Contractual business partnership in Islamic law: a comparison of critical theoretical aspects

Sadique, Muhammad Abdurrahman (2019) Contractual business partnership in Islamic law: a comparison of critical theoretical aspects. In: 2nd International Conference on Governance, Organization and Business ICGOB 2019, Hotel Perdana, Kota Bharu, Kelantan, Malaysia.

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Abstract

With regard to the two major divisions of partnership or shirkah in Islamic law, the type which is more relevant to business and commerce is shirkah al-‘aqd or contractual partnership. This is the type that is principally applied in all forms of financing undertaken by Islamic financial institutions. Islamic law has a well formulated system of requirements and rules governing this form of partnership, that attempts to ensure the formation, operation and conclusion of the contractual relationship of the partners taking place on a just and equitable foundation, ruling out violation of the rights of any. Thus, the principle criteria lay down the conditions and rules that should be observed with regard to the partners, capital, profit division, management, rights of partners as well as liquidation and invalidity. While the schools of Islamic law have different approaches to many of these issues based on fundamental precepts derived from the holy Qur’an and the prophetic traditions, each school provides a complete and coherent system that is well-balanced and equitable. The current paper attempts to provide a brief and clear comparison of the positions of the schools of Islamic law on the major aspects pertaining to commercial partnership, as portrayed in the major works of each school.

Item Type:	Conference or Workshop Item (Plenary Papers)
Additional Information:	5640/77589
Uncontrolled Keywords:	partnership, commercial, shirkah, joint, venture, Islamic
Subjects:	H Social Sciences > HF Commerce > HF5001 Business. Business Administration H Social Sciences > HG Finance > HG3368 Islamic Banking and Finance K Law > KBP Islamic Law K Law > KBP Islamic Law > KBP1 Islamic law.Shariah.Fiqh > KBP490 Furūʻ al-fiqh. Substantive law. Branches of law. > KBP639 Muʻāmalāt
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Ahmad Ibrahim Kulliyyah of Laws > Department of Islamic Law
Depositing User:	Dr Muhammad Abdurrahman Sadique
Date Deposited:	27 Dec 2019 16:17
Last Modified:	01 Apr 2020 15:52
URI:	http://irep.iium.edu.my/id/eprint/77589

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