Live Like Brothers Deal Like Strangers

This short treatise, "LIVE LIKE BROTHERS - DEAL LIKE STRANGERS" is a translation of an article by Hazrath Mufti Muhammad Taqi Usmani Saheb (mudda Zilluhu). The original article titled "Mua'malaat Ki Safai Aur Tanazu 'aat" was published in the July-94 issue of the monthly urdu magazine Al-Balaagh. The basic lesson expounded in this article is the total clarification of all our transactions and monetary matters. Hazrath Mufti Muhammad Taqi Saheb (mudda zilluhu), in his capacity as a judge of the Shariah court, has immense experience in these matters. In the light of this experience he has vividly described the common problems that repeatedly occur in our dealings - and has given practical solutions to these problems.

Mudarabah

“Mudarabah” is a special kind of partnership where one partner gives money to another for investing it in a commercial enterprise. The investment comes from the first partner who is called “rabb-ul-mal”, while the management and work is an exclusive responsibility of the other, who is called “mudarib”.

Written by Maulana Taqi Usmani

Musharakah

‘Musharakah’ is a word of Arabic origin which literally means sharing. In the context of business and trade it means a joint enterprise in which all the partners share the profit or loss of the joint venture. It is an ideal alternative for the interest-based financing with far reaching effects on both production and distribution. In the modern capitalist economy, interest is the sole instrument indiscriminately used in financing of every type. Since Islam has prohibited interest, this instrument cannot be used for
providing funds of any kind. Therefore, ‘Musharakah’ can play a vital role in an economy based on Islamic principles.

Written by Maulana Taqi Usmani

Musharakah and Mudarabah as Modes of Finance

The concept of musharakah and mudarabah envisaged in the books of Islamic Fiqh generally presumes that these contracts are meant for initiating a joint venture whereby all the partners participate in the business right from it’s inception and continue to be partners upto the end of the business when all the assets are liquidated . One can hardly find in the traditional books of Islamic Fiqh the concept of a running business where partners join and leave the enterprise without affecting in any way the continuity of the business. Obviously, the classical books of Islamic Fiqh were written in an environment where the large scale commercial enterprises were not in vogue and the commercial activities were not so complex as they are today. Therefore, they did not generally dwell upon the question of such a running business.

Written by Maulana Taqi Usmani

Principles Of Business

Written by Maulana Ashraf Ali Thanvi

Principles Of Shariah Governing Islamic Investment Funds

The term ‘Islamic Investment Fund’ here means a joint pool wherein the investors contribute their surplus money for the purpose of its investment to earn halal profits in strict conformity with the precepts of Islamic Shariah. The subscribers of the Fund may receive a document certifying their subscription and entitling them to the pro-rata profits actually earned by the Fund.

Written by Maulana Taqi Usmani

Salam and Istisna

Written by Maulana Taqi Usmani