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Meezan Bank's guide to Islamic ¢ãÅÂ[The Principle of 6232 @223 Æ,] Banking

ÆÄZyÐìX Limited Liability

ZgŠz’k~Â7Z%Zôm~’k~ñÑ*æØ˜�XAs 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*æØÆ¸�ÐZ·t7ƒZX

vÅözŠf)ŠZg~»¬gspŠñÑ*æØZk»¬gs-V™ZD�X

The l imi ted l i ab i l i ty i n the

moder n e conom i c and l ega l

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 may lose his entire

original investment. But the loss

cannot extend to his personal

assets, and i f the assets of the

company are not suf f ic ient to

discharge al l i ts l iabi l i t ies, the

c r e d i t o r s c a nn o t c l a i m t h e

remaining part of their receivables

from the personal assets of the

shareholders.

Rather, it will be truer, perhaps,

to say that the concept of 'limited

liability' originally emerged with the


emer genc e o f t he

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

capi ta l f rom 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.

Accord i ng to th i s concep t , a

joint-stock company in itself enjoys

the status of a separate entity as

distinguished from the individual

entities of i ts 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 capaci ty of a

juridical person.

The b as i c ques t i on, i t i s

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 i ts

name, we will have to accept the

concept of 'limited liability' which will

fol low 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, i f we accep t tha t a

company, i n i ts capaci ty 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 c omp any , a f te r b ec om i ng

insolvent, is bound to be liquidated:

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˜bªözŠf)ŠZg~Ðz{qª limited liability~

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

~ÎñƒñZLuâtÅuJÂvy'ŠZ“™}ÇÔZkÐicŠ{7XZzgZ¤vÆZUXY]Zk6zZZZÑŠZYŒÛçVÅZŠZ5Æn7g}:ƒVÂŠZ"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]~ZyÆÎñƒñ

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¹ÐuâtÃÃu™ä»!¯ìX''''''

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Z[ãŠ~ÎZwtZ½@ì�H‡âã¿»¦gÑ<Æ‚B_“g‚ìc7?ZZkÃt™1Yñ�‡âã¿Ã!z�Šs~ƒäÆÇ¿Å§bZ±gHYYìÂZkÆx³Æîg6özŠf)ŠZg~ÃÌt™*7}ÇXZkÅzzzZãìYèZ¤ÃðÇZyÍƒ™%Y@ìÂZkÆŒÛnpZƒVZzgŠZ"54è JEGEÅg‚ðÜsZkÆZUNVJgSì�z{gh™%ZXZ¤Zk6ŒÛ2ZkÆZUNV

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vÜs‡âã¿„0$ËìÔÇ¿7ZkÆnZrVäÃðÑ¦Š?7Š~XcŠgì�Zz{‡âã¿»ÂZEw™D�Â‡âyÐZyÅ%ZŠ±)Ñ¦‡âyìXÇ

¿Zzg‡âã¿Æ!g}~ë¬±‡âyÆ_.¼,f™™D�X

ä¿Å°p-VÅìX (Salmond) ‚rA 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{�ìTÃ‡âã¢ŠZ]zZqwÅ&¢ÐZzg³~£tZzgf)ŠZg-VÐéŒÛZgŠêìX

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

attributed.

z{�TÃ£tzf)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~!]‡âãZ¾mÅƒCìpZ{z{ÇƒVªZyƒV�£tzf)ŠZg-V»·™M -i

ƒVcz{�Ûèc‡âãƒVª¤z\)ù´(cZâYƒVXÃ -ii

‡ây£tzf)ŠZg-VÆ·Å‡/ÐéŒÛZgŠêìXèÃg{!Ñ!ÂVÅgzÝ~¥xƒZ�:

‡âã¿‡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 organising rights and duties is

carried out. (Jurisprudence by M. Farani p.120)

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

±‡âyÅÃ~�Zz6u)œ�uât»g~Å(

v‡âã¿ìA 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)

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vZzgÑ•~�ÛtÑ•Zzgv~‰�Ût��ñÑ*i¢ãæØÆZÖp

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vÅf)ŠZg~»H:ìZk»:�pŠñÑ*i¢ã™räCcz{ZyÆZL

ZÖp~tìThe 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 joint enterprise.

