jadeed muashi masail by sheikh

8/6/2019 Jadeed Muashi Masail by Sheikh

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Meezan Bank's guide to Islamic Banking [The Principle of Limited Liability 6232 @223 ,]

ZyX Zgz k~7Z%Z m~ k~* XAs a humble student of Shariah, this

author have been considering the issue

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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)

)


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himself from bearing a loss greater than

the amount he has inves ted in a

company or partnership with limited

liability. If the business incurs a loss, the

maximum a shareholder can suffer is that

h e m a y l o s e h i s e n t i r e o r i g i n a l

investment. But the loss cannot extend to

his personal assets, and if the assets of

the company are not suff ic ient to

discharge all its liabilities, the creditorscannot 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 liability'

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

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8/186

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 moderncorporate 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 all its transactions

entered into the capacity of a juridical

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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 theconcept 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 liabilites 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

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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 insolvent company. 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 h e

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 personcan 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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(82Once 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

p e r s o n i n r e s p e c t o f t h e l e g a l

consequences of the transactions made

in its name, we will have to accept the

concept of limited liability which will followas a logical result of the former concept.

(Meezanbank's guide to Islamic Banking

p.225).

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sX* ?m zf)Zg~ s VJ g -II*

So, the concept could be restricted, to

the public companies only who issue their

shares to the general public and thenumber 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

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

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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 theassets of the business. In this case, if the

debts of the business increase from the

spec i 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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v XThe 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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Thi s Po l i cy may a t any t ime beterminated at the option of the Company on

14 days' notice to that effect being given to

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

Participant shall 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 contributionmade initially by him / her, less the amount

worked as per the following scale.

y 14 F:t0v Z(g6 z

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Meezan Bank's Guide to Islamic Banking

LLZsg~n ZyJ gZ* [ ZzgZgZx ZcZ**eZ ZiZ/ZZK [LLZs

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LLZk!] Y{e {q]~

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X Ibor !b5]~7H bXZk 0 y~xg6 ZcV bg e:ZEwKarachi Inter Bank Offered @& g

X RateZ 0 y~ZsJ g gh Zs g*

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/ZyZ sr Zq s:*Y^ :

Another issue with Murabahah is that

if the client defaults in payment of the

price at the due date, the price cannot bechanged nor can penalty fees be charged.

%Z~z uZXt Z H Hg@g6ZZ57 @:7ps Y$ Zzg: :zwH YYXp Qz u}z{tYg~ DX

In 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

$ c-

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Yy1

'z ZZ57

DZy

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Zg) c( g Zq h~T 7gz9X 3,44,000

Inclusive of gz9Zzgz{ 31,487 Zk{ ZtX Registration, Rent and Freight charges

gz9Zzgz{Zg g 11,487 Z ZC { ZtX Inclusive of insurance

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- ut 6 : -4(On the basis of daily products)

z 3 MZgzV Z Zzgg Z6W{ n %zV- ut 6 Y X /ZyZ sr

Zk !g}~ :

"Many financial institutions finance

the working capital of an enterprise by

opening a running account for them fromwhere the clients draw different amounts

at different intervals, but at the same

time, they keep returning their surplus

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137/186

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 o d u c t s . C a n s u c h a n

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 themusharakah. ----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

multiplied by the number of days each

investor has put his money into the

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business, which will determine his profit

entitlement on daily product basis."

(Meezan Banks' guide p:178)

LL1CZZg} gz!g~ZZg}i k l ut Zk jFK Zk Zq gzZV3 M w

T~ . 5 GZZz]~Zg

Ss

ZzgB ut ZDgTX ngS ZZzg% @gZJ gLZzg- zV6 [ cY@XH Z(nxg Zzg %Z ut

g~~H YY? Z 0gkVgxyZ,n6ZtYZkxg ~ #7CXig6Zk

t 0gkVZk{z6Zt 1 xg 3 D~]Wy~z{Zk 6 Zz-xH utZEwZXZk-xgzBqzZx T ZyZ cx [,

X~C ut gZC ut gz!g~ cXZk- zV6 Yn XZk6 /ZyZ sr QpZq Z ZnzZg Zk

Z[ cXZ Znt Z ~ r VgZkZw D@

Z

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n

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139/186


140/186

"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 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 isgenerally 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)

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f)Zg~7XZknxg zq z C z q gZkZw) ut( lZg*xT z

xg Y*eX

g{!Z Zn Z[t

}Zs

*>

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141/186

Zk!g}~Z%sgZ xg ZinW c YgZkZw x* o c7X4fY

Zk6Zt t o7Xg4) :

g}_.xg Zint o7 gZkZw lZgxZ pZx wgZv4q t oXg~?t &Z]p-nZ Y7C sZz CZ z{4Zq ! XZzgxg zq~gZkZw!g}~

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Z sr C cZkZt7 nX) gZv g]-V:

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D63 6 Ee ] ] ^ t7C LLg~?t &Z]p-Zi

XZzg-z gZk zzC o ]o ] ^ 7Y xgy ] ^ o ]o Zw lZg

z* . Y@ZknZkz Zk lZg yhz a gZxY

CZ z lZg

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ziyH Y@Zkz Zy lZg D - DY@Xx Z tz{gZz* .-z tg ZyB cZy z xg X n-z gZz* .t z

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( z Basis of daily products gZvzg~- )7Z eYY Zyzg~zWW:~xg - ,p-z :Zy ut lZg Z0Zi{Zzg:

b

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v g] /ZyZ sr

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143/186

h~N t bg 7X6 /ZyZ sr (Basis of daily products) -

pZq ZzgZ ZnH t:"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 periodwhen a particular investor had no money

invested in the business at all or had a

very insignificant amount investsd, still,

he will be treated at par with other

inves tors 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

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who had no investment in that period or

their size of investment was insignificant.

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i c{ZyV~ZZ Zq q

u} c ut: cZhZ . f :XZk!zZk Zyz u} Y'Z'Y

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Z Zn qt Zk j q zZ 9 lZgx7CY n ,xg ]Zq yX]

zq~ /0D ZgZzg kD Zg ZXZzg7g~] ~ g:dZXZy~ih zq~0D Zg ZZzgkyz{dZnXWykV~0D Zggz9 Q ZX

ZyV utZ''!

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146/186

valid musharakah that the monetary

contribution of the partners are mixed up

together. (Meezan Banks' guide:p178)

LLZyfY ~? Zk 6gH YY xg ~t zg~7 q sZL ut6

XZ Zq ixg Y@x YZk

s D {m-~Zy utZEwZ c7xg qzZ~zZgDXt

!]{mg64q i c{WY ZyV

xg Zint o7 x Y u-V o cYX

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/ZyZ sr

xg C cpz{Zk t7 0 ihZ kyZKgdZW c


147/186

) q (zZ:XZ utzZ:: Active partner zZ:dZA Z ! Y u-V6

6- zg] X (ratio) n /ZyZ sr xb " XZ%Wy~z{Zq

g] Zzg?W g 66g CZzgz{t tZq ]hZt yZ Zk6 ]

Zzgug

BZ wZx Zzg'w *ix7WCZkZ(g 7Xz{ :

"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

u t i l l i z a t i o n o f d i f f e r e n t a m o u n t s

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

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. a h n a f m e d

jadeed muashi masail by sheikh

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