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|1424{“f û2ü Üæg ZâZ

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|1424{“f û3ü Üæg ZâZ

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Penalty of Default :

"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.

In order to deal with dishonet clients who default in

payment deliberately,they should be made liable to

pay compensation to the islamic bank for the loss

suffered on account of default."(P.129)

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|1424{“f û4ü Üæg ZâZ
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Ä°Åy Zžì i§¸ »ÖÐ y Z D ™75ZŠ Z ‰ ™ú1 y Y ( ŠŽ z !
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 ™ y Z/ ~ßñ~ (lease) 9 c
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Penalty of late payment is given to charity :
.............The lessee may be asked to undertake that if

he fails to pay rent on its due date,he will pay

certain amount to a charity.For this purpose,the

financier/ lessor may maintain a charity fund where

such amounts may be credited and disbursed for

charitable purposes,including advancing interest-free

loans to the needy persons. (p.156)

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|1424{“f û5ü Üæg ZâZ

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y
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 z• yÅ ( shares )‰•ÆÌ Z%r
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"The shares of a lawful company can be sold or

purchased on Murabahah basis because according

to the principles of lslam,the shares represent

|1424{“f û6ü Üæg ZâZ

ownership into assets of the company provided all

other basic conditions of the transaction are

fulfilled."(page130)

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‰Æv{°‡! ÅÌ Z%L L
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x ÓvŠ Å-²Ð zg Å VßßZ
ó óX •?Š Å!~] YX U
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"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 thecapital

gains by purchasing the shares and selling them

when their prices are increased.Profits are also

earned through dividends distributed by the relevant

companies."(p,210)
H4J
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: |Åv
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: •˜ r
"......As mentioned in the books and research papers

of lslamic jurists,companies come under the ruling

of Shirkat-ul-Ainan."(p.211)
|1424{“f û7ü Üæg ZâZ

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|1424{“f û8ü Üæg ZâZ

(Chief Á h Z r Æ kZžì `gŠt ~ ^g7g : Ñ‚ Å vq

Z }n Y H i Z0
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X ì ̄ ! { z  ä i ]ƒ o Ê :gz ÀQ7i Zz ZìðÃa
» q Z 4
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Æ] Zg (ZÆVzË]
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 Z®ì CƒgÃè ~ Memorandum Of Association ÆvgzZ~ y Ò
v¿ðÃZ
kZ èa gz Z ì @
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h ñƒ D ™ tà oÑ kZ { z  ì @
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h ~ ˆ c~ Y Z’Z ‰Æ
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X Zƒ‡ à {g Y Z-Ð Tì ‡ à Z®ì s ÜÆ-ñ ~oÑtèa gz ZX Çñ YŒo zæ
Z eÆvq
: ìgÃèV- ~yÒÆVzË] Z
"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."

zg »Æv{zžì Ýqg (ZÃVzË]Ze •ÆcZ ÏÁZs W<g WÆvL L

g!
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Zb§ÏZ
|1424{“f û9ü Üæg ZâZ

"To borrow money from time to time required for

any of the purpose of the company by receiving

advances or any sum or sums of money with or

without 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,debenture stock

or other security or obligation of this company."

Û ¶gg”Æ]gz¢»¯ »z§{ ÅŠ ¢Ævž ǃg (ZÃVzË]

nŒ Z eÆvL L
yZ - B‚Æ-
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Xì ÅÒÃÅä™" ~¢,‚Å~ óW 2 ZŒZävZ¶gr
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Ð äƒw!ÆgZlÅ{ Z9ÅVzË] ZÐ ~‡¢ {Š™™f}g ø ä•sÑZ yZ/
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|1424{“f û 10ü Üæg ZâZ

XÆ+ŠA~ŠÎžOg~‚f]!
•sÑZyZ/~ßññƒD™c6 âZ•D™Üùzð¬
Û ¼yxgŠÆ•
: •˜ {zX•BÌt• ÑZ Åvu 6zZŽgzZyÁ•
Ñx¬
"But if the rule of partnership is truly applied in a

company,there is no possibility for any kind of

impermissible activity or income. Because every

share-holder of a campany is a sharik(partner)of the

company,and every sharik,according to the Islamic

jurisprudence is an agent of the other partners in

the matters of joint business.Therefore,the mere

purchase of a share of a company embodies an

authorization from the share-holder to the company

to carry on its business in whatever manner the

man ag em en t de em s fit .I f it i s k no w n t o t he

share-holder that the company is involved in an

un-Islamic transaction,and he continues to hold the

shares of that company,it means that he has

authorized the management to proceed with that

un-Islamic transaction.In this case,he will not only

be re spons ible for givin g his con sent to an

un-Islamic transaction,but that transaction will also

be rightfully attributed to himself,because the

management of the company is working under his

tacit authorization.

However a larger number of shariah scholars say

|1424{“f û 11ü Üæg ZâZ

that Joint Stock Company is basically different from

a simple partnership.In partnership,all the policy

decisions are taken through the consensus of all

partners,and each one of them has a vetro-power

w ith regard to the policy of t he business.