özŠf)ŠZg~ÆŸ‚ÃZ(g™ä»ãŠ~Ñtì�(}œ�»gz!g~µ1V~icŠ{ÐicŠ{uât»g~ÃgZá

HYñZzgZ7ZEyŠÑcYñ�vyÅßg]~ZyÆÎñƒñuâtÆ´z{ZyÆŠvfZCZUXY]6iŠ:7}

ÏX

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

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

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 liquidated, 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 i t s

share-holders for the rest of their

claims, Even the directors of the

company who may be responsible

for such an unfortunate situation

cannot be held responsible for

sa t i s f y i ng the c l a i ms o f t he

creditors.

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?¥ô™Š~XAs mentioned in the books and

research papers of Islamic jurists,

companies come under the ruling of

Shirkat-ul-Ainan. (Meezan bank's

guide to Islamic Banking)

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t!]7g~ƒð�But legal personality remains, in essence,

merely a convenient and juristic device by which

the problem of organising right and duties is

carried out. (Jurisprudence by M. Farani p.120)

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ñÑ*i¢ã™rÆ7™Š{PÂ]

1. Waqf

The first precedent is that of a

waqf. A waqf is a legal and religious

ins t i tu t i on where i n a pe rson

dedicates some of his properties for

a religious or a charitable purpose.

The properties, after being declared

as Waqf, no longer remain in the

ownership 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 Allah Almighty alone.

It seems that the Muslim jurists

have t rea ted the W aqf as a

separate legal enti ty and have

ascribed to it some characteristics

similar to those of a natural person.

This will be clear from two rulings

given by the fuqaha (Muslim 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 j ur i sts have

clearly mentioned that the money

given to a mosque as donation

does not form part of the Waqf, but

it passes to the ownership of the

mosque.

Here again the mosque i s

accepted to be an owner of money.

Some jurists of the Maliki School

have expressly 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 i s

physical.

Another renowned Maliki jurist,

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 Mus l i m jur i s t s 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 its 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 al l the

characteristics of a 'juridical person'

can be attributed to it.

2. Baitul-Mal

Another example of 'juridical

pe rson ' found i n our c l ass i c

l i terature of Fiqh is that of the

Baitul-mal (the exchequer of an

Is l a m i c s ta te ) . Be i ng pub l i c

property, al l the ci tizens of an

Islamic state have some beneficial

r ight over the Bai tul -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

obligations, 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 Bai tul -mal (wherefrom the

salaries are generally given) he can

give salaries from the sadaqah

(Zakah) depar tment , 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 Baitul-mal, but aslo the different

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

c o n c e r n e d d e p a r t m e n t o f

Bai tul -mal. I t means that each

department of Bai tul -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 gLXóó)ZsxZzg]huzg]mOnce the concept of juridical

person i s accepted and i t i sadmitted that, despite its fictivenature, a juridical person can betreated as a natural person inrespect of the legal consequencesof the transactions made in i tsname, we will have to accept theconcept of limited liability which willfol low as a logical result of theformer concept. (Meezanbank'sguide to Islamic Banking p.225).


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JgìñÑ*æØ˜�

So, the concept coul d 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

limited laibility should not be applied

to them, because, practically, each

one of thei r shareholders and

pa r t ne rs c an e as i l y ac qu i r e

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 s leep ing par tners o r the

shareholders of a private company

who do not take part in the business

practically and their liability may be

limited as per agreement between

the partners.

If the sleeping partners have a

l i m i t e d l i a b i l i t y u n d e r t h i s

agreement, it means, in terms of

Islamic jurisprudence, that they

have not al lowed 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

specified limit, it will be the sole

respons ib i l i ty o f the work ing

partners who have exceeded the

l imi t . (Meezanbank 's guide to

Islamic Banking p 231, 232)

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t h e c o m p a n y ` s a r t i c l e s o f

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money or secure payment of any

sum or sums of money for the

purpose of the company's

business.....

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To borrow money from time to

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advances of any sum or sums of

money with or with-out securi ty

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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the contribution for the unexpired

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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.

