®ZùÎeYYì�ZyÆŠzg~ŠzWŠòW:~xg�»-™,p-Æz‰Ü:ÂZyÃuâtÅlZg»¼Z0Zi{ƒZzg:„œÅÃðÑbð™,X¾n´)»‚ãg¶ZvÅ„g]Ã/ZyZÑs™rZL

h~ÑNt˧bŠg„7ìX6/ZyZÑs™r (Basis of daily products) -ðãŠ

äpŠ„ZqZzgZ‹ZnÜHì�tì:"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 wi l l be treated at par with other

investors who had huge amounts

invested in the business during that

period. Conversely, the business may

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.

LLPë)fYœÅ”ÆZk§jÃY7BYèZyÆìw~tZq¡g§iìTÐxg�~ËÑq»¾cƒZÇœ¥x7ƒ@Xzztì�teì�»gz!g~¹icŠ{œZyŠâV~ƒZƒZZqÑq»u}ÐcÂuât„ñ�Š:ƒcƒÂZÚðhZ�‡.Þf™„:ƒXZkÆ!z�ŠZkÃZyŠzu}Ñ»YÆ'Z'ŒYñÇ

MVäZkæ]~¹(~lZg~uâtÎcƒXZkÆ'@ßg]~teì�»gz!g»Zkæ]~¹icŠ{

vyƒZƒZZqÑq»¹icŠ{uât΃XZkÆ!z�ŠZk»¼vyZyŠvÑ»YÃv™ŠcYñÇX»Zkæ]~¼Ìuât:ƒcƒÂ¹ðhZ�*‡.Þf™ƒXóó

ëë�Z‹Zn»qÝtì�Zk§jÐËÑqÆzZªœÅ9lZg¥x7ƒCYè�Ûn™,xg�ÅÀæ]ZqΊyìXæ]ÆÑzq„~/ä0õDÙZgZzg–äŠkDÙZg¦™ZñXZzg7g~æ]~¼g¶:dZðXZyÆ£¨~ihäÑzq~0õDÙZg¦™ZñZzgŠkŠyz{dZnXWyÆŠkŠâV~0õDÙZggz9Q¦™ZŠØX

ZyΊâV»uâtƒZ''Î!ÑÄ

ÑÄ( 5)5,00,000= Šy 100x gz9 5000 ª/ÆÑÄ( 10)10,00,000= Šy 100x gz9 10,000 Zzg–Æ

ÑÄ( 1)100,000= Šy 20x gz9 5,000 ZzgihÆDÙZg 16 ÑÄgz9ZEw~gìÂZqŠy~ 16 Šy~À 100

gz9ƒÂ-ðãŠÆˆ[Ð/ 8000 gz9ZEw~gìXZ¤Àœgz9XZ[ 500 gz9Zzgih»ƒZ 5000 gz9Zzg–»ƒZ 2500 »œƒZ

gz9»œŠgxyÆZ4ŠâV~ƒZƒZzgÑzqzWy 8000 teì�ŠzuzVÆuâ-V6ƒä z ÆŠkŠkŠâV~¼Ìœ:ƒZƒXihÚz

gz9ï‰XZ,„vyÅßg]~ƒYìX 500 zZáœ~Ð/ZyZÑs™rZkZ‹Zn»�Z[-VŠï�:

"This argument can be refuted on the

ground that i t 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

their money is or is not uti l ized in a

particular transaction earn the profits

accruing to the jo int pool . Thi s is

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)

LLZyfYÅŠ~ƒðŠ?ÃZkãŠ6gŠHYYì�xg�~t¢zg~ì„7�ÑqÜsZLuât6œ¾ñXZZqŠixg�ðƒY@ìÂÓx„Ñ»YZkÐsÙDƒñ�Ë{m-~Zy»uâtZEwƒZìc7xg�Ðq݃äzZáœ~zŠZgƒD�Xt!]{mîg6ÃÆ4ŠqicŠ{¸WìYèZyÆŒV

xg�Æ�ZiÆntÑo7ì�ÓxÑ»YÆuâ-VÑo™ŠcYñXóó

ëë�/ZyZÑs™rÆZk�Z[»qÝtì�xg�~t¢zg~

7�CÙÑqÜsZLuât6œqÝ™}XÑZ•ÆˆZ¤pÜsZqÑq»uâtZEwƒZƒpœ~ŠvÑ»YÌÑqƒD�X

/ZyZÑs™räxg�»Ÿ‚ÂCcpz{Zk»‹t7™0ñ�ihäZŠkŠyÆZKg¶dZàÂWcÑ<ÅÃ~ÑZ•!¹Ìg„c7XªCÙì�Zk§bÐÂÑZ•„»ƒYCìSî