Therefore,all the actions of a partnership are

rightfully attributed to each partner.Conversely,the

majority takes the policy decisions in a joint stock

large number of company.Being composed of a

share-holders,a company cannot give a vetro-power

to each share-holder.The opinions of individual

share-holders can be over-ruled by a majority

decision. Therefore,each and every action taken by

th e c o m p an y c a n n ot be at t r i b ut e d t o e ve ry

sh a r e - h ol d e r i n h is i n d i vid u a l c a p ac i t y . I f a

share-holder raises an objection against a particular

transaction in an Annual General Meeting,but his

objection is over-ruled by the majority,it will not be

fair to conclude that he has given his consent to

that transaction in his individual capacity,especially

w hen he inte nds to refr ain from th e income

resulting from that transaction." (pp.211-212)

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|1424{“f û 12ü Üæg ZâZ

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|1424{“f û 13 ü Üæg ZâZ

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|1424{“f û 14 ü Üæg ZâZ

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ì 7hðà »ì ] !  W)] !
+ZÃ\ Wgz Zì ã â ‡)gz Zñ Ǥ
t Å\ Wž}tg Zh Z6ä V Q
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|1424{“f û 15 ü Üæg ZâZ

k° Z Ì] c Ù â gz Z ,ë Z q
Š OZC Z Hp7Àðà Â$™ ( Z ¤
Z Âvßx ¬ gz Z
РϤ¤
¢ Zn çpì ] !
gz Z Âì *  *
eg S ZX Ç } ™] P̀Åì ] !
q +Z ~ x ¬
X Ð , ™] P̀Åì ] !
+ Z ÌPresident ÆJ y Zöž B7ë ƒ
ŠÎävZ¶g ~â åZsÑZ *
yZ/gzZì Hx¯Ðg ±ZÆ]â ¥KZ6Ôà Zzh ÑñQ
» œáZz äƒÝqg ZŠzžì c
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gt ‚ÃÔÏZ Ìä r
 ™sÑZ
: •˜sÑZyZ/~ßñX ,Š™
"Therefore,if a company is engaged in a

keeps its halal(permissible)business,but also

surplus money in an interest-bearing

account,wherefrom a small incidental income of

interest is received,it does not render all the

business of the company unlawful.Now if a person

acquires the shares of such a company with clear

intention that he w ill oppose this incidental

transaction also,and will not use that proportion of

the dividend for his own benefit,then it cannot be

said that he has approved the transaction of interest

and hence that transaction should not be attributed

to him.

....if a very small amount of income is earned

through these means despite of his

disapproval,then his trade in shares w ould be

permissible with the condition that,he shall have to

purify that proportion of income by giving it to

|1424{“f û 1 6ü Üæg ZâZ

raised as to what charity.Now a question could be

extent or w hat limit that income w ould be

forgone.------It was resolved through the consensus

of proficient Shariah Scholars that the limit of

impermissible income should not exceed 5% of the

total income."(lslamic Banking pp.212-213)

CZ™ ¦~ M3 ~ŠÎt âuåà CZ { z pƒ w ' Âg !

zg » » vˤ
Z n¾L L
zg » Zg7 » vÐ ] !
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âZ ƒ CƒÝq ¶g¾q
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s§Å k Q ÚÅ-kZ G îSE
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z ‚ „ Z hð¼ » œŠŽ z ! Æ ~q Ÿg x° Åg ZŠz¤ Ë Y Å7
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V Qw ZÎt [ ZX ǃ * à ãæ WK ZÆ™‘œz »ŠÎÐ ~ ã æWKZÃ
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Ù â Æ <ÑX } ™‘œz H » ãæ WKZ { zžì Y
žì t · Z6kZ »Y fC
ó óXc e ã™7iz ˆÐ‚5Æã æWÀuÅ ã æW^
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 z• yÅi¥
Xƒw'g !
zg »ÝZ ( 1)
×sÜ ¶gX Vƒ` W~ŠŽ z(fixed assets) PU
ZᬒvkZ ( 2)
Xƒ:~^Å
X ñYðVQiZzW~): Ñ‚ÅkZÂì C™+ŠA~ŠÎv¤
Z (3)
kZƒ Zƒ Ýq Ð ^i 0 Ü z kZ ƒ „«o Z
e ~ŠÎz » œ A ‰  (4)
Û zh
 z•
( 20m| yÅi¥)X } Š™‘œÃ
|1424{“f û 17ü Üæg ZâZ

ÆkZ ÂÔÅ ¶ŠŠÎ„g

 ™sÑ Z y Z/~} g !
: •˜r
"......such companies sometimes borrow money

from financial institutions that are mostly based on

interest.Here again the afore-mentioned principle

applies i.e. if a share-holder is not personally

agr eea ble to su ch bor row in gs, but ha s b een

o ve r r u l e d b y t h e m a j o r i t y , t h e s e b o r r o w i n g

transactions cannot be attributed to him."

Û Ð Vzg ZŠ Z C1 â ] ‡z Z ‰V | ¸ L L
Ðgî x ¬ Ž • C™ Ýq 2 Œ
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