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gff™™D�T~ãŠ~ZÌ (Floating) Zq‹wÃ Karachi Inter Bank Offered RateªKibor

qÝƒCì��ËVÆW:ÆAŠ+ÅÑbÎŠƒCìX

Ètì�ZkÑbÎŠÅãŠ67c™ZbÅ”ÅYñÏZzgZkÅp~Ð7c™Zt$mgìÇXZk~ŠzyZÒV�X

7c™ZtÆð™ä~ÑbÎŠÃ£g¯äZzgZkÃ -i

f™™ä~ZsxÆ)ÎŠ~ÂxÐo97ìXZkÐtÌZ06ƒ@ì�Ëz‰ÜZsòJÃuâtÅ -ii

ÆKibor ¢zg]ƒÂz{ÌŠzu}ËVÐŒÛn©ìZzgZyÃˆ[ÐÎŠZŠZ™@ìX

ŠZgZ‰x™ZcÆægkñÑ*eZËZÚiZ£/ZãZk!g}~�Ìð7™D�z{øg}ZÏZ06Å@G™CìXz{˜�:

LL…Zk!]»ÌY{¢e’�ñ�Š{qÑ]~ZsòJÑbÎŠÃYV£g¯D�ZzgZk»�Šwˆl™ä~Z7°ZÒwÁ)]»‚oìX

ËVÆ!bÑbÎŠ»:©tì�¬xîg6ZJZq‰qÑ]~7^gìƒDÔ‰JZ,ƒD��ZyÆ0k¢zg]ÐiZZg¶ƒCìZ�‰ËVÆ0k+÷Æng¶ÁƒCìÂXËVÃg¶Å¢zg]ƒCìz{ZyËV

ÐŒÛ£f�XÆ0kg¶iZZƒCìXŒÛ£Š¶zZÑJZqºmÑbÎŠ6ŒÛnŠêìZÐ

¹Y@ìªËV Inter Bank offered rate

Æ!bç5]~7HŠÑbÎŠXZk»ÃìX0Îy~¬xîg6™ZcÆËV»Ñb Ibor

Karachi ÎŠ�ge:ZEwƒ@ì&»Ægªë�X Inter Bank Offered Rate

Z¤0Îy~ZsòJ»ÆgÃgh™ÃðZsò£g¯*e�ÂªCÙì�ZkÆnZsò<ÅZq(~âgL»z�Š~W*¢zg~ìXZ:v0Îy

~ÌW×W×tâgLF¹™g„ìXóó)Zsò(54 îg~Zq|IY{Ôm


âàâ:zßwHY@ì� -2

�ÎŠìñß~/ZyZÑs¢ã™rZq§stë��JZ¤

ËÆ‚B%ZÌ»çn™}ÂZkÆ'z‰ÜZŠZ5:™ä6:Â7~p~ÅY$ËìZzg:„ZkÐÃðâ:zßwHY

YìpZkÆ!z�Šz{JÆnt@ZeÌYg~™D��z{ÇH�Zqâ{ÅúYÆ!z�ŠËëw±gÆ%Yy1ú™ZŠZ57™@ÂZkäJÃAvyàcìZk

ÆDZguÆnZkÐZâg¶zßwÅYñXŠ¶/ZyZÑs¢ã™rZq§sâ:Æ

*YƒäÃ˜�:Another issue with Murabahah

is that i f the cl ient defaul ts 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

cl ients who default in payment

deliberately,they should be made

l iable to pay compensation to

Islamic bank for the loss suffered on

account of default LL . P.129

$Šc-ÇH�Yy1ú™'z‰ÜZŠZ57ÐZsòJ z ™DZyÃ6gHYYì�ZkÅz

Ã�vyƒZìZkÆDZguÆn¼g¶Š,Xëë�

�Ãð»[/ZyZÑs™rÐ7i�vyÆz DZguÆîg6àYäzZàg¶â:7ÂZzgHìZzgâ:Zkz

ÐIå�z{ÎŠáå®ZJDZguÆ*x6Šg|ÎŠzßw™@ìX

»g98Zzgƒx+$k5ë EEY~Z›g÷c‚… -3ZsxÅgzÐZ›g÷G*YìZzgZk~ÎŠÔ�ñZzg¾gÆp0ñYD�X¸ÐV!'‚…ªZsòZ›g÷~Ì0ðYC�6�‚…ÆÒy~ë,ÐU"™

‚…Ì)Zsò§iìX z `�X®Z%z»g~JZL„*x6Z›g÷c‚…™Z@ìZzgy~

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

ÇH�»g98cƒx+$k5ë EEY™zZ@ìz{JÆZ›g÷ -i

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

Provisional »gZYg{Y~öZyJÅYg~™Š{ -ii

)™ZtÅˆg~ø(~ Rental Calculation Sheet

Šg`ì�¬â{»™ZtgZcZzg!g'ŠZg~ÆZyZY]ÃÌ�áïìZzg!¹¸VÆ™ZñZ›g÷)c‚…(Åg¶ÃÌ

gz9ìX 3,44,000 �áï�†ZqÇh~TÅ7Inclusive gz9ìZzgz{ 31,487 ZkÆ¬â{»™Ztof Registration, Rent and Freight charges