))¬ïÑq(ƒZzgz{ZCÀuât Sleeping partner Z�

)¬ïÑq(ÐzZ:ááXZ¤ÀuâtzZ:: Active partner

áÛzZ:dZáAÌ‚—ÑZ•Â!ëƒYèuâ-VÆ6Ð6-Å¢zg]ƒÏX (ratio) Úƒ

¾n/ZyZÑs™rÆÓxŠÑb"ãŠ�XZ%Wy~z{Zqßg] ZzgŠ?Šï��WŠòÃg™ä66g™CìZzgz{t�tZq]hZ·t™ Æ�›yZ¤Zk6 ]øÖû³ÛöŠû×ôÛöçûáøÂôßû‚ø�ö†öæû›ôãôÜû ìZzgug

BÂZ�ËwZxŹZzg'wÅ’*Ñix7WCZkÆZ(gÐÃðâú7ìXz{˜�:

"In the proposed system, al l 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

u t i l l i za t i o n o f d i f f e re n t a mo un ts

contributed by the participants at different

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

prohib i ted or a prohibi ted thing as

permissible."

LLXi{Âx~ÓxÑ»YÐ7VçnHY@ìXCÙÑq»œZkæ]ÅãŠ6ÎcY@ìT~Zk»uât

œ�3M~¦g;XZk~Ãð—7�xg�~ÀœZZz‡]~¦™ZðˆZg¶VÆZEwÐq݃ZìXZknZ¤ƒÅZk6!bgŸq~ƒ�z{-ðuâtÅãŠ6W:~œ„™,ÐÂÑ<ÅÃðùZ+7ì�

ÅZq�gug� ~ ZkÃ*YŒÛZgŠîƒÉtÂÑ›yZKðŃðÑîVÆ0È�ZJz{Ë'wqÃwZx:™BZzgËwZxqÃ'w:™BÐU"”{Ÿ‚Æ�ŠZ4ìXóópëZz6C`��ZkÂxÆ�ËZzg»qÝHƒZœ

Šzu}Ê}ŠcY@ìZzgËZzgÃäzZávy»¼zŠzu}Æt!]GY7ìXZkzzÐèÃg{ßg]à uÌeZwŠcY@ìX

»]Zt'Šg„7ìX ï ]øÖûÛöŠû×ôÛöçûáøÂôßû‚ø�ö†öæû›ôãôÜ ugWy~/ZyZÑs™r:YäYVËVZzgîgzVÐ%ú[

ƒ™˜�:"If distribution on daily products basis

is not accepted, it wi ll mean that no

partner can draw any amount nor can he

inject new amounts to the joint pool.

Simi lar l y, no body wi l l be ab le 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 t imes a day. The

rejection of the concept of the dai ly

products will compel them to wait for

months before they deposit their surplus

money in a profitable account. This will

hinder the uti l ization of savings 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."

LLZ¤-ðuâtÅãŠ6œÅ„ÃJw:HYñÂZk»Èì�:ÂÃðÑqÃðg¶dZYìZzg:„œ�-

~Ãð5g¶�áïÅY$ËìXZk§bËÆnÌe:ƒÇ�z{œ�-~g¶¦™ZnÎZñ5•ŠÆÑzqƒäÅHg{@g:V~XËVZzgâ1CZŠZgzV~Y¦™ZäÆZ±gÐt§iu}Ð*‡.Þ¿ì˜VYàÇyZqŠy~FF!gb¦™ZD�ZzgdZD�X-ðuât

ƦgÃgŠ™Š¶ÐYàÇy6gƒVÐ�Ëœj3M~Ãåuât¦™ZäЬz{VZOg™,Xt!]Åzg]ÅF¹ÆnxVÆZEwÐâúƒÏZzgZk§bÐâ1C]z4ƼîsæÂVÆn!ÇYxƒ™g{YNÐXZkX»ZkÆ´z{ÃðZzgi7ì�œÃ¥x™äÆn-ðuâtƧiÃZ(gHYñZzgaèZkÆÜsÑ<ÅÃðùñ�Š7ì®ZZkÃZ(g:™äÅÃðzz7ìXóó

Zz6tŠ3äƈ�-ðãŠzV»ÂxzZãîg6Ñ<ÆÜsì…/ZyZÑs™rÅZkZ⿽k6¼û{™äÅ¢zg]7ÎZñZkÆ�LLtˬx,Åi!yÆZÖpƒM�Zq¬ÝŠ+ZzgZsò,Æ7Xóó

¥iÅyhz�Ûz| -5úZL*y~¥iÅyhz�Ûz|Æ!g}~ë,Ðf™

™`��z{*Yìpñß~/ZyZÑs™r%ZÌÆ�µVÅyhz�Ûz|ÃÌYŒÛZgŠï�Xz{˜�X (Shares) Ɖ

"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

are fulfilled." (page 130)

