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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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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f)Zg~7eY Zy C q cC q gzi %{gC5]6zZYZzgZknz{Zk x
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r Zk y ? ? ~XAs mentioned in the books and
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companies come under the ruling of
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Shirkat-ul-Ainan. (Meazanbank's guide to
Islamic Banking)
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~ gCZZ v iZZY~ c associationgxy~yh@z{Zk o t Dyh@Zzga t o
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The directors are empowered by the
company`s articles of association to
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purpose of the company's business.....
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debentures, debenturestock or other
security or obligation of this company......
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3 X:
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X (Stock Market) CZk !iZg i yhz z| z jXZq t z ZZg}
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0 cY*Nq7XZk bZ (Uncertainty)
Zg eJ$w cV6 )D 0Y (121, 122 !zn*Y^7 X)m
/Zr Vz xH n{ i}GZzg QC z Y^ Vwf cXn g]Zk6 6z{W{7q VZg]X
/Zr rq tVw~ W\
gz9 @bg6b Q 6W\ Zk5]W\ zgz9 @bg6bt: sY^Ih{ XZkVw/Zr t ~ rq@Zkaz{Y^X
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/Zr tVwB_7gB XZk Vw-Vk ih Z ?=gz9 @t zzb g]~L zg]7~~kD Zggz9zV XZk y- rq Zzg-z: QZ z-Zzgv wgn ZzgZyZzZ*ZzgZ Znz wqtZzg-z
X
iyZVv pg[ZwZzgppg[kX -1
v XThe Company shall act as a Mudarib for
the purpose of managing the investment of
Participant's contribution. As such, the
Company stands entitled to a share in the
investment income there of as Mudarib.
F: q 0g P}qzZ ut~v pg[ w x } ZzgZk
bqzZ~pg[ w
zZg X
v pzZZzgz{ppg[70$ Y
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pg"z hVgxyZ(-@T~Zq Y+w@Zzgz u} Y+@Xa v z- Zz{g[ZwZzgz{pg[70$ X
Z t Y v 0gzV ut~pg[g6 x CZg[Zw0gXt97Y Zz6tf [ 0g P{z{z ! @Zzgv Zk
CXz{Zi,v z-n ut ZH Zk~v
pg"g6 x } v pg[ZwZzgppg[97X ZkZ[g6*i
] ^ a ] ^ j n ^ eo ] ] ^ o k ] u e ] i ] ^ ee e f
] ex i m f ex ] ^ ho ] ] ^ ] q ] ^ ] ] m j ^ q ]] e q ]% e e
D421 2 m m o ] q ]% m E] j ^ p] m t n ] i ^ n ] ^ e] o ] ^ e ] u!
F:C t v Zq z ~z- ZzgZkZZw~pg[Zk 7Zq pg" -]ZZZzgz u}v ~zgL gfi c{:Y Y
z* c
Y^
C c
z{z i} pZ`]
cZkiZ
Z
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n Zt6XZk6pg" kH YYZ pZk =Y x~7BX
t!]g Y* c zi} Z`]6h
Zi Zzg* pg[Zi 7 XWyZy
zV~ t AYC tg3 Zzgz{ tt zZgZ Z pz{Z`]6n:A Zk Z`]CX
Z bZ * cz ZgZ pZ`]6Z pz{ czs j6ZYg{7pZ`]zZZ Zkn WiU ZYg{ cXpg"~ cWi~ g]7kZknpg" ZYg{6k *e7X
*iZkk67g~ bt7Zknz{Zq wg]CDZ pv ng] Z(g H X*wg]t :
^ ^ o q ] e n i n ] e n ] ^ e n ] m ] u m p] ]] u n
e j ] n m j ^ q ] ]] j n ^ ] n ^ ] ] j % o ] ] ^ e! e q m
F:Z v z zZzgpg[~ wg]ez{t v eZ] I zV c zV~
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Zq ZKfZC,Zgz YZzgz{z-ZOxc v Z`]6ZzgzZZwpg" 6v
jZ }X
t$Fg]ZzgWy ZL g~Z ]Zt
Y X i ] j ^ n ] o * ` )ZsZg ] ^ m ^ ] i q
v ZL utZq zz- C(T v CZzgz{ZL utz- CX Q*wv Zq T~eZ] I Zy
fZC, YCZzgxtzf)Zg-V v s YCXZ eZ] I v x } Zk g|
v *} XZk qt v z- zZ0 X
Z[* Zq eZ] I ZKfZC,Zgz-
0YXp
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xZ
g eZ] I fZC,v ~ ZzgZk *v *Zk q
tZ zZv ZLW\ Zq 6nBCX Q* Zk?m_.v pZOxc Z`]6
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n CZzg ut g~c pg" n CX n* !VzZZxU"ZZy6ZH *v g[ZwZzgpg[zV cY^7X
z cZk ! * -2v 9
Thi s Po l i cy may a t any t ime beterminated at the option of the Company on
14 days' notice to that effect being given to
the Participant............. In that case, the
Participant shall be given an amount
equivalent to a rateable proportion of the
contribution for the unexpired Period of
policy from the date of such cancellation.