ìXgz9ìZzgz{Z›g÷Å 11,487 Z�ZŒCÙâ{»™Zt

ìX Inclusive of insurance g¶ÉìªìpJÅ (Provisional) Z¤ptø*)g~

Š*zmZ]~�áïìZzgÇHÃÌŠ3cY@ìÂtù¹YYì�»gZYg{~JpŠZK§sÐZ›g÷™Z@ìZzgpŠZK§sÐ6ÀZŠZ™@ìX

-ðuâtÅãŠ6œÅ„: -4


(On the basis of daily

products)3MŠZgzVÃZZzgÎÌg¶ƒ¦™Zä6WâŠ{™äÆ

ËVä-ðuâtÅãŠ6œŠ¶ÅYïàìX/Zy z n%zZÑs™rZkÆ!g}~˜�:

"Many f inancial inst i tut ions

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 thei r

surplus amounts. Thus the process

of debit and credit goes on upto the

date of maturity, and the interest is

calculated on the basis of daily

products. Can such an arrangement

be possible under the musharakah

or mudarabah modes of financing

(Meezan Bank's guide. p: 177)

If such an arrangement i s

agreed upon between the parties, it

does not seem to violate any basic

pr inc ip le o f the musharakah.

----practically, it means that the

parties have agreed to the principle

that the prof i t 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

profi t per rupee per day wil l be

multiplied by the number of days

each investor has put his money

into the bus iness, which wi l l

determine his profit entitlement 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-ðãŠzV6ÎŠ»ˆ[ÎcY@ìXHZ(çnxg�Zzg%ZÌÅuât»g~~ÌHYYì?

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

îg6Zk»Ètì�0gkVäZk‡°{zŸ‚6Z·t™1ì�xg�Æ3D~æ]ÆWy~�œ¦ƒz{ZkãŠ6„ƒÇ�Zz¹°-xHuâtZEwƒZìXZkÐ°-x°gzBqÝƒäzZÑœ

¥xƒÇTÃZyZcxÆ°ŠÐ¢[Š,ÐX~CÙuât»gäZCuât»gz!g~ÎcìXZkÐ-ðãŠzV6œÅ”ÅYnÏXóóZk6/ZyZÑs™räQpŠ„ZqZ‹ZnzZgŠ™Æ

Zk»�Z[ŠcìXZ‹Zntì�ÑZ•~ÂÑrVÆgZkZÓw»Dƒ@ìZ�ZkÂx~3MŠZggSïsZzg¦

™ZDgT�Zknxg�~ŠZ4ƒDz‰ÜZyÆuâtÅlZg!wƒCìZzgZk˜ªÐxg�!ëƒY@ìQZk

jZ!Šïƒñë��t Æ�Z[~´)»‚ãg¶Zv»


)×}» Ú³Ë³–³o]Öo]Ößˆ]Å ˜ª7ìYèZ‚âyyhZY@ìÂlZg»Dƒ„Y@ !(

ìX˜�:"But the proposed running

account of musharakah where the

partners are coming in and going

o u t e v e r y d a y , no b o d y ha s

under taken to cont r i bute any

specific amount. Therefore the

capital contributed by each partner

is unknown at the time of entering

into Musharakah which should

render the musharakah invalid. The

answer to the above objection is

that the classical scholars of Islamic

fiqh have different views about

whether it is necessary for a valid

Musharakah that the capital is

pre-known to the partners. The

Hanafi scholars are unaminous on

t h e p o i n t t h a t i t i s n o t 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 i tsel f does not

render a contract invalid, unless it

l e a d s t o d i s p u t e s . A n d t he

uncertainty in the capital at the time

of musharakah does not lead to

disputes, because it is generally

known when the commodities are

purchased for the musharakah,

therefore i t does not l ead 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¶¦™ZäÅf)ŠZg~7©ìXZknxg�Ñzq™äÆz‰ÜCÙÑqÆgZkZÓw

Ðxg�Ã‡ z )uât(ÅlZg*¥xìTÅzƒY*e’X

èÃg{!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�ZiÆntÃðÑo7ì�gZkZÓwÅlZg¥xƒZ¤pZâx�áwg¶ZvÆ4ŠqtÑoìXøg~Š?tì�˜ª&Z]pŠ-ÆnñZYŠ7ƒCÉÜsZÏz‰ÜƒCìZz{4Zq»!¶XZzgxg�Æ