LL%ZÌÅãŠ6Ë!‡°{vƉyh}Zzg�Ûz|GYM�YèZsòZßßVÅgzÐZ�-ÅŠvÓxãŠ~ÑZ_7g~ÅYg„ƒVt‰vÆZUXY]~

!ÅŠ?�Xóó"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

increased. Prof i ts are also earned

through dividends distributed by the

relevant companies." (P,210)

LLËZr&4-öJGHcœ�-ÐYz6uµVƉ

~uât»g~ÅYCìX¬xîgÐZ4‰Ãyh™ZzgZZyÅ7~ZŸ†ƒYñÂZyÃ�Ûz|™ÆœqÝHY@

ìX´z{Zi,|V�œŠî�z{Ìq݃@ìXóóZsòJ»ZLzúVZzgúÒzV6Z0JZOŠ -6ëŠÙ��øg}çÑ}~ßÒãÃð(~q7ìXP

g¦,ZzgzZîli¯*¬x©w»zìXZyqÑ]~ZqZëZzgZz!ÂxÃZ,ßÍVÆ–g}6ghŠcYñÂZkÂxÅƓЬ„™ä»¸~Z06ì�ŒÛdŒÛd¢ÆìXÉñ�Š{qÑ]~ÂJÆúÒ}Ť&6ÌZ±g7HYYXËÌ¿ÅÙ~0õÎcDÙZg»â^eZÑYñÂz{Š\YV:™}c“J:™}?öZy

City šZzgZ_�JZzgŠvZsòËV~Tn»oñ�Šìz{

);8»8J(Ð Hong Kong Bank );J(c Bank

Z7ìXZkÅzäsZzgZkňÐZ(Ãð@W7M�z{Ãð_/g‚ìZ�Zz!nÆ»ñVÅ»x!» (Missionary) �~

Z®gZyßÍV6ƒ@ì�Zz!f‚Zzg�~_/gnƒVX¡ÐZ+µ7ÅY$ËXZzgZ¤!Án¤&à{ Professionals

ŠcÈZg̃AÌZk!]ÅHJ-ì�’.5ÿGä‚—7ZƒZâw:Š3

ŠcƒcËÐzz¬geÆ�á™:Š3ŠcƒXñÑ*i¢ãæØÆŠZgZ‰x~>ï)bq¢{ä%ZÌ

¸¤Æfg=uât»g~Æ�t?mŠ~XLL}Zq»ÞgJÐRIÅyhZg~ÆnŒÛn¢

eLìÂJZkÃŒÛnŠ¶ÆOñpŠRIyh™zg]%Z̤�Ûz|™Š}ÇX

JÆnZipŠÓx£/ZâYÅyhZg~'Z{gZ„ÂìZknz{£/ZâYÅyhZg~ÆnpŠ’.5ÿGÃZC

zV¯Š}ÇZzgt’.5ÿG¬z{q}RIJÆzVÅwÐyh™ï~ááÇZzgyhZg~ÅŠ6JÃi™Š}Ç�~äz»ªÅãŠ6W\ÆnRIyh™ZL

ï~á1ìZzgZ[~z{RIW\ÐZLnyh*eL(119m7 ƒVóóX)ZŒZ2zò`

ñÑ*?gæZ£™rg¶ZväZk6qí–:LL>äŒVtZŸ†ÌHå�¸„œU’kÐg{Š

ìXJ’.5ÿGÆïŤ&ÆnZCÃðúÒ{ÇÇ�m7 Š}ÇóóX)ZŒZ2zò` w ïU"ƒä6Zk»u

(119

pZsòJZ,ËD»ØZVäûg7Zzgz{ZL’.5ÿGÃ

îñµŠêìXpŠ/ZyZÑs¢ã™rZKÂ[~ZkDÃ8ÃZ0Zi™Dƒñ˜�X

"An agency agreement is signed by

both parties in which the insti tution

appoints the cl ient 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

has purchased the commodi ty and

simul taneously makes an offer to

purchase it from the institution." (Islamic

Banking:p.127)

LLŠz0g‹V)ªJZzg’.5ÿG(Zqz»ª*)6Š\™,ÐTÆ�J’.5ÿGÃJÆnΊZyhäÅ{§ZCzVHg™@ìX’.5ÿGJÆnz{‚âyyh@ìZzgJ

ÆzVÆîg6Zk‚ây6ï™@ìXQ’.5ÿGJÃZ:q

Šêì�Zkä‚âyyh1ìZzg‚B„JÐZkÃyhäÅ7¿Ì™@ìXóóèÃg{!Ñ~çZ]ƃDƒññ�Š{qÑ]~ZsòJÅ

ZkiÔ6ªCÙì�ZEy7HYYX

6ŒÛnÅÑo (Bill of Exchange) z~ -7/ZyZÑs™r˜�:

"The expor ter w i th the b i l l o f

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

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 wi l l charge a particular 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

col lecting fee for service and giving

interest free l oan i s permiss ible ."

(Meezan Banks' guide: pp 198/199)

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