This policy may aslo be terminated at any
time at the request of the Participant, in
which case the Participant will be paid an
amount equivalent to the actual contributionmade initially by him / her, less the amount
worked as per the following scale.
y 14 F:t0v Z(g6 z
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F6 Y$ 'Zkg]~0g ] P} gkzZ: Y X0g
gpZ 6t0 Y$ ZzgZkg]~_.gkz{t Zk P} !g
zZ: Y X
P} gz ! Zzg
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5 X:
Zsg~ PyZV z %ze ] u ] n ^ !Zkzg~*iZzgZy Z}~ /ZyZ s
@V0 y~Zsg~ zqZ Xz u}V bZ:vZsg~pZqpeT tx{ZsZzgZk~ Zzgv )Zs
Zg W l:X$g};VgZ {Zsg~x:ZsZzg:0u XT tZ{ v ~ C_z{Z ZL5]ZzgV gh s
ZsJ ,z{}e:6WYN pz u~ sz ){ z Zk(Zvyt v ZKgZg~ZzgZKZo z
6z{!e:Cw6WYN (Zero Level) #gzZzgGtZq (ZvyX
~ /ZyZ sZ m~~
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Meezan Bank's Guide to Islamic Banking
LLZsg~n ZyJ gZ* [ ZzgZgZx ZcZ**eZ ZiZ/ZZK [LLZs
g~XZq |IY{ XZy 6Zkg~ gfs PyZV X
b g cY@X -1ZsJZq w z 7 c Zt n %z Kibor gff DT~ ~Z (F loa t i ng )
qC Karachi Inter Bank Offered RateVW:A+ bCXt Zk b 67 c Zb Y ZzgZk p~7 c Zt$mg XZk~zyZVX
7 c Zt ~ b gZzgZk f -i~Zsx )~xo9 7X
ZktZ06@ z ZsJ ut zg] -ii[ZZ Kibor z{z u}V nZzgZy
@XZgZx Zcgk*eZ ZiZ/ZZk!g}~7 Dz{g}ZZ06 @G CXz{ :
LLZk!] Y{e {q]~
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ZsJ b Y V gDZzgZk wl ~Z7Zw )] oX
V!b b : t xg6ZJZq q]~7gDJZ,D Zy0k zg]iZZgCZ
V0k+ng C
X
V g zg]Cz{ZyV fX0kg
iZZCX zZJZq m b6 n Y@V Inter Bank offered rate Z
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*
eC ZknZs
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B %Z n }Zk'z ZZ5: 6:7~p~ Y$ Zzg:Zk :zwH YYpZk!zz{
Jnt @ZeYg~ D z{ H Zq { Y!z wg %Yy1 ZZ57 @ZkJ Avy cZkDZgu nZkZgzw YX
/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-
H
Yy1
'z ZZ57
DZy
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ZsJ vyZZk z 6gH YY Zk zDZgu n g,X
[ /ZyZ sr 7i vyDZgu g
I z{ z 6YzZg:7ZzgH Zzg:ZkzZJDZgu *x6g|zw @X g 98 Zzgx+ $ k 5 EEY ~Zg c -3
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H pZLZL Vg ZDXZk~qgzfs!' Z0Zi7 Y: H g 98 cx+ $ k 5 EEY zZ@z{JZg c -i
~2 : Zzga Zk D JZ( zg } ZzgZk zz } z{k g@X
Provisional Rental gZYg{Y ~ ZyJ Yg~ { -ii) Zt g~ (~g` { Calculation Sheet
Ztg ZcZzg!g'Zg~ZyZY] Zzg!V Z
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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
pJ *zmZ] (Provisional) Z pt *)g~~ Zzg H 3 cY@t YY gZYg{~JpZK sZg Z@ZzgpZK s6ZZ @X
- 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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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
Zkx~3 MZggSsZzg ZDgTZk
n
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"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)
LLpxg Xi{gzZV3 MT~ q gziZ:Z4Zzg{g`DgT q Zk~g Z
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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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}~
4Zq ! 7CY )xg (Z y yhZY@Zk DY@Z ~z{ ! 7CX
Z\k ) gZv g] ~ /Zy
Z sr C cZkZt7 nX) gZv g]-V:
^ ]] r ^ i q ]] n ^ e ^ ^ ]o ] ^ q ^ ]] k ] i o ]o ] ^ m ] a ] f ^ ] ]a ] n i k ] ] n ] m p]o q ^ ]] ex k ] !
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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
!w7gSX
) gZv %Zt -z ut lZg - D* o7XtI -z lZg Z)D o7?X )gZvp D yhZg~z a gZz* .
ziyH Y@Zkz Zy lZg D - DY@Xx Z tz{gZz* .-z tg ZyB cZy z xg X n-z gZz* .t z
Zy lZg Z)D zgZ- z sZ g{ zX~-z ut lZg :Z)DZzg:- DX Wy y!Zw | Zi z &ZL uZk-~5m]J nm BZzgZy 6)Zzg zg] zz(ZLn b ,X)
( z Basis of daily products gZvzg~- )7Z eYY Zyzg~zWW:~xg - ,p-z :Zy ut lZg Z0Zi{Zzg:
b
,X n) gZ
v g] /ZyZ sr
ZL
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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.
LL P )fY Zk j Y^7BY Zy w~tZq g iTxg ~ q cZx7@Xzzt te gz!g~
i c{ZyV~ZZ Zq q
u} c ut: cZhZ . f :XZk!zZk Zyz u} Y'Z'Y
MVZk]~(~ lZg~ ut cXZk'@ g]~te gz!g Zk]~i c{ vyZZ Zq q i c{ utXZk!zZk vyZyv Y v cY X Zk]~ ut: chZ*. f X
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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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
/ZyZ sr ZkZ[ qt xg ~t zg~7 C q sZL ut6q }X Z Z p sZq q utZEwZp~v Y q DX
/ZyZ sr
xg C cpz{Zk t7 0 ihZ kyZKgdZW c
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) 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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