Ñzq~gZkZÓwÆ!g}~˜ª4Zq»!7ƒCYè)xg�Æ�(Z‚âyyhZY@ìÂZk»DƒY@ì®ZœÅ„~z{˜ª»!7ƒCXóó

ëë�…Z\kì�)»‚ãg¶ZvÅ„g]»�Èñß~


/ZyZÑs™räCcìëZkÐZ·t7™nX´)»‚ãg¶ZvÅ„g]-Vì:

æÖ³ß³^]á]Ö³rã³^ÖèŸi³Û³ß³Äq³ç]‡]Ö³Ã³Ï‚ÖÃnßãêØ]Ö³Û³ß³^‡Âèæqã^Öè…]Œ]ÖÛ^ÙæÎk]ÖÃÏ‚Ÿ ŸÊ³–^ñã^]Öo

m³Ã³×³ÜÚ³Ï‚]…å¾â†]æÆ^Öf^Ÿá i³Ë³–³o]Ö³o]ÖÛß^‡ÂèŸÞäÊn³Ã×ÜÚÏ‚]…â^Ê¡ ]Ö³‚…]a³Üæ]Ö‚Þ^Þn†iç‡Þ^áæÎk]Ö�†]ð

Ee³‚]ñÄ m³©�p]Ö³oqã³³^ÖèÚ³Ï³‚]…]Ö³†exæÎk]ÖÏŠÛè!D63” 6 ]Ö’ß^ñÄt

7 LLøg~Š?tì�˜ª&Z]pŠ-Æ�ZiÆâúìXZzg ƒäÅzzÐâúƒC ÚË–o]Öo]ÖÛß^‡Âä ƒCÉ

]Ö³Û³ß^‡Âä Ú³Ë–o]Öo -Æz‰ÜgZkZÓwÅlZgÅ˜ªzŠ*.ÃÂÑY@ 7Yè¬xîgÐ‚âyÅyhÆz‰ÜaèŠgZë

ìZknZkz‰ÜZkÅlZg¥xƒYCì®ZœÅ„Æz‰ÜœÅlZgÌ!w7gSXóó

´)»‚ãg¶ZvÅ%ZŠtì�-Æz‰ÜuâtÅlZg»-Dƒ*Ño7XtI�-Æz‰ÜlZg»Z)àDÌÑo7ìšŠ?ìXŠ¶´)g¶ZvpŠ�ÛâD��yhZg~Æz‰ÜaèŠgZëzŠ*.»ziyHY@ìÂZkz‰ÜZyÅlZg»D��-DìƒY@ìX¥xƒZ�tz{ŠgZëzŠ*.��-Æz‰Ü‚tgÄŠØ‰�ZyÆ‚Bxg•ƒÏX¾n-

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

X~-Æz‰ÜuâtÅlZg»:ÂZ)àDìZzg:-DìX

WyÑ•Áy!ÑñZwÅ|¸Âì�ÁZiÁŠz�Û&ZL³uâñZk-~5mæ]JÆnºm™BZzgZyÅãŠ6)Zzg¢zg]ƒÂ¿ÅzzÐÌ(ZLnœÅ

Basis Ñbð™,X´)»‚ãg¶ZvÆŠzg~-ðãŠ)(»Âz�Š7å®ZùÎeYYì� of daily products

ZyÆŠzg~ŠzWŠòW:~xg�»-Â™,p-Æz‰Ü:ÂZyÃuâtÅlZg»¼Z0Zi{ƒZzg:„œÅÃðÑbð™,X¾n´)»‚ãg¶ZvÅ„g]Ã/ZyZÑs™rZL

h~ÑNtË§bŠg„7ìX6/ZyZÑs (Basis of daily products) -ðãŠ

™räpŠ„ZqZzgZ‹ZnÜHì�tì:"Some contemporary scholars

do no t a l l ow thi s me thod o f

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

profi ts 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 will be treated at

par with other investors who had

huge amounts invested in the

busi ness dur i ng tha t per iod .

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

tha t p e r i o d o r t he i r s i ze o f

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'ŒYñÇMVäZkæ]~¹(~lZg~uâtÎcƒXZkÆ'@ßg]~teì�»gz!g»Zkæ]~¹icŠ{vyƒZƒZZqÑq»¹icŠ{uâtÎƒXZkÆ!z�ŠZk»¼vyZyŠv

Ñ»YÃv™ŠcYñÇX»Zkæ]~¼Ìuât:ƒcƒÂ¹ðhZ�*‡.Þf™ƒXóó

ëë�Z‹Zn»qÝtì�Zk§jÐËÑqÆzZªœ

Å9lZg¥x7ƒCYè�Ûn™,xg�ÅÀæ]ZqÎŠyìXæ]ÆÑzq„~/ä0õDÙZgZzg–äŠkDÙZg¦

™ZñXZzg7g~æ]~¼g¶:dZðXZyÆ£¨~ihäÑzq~0õDÙZg¦™ZñZzgŠkŠyˆz{dZnXWyÆŠkŠâV~0õDÙZggz9Q¦™ZŠØX

ZyÎŠâV»uâtƒZ''Î!ÑÄÑÄ( 5)5,00,000= Šy 100x gz9 5000 ª/Æ

= Šy 1 0 0 x gz9 1 0 , 0 0 0 Zzg–ÆÑÄ( 10)10,00,000

ÑÄ( 1)100,000= Šy 20x gz9 5,000 ZzgihÆÑÄgz9ZEw~gìÂZqŠy~ 16 Šy~À 100

gz9ƒÂ-ðãŠ 8000 DÙZggz9ZEw~gìXZ¤Àœ 16

gz9Zzg 5000 gz9Zzg–»ƒZ 2500 Æˆ[Ð/»œƒZgz9»œŠgxy 8000 gz9XZ[teì� 500 ih»ƒZ

ÆZ4ŠâV~ƒZƒZzgÑzqzWyÆŠkŠkŠâV~¼Ìœ:500 ŠzuzVÆuâ-V6ƒäzZáœ~Ð z ƒZƒXihÃšz

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

"This argument can be refuted

on the g round tha t i t i s no t

necessary in a musharakah that a

partner should earn profit on his

o w n m o n e y o n l y . O n c e a

musharakah pool comes into

existence al l the part ic i pants ,

regardless of whether their money

is or is not util ized in a particular

transaction earn the profits accruing

to the joint pool. This 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�~tÂ¢zg~ì„7�ÑqÜsZLuât6œ¾ñXZZqŠixg�ðƒY@ìÂÓx„Ñ»YZkÐsÃ™Dƒñ�Ë{m-

~Zy»uâtZEwƒZìc7xg�ÐqÝƒäzZáœ~zŠZgƒD�Xt!]{mîg6

ÃÆ4ŠqicŠ{¸WìYèZyÆŒVxg�Æ�ZiÆntÑo7ì�ÓxÑ»YÆuâ-VÃ‘o™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§bÐÂ


ÑZ•„»ƒYCìSîZ�))¬ïÑq(ƒZzgz{ZCÀuât Sleeping partner

)¬ïÑq(ÐzZ:ááXZ¤Àuât Active partner

zZ::áÛzZ:dZáAÌ‚—ÑZ•Â!ëƒYèÐ6-Å¢zg]ƒÏX (ratio) uâ-VÆ6Úƒ

¾n/ZyZÑs™rÆÓxŠÑb"ãŠ�XZ%Wy~z{ZqZzgŠ?Šï��WŠòÃg™ä66g™CìZzgz{t

]øÖû³ÛöŠû³×ô³Ûö³çûáøÂôßû‚ø�ö†öæû›ôãôÜû ßg]ìZzgug �tZq]hZ·t™BÂZ�ËwZxÅ¹Zzg'w Æ�›yZ¤Zk6

Å’*Ñix7WCZkÆZ(gÐÃðâú7ìXz{˜�:"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

uti l l ization of di fferent amounts

contributed by the participants at

different times. Therefore, if all of

them agree with mutual consent to

di st r i bute the prof i ts on dai l y

p r od uc t s ba s i s , t he r e i s 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

a r e b o un d b y t h e i r m u t u a l

agreements unless they hold a

permissible thing as prohibited or a

prohibited thing as permissible."

LLXi{Âx~ÓxÑ»YÐ7VçnHY@ìXCÙÑq»œZkæ]ÅãŠ6ÎcY@ìT~Zk»uâtœ�3M~¦g;XZk~Ãð—7�

xg�~ÀœZZz‡]~¦™ZðˆZg¶VÆZEwÐqÝƒZìXZknZ¤ƒÅZk6!bgŸq~ƒ�z{-ðuâtÅãŠ6W:~œ„

™,ÐÂÑ<ÅÃðùZ+7ì�ZkÃ*YÅZq�gug�›y ~ ŒÛZgŠîƒÉtÂÑ

ZKðÅƒðÑîVÆ0È�ZJz{Ë'wqÃwZx:™BZzgËwZxqÃ'w:™BÐU"”{Ÿ‚Æ�ŠZ4ìXóó

pëZz6C`��ZkÂxÆ�ËZzg»qÝHƒZœŠzu}ÃŠ}ŠcY@ìZzgËZzgÃƒäzZávy»¼z

t!]GY7ìXZkzz Šzu}ÆuÌeZwŠcY@ìX»]Zt' ï ]øÖû³ÛöŠû³×ôÛöçûáøÂôßû‚ø�ö†öæû›ôãôÜ ÐèÃg{ßg]Ãug

Šg„7ìXWy~/ZyZÑs™r:YäYVËVZzgîgzV

Ð%ú[ƒ™˜�:"If distribution on daily products

basis is not accepted, it will mean

that no par tner can draw any

amount nor can he inject new

amounts to the joint pool. Similarly,

no body will be able 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

deb i ted and c red i ted by the

depositors many times a day. The


r e j e c t i o n o f t h e

concept of the daily products will

compel them to wait for months

before they deposit their surplus

money in a profitable account. This

will hinder the utilization 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 profi ts, and since

there is no specific injunction of

Shariah against i t , there is no

reason why this method should not

be adopted."

LLZ¤-ðuâtÅãŠ6œÅ„ÃJw:HYñÂZk»Èì�:ÂÃðÑqÃðg¶dZYìZzg:„œ�-~Ãð5g¶�áïÅY$ËìXZk§b

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

uâtÆ¦gÃgŠ™Š¶ÐYàÇy6gƒVÐ�Ëœj3M~Ãåuât¦™ZäÐ¬z{¸VZOg™,Xt!]Åzg]ÅF¹ÆnxVÆZEwÐâúƒÏZzgZk§bÐâ1C]z4Æ¼îsæÂVÆn!ÇYxƒ™g{YNÐXZkX»ZkÆ´z{ÃðZzgi7ì�œÃ¥x™äÆn-ðuâtÆ§iÃZ(gH

YñZzgaèZkÆÜsÑ<ÅÃðùñ�Š7ì®ZZkÃZ(g:™äÅÃðzz7ìXóóZz6tŠ3äÆˆ�-ðãŠzV»ÂxzZãîg6Ñ<ÆÜsì…/ZyZÑs™rÅZkZâ¿½k6¼û{™äÅ¢zg]7ÎZñZkÆ�LLtË¬x,Åi!yÆZÖpÂƒM�Zq¬ÝŠ+ZzgZsò,Æ7Xóó

¥iÅyhz�Ûz| -5úZL*y~¥iÅyhz�Ûz|Æ!g}~ë,Ðf™™`��z{*Yìpñß~/ZyZÑs

Åyhz�Ûz| (Shares) ™r%ZÌÆ�µVÆ‰ÃÌYŒÛZgŠï�Xz{˜�X

" T h e s ha r e s o f a l a w f u l

company can be sold or purchased

on Murabahah bas is because

according to the principles of Islam,

the shares represent ownership into

assets of the company provided all

other bas i c condi t i ons of the

transaction are fulfilled." (page 130)

LL%ZÌÅãŠ6Ë!‡°{vÆ‰yh}Zzg�Ûz|GYM�YèZsòZßßVÅgzÐ

Z�-ÅŠvÓxãŠ~ÑZ_7g~ÅYg„ƒVt‰vÆZUXY]~!ÅŠ?�Xóó

"In an equity or mutual fund

(unit trust) the amounts are invested

i n the sha res o f j o i n t s toc k

companies. The profits are mainly

derived through the capital gains by

purchasing the shares and selling

them whe n t he i r p r i ce s a r e

increased. Profits are also earned


t hroug h d i v i dends

d i s t r i b u t e d b y t h e r e l e v a n t

companies." (P,210)

LLËZr&4-öJGHcœ�-ÐYz6u

µVÆ‰~uât»g~ÅYCìX¬xîgÐZ4‰Ãyh™ZzgZZyÅ7~ZŸ†ƒYñÂZyÃ�Ûz|™ÆœqÝHY@ìX´z{Zi,|V�œŠî�z{ÌqÝƒ@ìXóóZsòJ»ZLzúVZzgúÒzV6Z0JZOŠ -6

ëŠÙ��øg}çÑ}~ßÒãÃð(~q7ìXPg¦,ZzgzZîli¯*¬x©w»zìXZyqÑ]~ZqZëZzgZz!ÂxÃZ,ßÍVÆ–g}6ghŠcYñÂZk

ÂxÅÆ“Ð¬„™ä»¸~Z06ì�ŒÛdŒÛd¢ÆìXÉñ�Š{qÑ]~ÂJÆúÒ}Å¤&6ÌZ±g7HYYXËÌ¿ÅÙ~0õÎcDÙZg»âêZÑYñÂz{Š\YV:™}c“J:™}?öZyšZzg

City Z_�JZzgŠvZsòËV~Tn»oñ�Šìz{);8»8J( Hong Kong Bank );J(c Bank

ÐZ7ìXZkÅzäsZzgZkÅˆÐZ(Ãð@W7_/g‚ìZ�Zz!n (Missionary) M�z{Ãð�~

Æ»ñVÅ»x!»Z®gZyßÍV6ƒ@ì�Zz!f‚Zzg�~ÐZ+Âµ7ÅY Professionals _/gnƒVX¡

$ËXZzgZ¤!Án¤&à{ŠcÈZgÌƒAÌZk!]ÅHJ-ì�

’.5ÿGä‚—7ZƒZâw:Š3ŠcƒcËÐzz¬geÆ�á™:Š3ŠcƒX

ñÑ*i¢ãæØÆŠZgZ‰x~>ï)bq¢{ä%ZÌ¤Æfg=uât»g~Æ�t?mŠ~X

LL}Zq»ÞgJÐRIÅyhZg~ÆnŒÛn¢eLìÂJZkÃŒÛnŠ¶ÆOñpŠRIyh™zg]%ZÌ¤�Ûz|™Š}ÇX

JÆnZipŠÓx£/ZâYÅyhZg~'Z{

gZ„ÂìZknz{£/ZâYÅyhZg~ÆnpŠ’.5ÿGÃZCzV¯Š}ÇZzgt

’.5ÿG¬z{q}RIJÆzVÅwÐyh™ï~ááÇZzgyhZg~ÅŠ6JÃi™Š}Ç�~äz»ªÅãŠ6W\ÆnRIyh™ZLï~á1ìZzgZ[~z{RIW\ÐZLnyh*eLƒVóóX

(119m7 )ZŒZ2zò`ñÑ*?gæZ£™rg¶ZväZk6qí–:

LL>äŒVtZŸ†ÌHå�¸„œU’kÐg{ŠìXJ’.5ÿGÆïÅ¤&ÆnZC

Š} w ÃðúÒ{ÇÇ�ïU"ƒä6Zk»u(119m7 ÇóóX)ZŒZ2zò`

pZsòJZ,ËD»ØZVäÃ»g7Zzgz{ZL

’.5ÿGÃîñµŠêìXpŠ/ZyZÑs¢ã™rZKÂ[~ZkDÃ8ÃZ0Zi™Dƒñ˜�X

"An agency agreement is signed

by bo th pa r t i es i n whi ch the

institution appoints the client as his

agent for purchasing the commodity

on its behalf.

T h e c l i e n t p u r ch a s e s th e

co mm mo d i t y on behal f o f the

institution and takes possession as

the agent of the insti tution. The

client informs the institution that he

has purchased the commodity and

simultaneously makes an offer to

purchase it from the institution."

(Islamic Banking:p.127)

LLŠz0g‹V)ªJZzg’.5ÿG(Zqz»ª*)6Š\™,ÐTÆ�J’.5ÿGÃJÆnÎŠZyhäÅ{§ZCzVHg™@ìX’.5ÿGJÆn


z{‚âyyh@ìZzgJÆzVÆîg6Zk‚ây6ï™@ìXQ

’.5ÿGJÃZ:qŠêì�Zkä‚âyyh1ìZzg‚B„JÐZkÃyhäÅ7¿Ì™@ìXóó

èÃg{!Ñ~çZ]ÆƒDƒññ�Š{qÑ]~ZsòJÅZkiÔ6ªCÙì�ZEy7HYYX

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

"The exporter with the bill of

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.

H e r e t w o p r o c e s s e s a r e

separated and thus two agreements

will be made. One will authorize the

bank to col lect the loan on his

behalf as an agent for which he will

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 collecting fee for service

and giving interest free loan is

permiss ib le ." (Meezan Banks '

guide: pp 198/199)

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