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Vzf)Zg~ wZzgZi~*ibZ[
e]u^]n^!~Z~Vzf)Zg~gZsx_7gYZk~zVtDX[*iZkZih~zg}k,7"X
ZqZgz~Zy[LLZsxZzg]huzg]~v6Zq -1X 83 @m 79 wZym
zu~Zm~~ZyZ}~/ZyZs[ -2
1
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@223 ,] Meezanbank's guide to Islamic Banking
ZyX The Principle of Limited Liability6232Zgzk~7Z%Zm~k~*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.
Meezanbanks' guide to Islamic Banking P-224))
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vzf)Zg~gsp*Zkgs-VZDX
The limited liability in the modern economic and legal
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 invested in a companyor 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 if the assets of the
company are not sufficient to discharge all its liabilities, thecreditors cannot 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 limited 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 them that their personalfortunes 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
3
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investors.
The question of 'limited liability' it can be said, is
closely related to the concept of juridical personality of the
modern corporate 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 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 the concept 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.
4
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Now, if we accept that a company, in 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 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.
Meezanbanks' guide to Islamic Banking pp 223-225
limited liability )F:]hyZzg]hZOc]Zb~zf)Zg~z{q%ZT~gz!gqcqvcZ~ZLutic{vyZK'~gXZZgz!g~vyYz{Zkgz!g~ZLutuJvy'Z}Zkic{7XZzgZvZUXY]Zk6zZZ
ZZYVZZ5n7g}:VZ"54 JE
GEZzgnpZ{ZL!0{VzZ3_cqvfZCZUXY]~7MX
'tIhic{gzf)Zg~gZZSg7gf ZZgzVZzgZz6uVz~WZZXzf)Zg~Z(g~t(}
gz!g~1V~ic{ic{utgzVgZHYZzgZ7ZEy
5
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cYvyg]~Zyutz{ZyvfZC
ZUXY]6i:7}X{g]gzZ`~zf)Zg~g utu!X''''''
t!]Y$zf)Zg~X{gz!g~ZZgzV,ZmXzf)Zg~g_.Zq
6uvZqe{x,gBqZZ~oV]Z:wqXt]Z:,ZppZk
ZgqZzgZkzzz{pZzgm5]ZzgZL*
x YGZ!gpZqqZzgA+ZLx5]~Zk
wqXc~ts~cX
Z[~ZwtZ@Hg
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7/48
vZytzf)Zg-Vqgz
-ZDv6Xv!Zzgv *Z,Zq%Y*Yvz!7gLXZnpZ{Zk~]zxM6ZknpZ{ZzgZ"54 J
EGEzxMX
HZz6uv*iZz6uvZgZzgZrV}ZsZwZzgzg]~Zk]7Gp
Zgvs0$7ZknZrV?7~XcgZz{ZEwDyZy%Z)yXZzg!g}~y_.,fDX
p-VX (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)
Cz{TZ]zZqw&Zzg~tZzgf)Zg-VZgX
Z+pX (Gray) }An entity to which rights and duties may be attributed.
7
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z{Ttzf)Zg-VZgcYYX
WzsDX (Keeton) Zzg54
L
G
H
EIn 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)
y~g~!]ZmCpZ{z{VZyVtzf)Zg-VMVc -iz{cVz\)(cZYVXytz -ii
f)Zg-V/ZgXg{!!Vgz~xZ:yZzgZZZXX -1
Legal personality is therefore an artificial creation oflaw. (Jurisprudence by M. Farani p.119)
yTZzgTeZg}YX -2so a legal system may pesonify whatever beings or
objects it pleases. (Jurisprudence by M. Farani p.118)
z ,ZZqzBut legal personality remains, in essence, merely a
convenient juristic device by which the problem of
organising rights and duties is carried out. (Jurisprudence
8
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by M. Farani p.120)
qt
,Zq
Wyfg
=T
tzf) Zg-VZOxXiHY@X
y~Zz6u)utg~(v
A group of persons, such as a Joint Stock Company ora 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)
ZZ}Zz6uvcg7gcy~YY
XvZpPZV6pZyssvy~ZgcZzgtzf)Zg-VZkzZhHX
vZzg~t
Zzgv~t*iZp~t! ~Cgz!gxZUNVxqg6@XC -1qzu}qzV@XCf)Zg~7VC}+zZZZxY'Z'gZ~q1v~Z(7@X
9
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~qZZCutewY1 -2
v~ZCut7YYZ%z|GYMX Zz7@vZz@ -3TX
~f)Zg~gz!gZUNVJz7Cv -4(61, 62 f)Zg~zCX)ZsxZzg]huzg]m
vf)Zg~H:Zk:p*irCcz{ZyZLZp~t
The basic purpose of the introduction of this principlewas to attract the maximum number of investors to the
large-scale joint ventures and to assure them that their
pesonal fortunes will not be at stake if they wish to invest
their savings in such joint enterprise.
zf)Zg~Z(g~t(}gz!g~1V~ic{ic{utg~gZHYZzgZ7ZEy
utz{Zyv cYvyg]~Zy
fZCZUXY]6i:7}Xp*rpZZszf)Zg~g
Z"54 JEGEZzgnyyn
10
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*ipXNo 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 theycan only receive the liquidated value of the assets of the
company, and have no recourse to its 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 satisfying the claims of the
creditors.
Zk~7zf)Zg~gvqnpBtZ"54 J
EGEcYZzv-yzY]Zk
ZUNVziYNv-ZDYCZzgZ"54 JEGEznyyZL-yZzgV(~lZgzxYDYz{sv
{ZUXY]~ZL-yZzgnzwMZzg!lZgnZy
q
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veZ]
IZy g{Zf)Zg-yZzgV7g~ZZ5f)Zg7cYYX
Z*irZK[ZsxZzg]huzg]~
11
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ZzgvgxytyGz{Zz6g`XZyzZv
gz!gZXZqZzgZ%sZDt ~q|Z]~s@z{9Z{7MveZ]IZy9Z{ZzgzwDX
pZk!z*iZzgZyZ}~/ZyZsv|!g}~E&[DgXpZkY+*i[ZsxZzg]huzg]Zk7#X
LL'vS:]tWZypv
czsZlx~~Z47XY
eg9fX Zpg"Zk~1Y090YCXvtxZy
0vV~~xzwZ476Zzgv~tCY`X
Z[Vf+&`XZqtaZy0V~ZzgvZy~~xzwZ47X
zuZ`t'YZxZlxfz{m7gVZ`ZYZkgz~'Z z Y%z
Zg]ZyZlx~Z4:ZzgZw~s:z{YX
12
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Z`|]Z#~gZvmXZrVc
ZKgzbZgvy~Z4)ZZZ2zm (ZpvZ+S:]czsy~70 37,464(79 Y'pZyzzy|ps7CX)m
*rtg]XvZzggxytyDfHTZ-0g'Zk~Z4pZ{z{csegVcZyz{Zzg)czsZzgvZy
]ZXQ*v)ZqZzg(n1ZzgQ*~
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$gzy~Z4cZzgZyZ}~/ZyZsrZky??~X
As mentioned in the books and research papers ofIslamic jurists, companies come under the ruling of
Shirkat-ul-Ainan. (Meazanbank's guide to Islamic Banking)
)6Zsx1VZzgV~g|V
yWC(X *itg]ZyE&[zzXLL'ZbvZZYVZk!]]?Zkgz!g~g}BqYZZkz~qg;z{c
13
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)iyhzz|m8( ng;X
YtLL?Zkgz!g~g}BqYZk HZLLz{cng;X*-VIeLLz{g|ng;X
Z*irg~?mZt,z{ZLE&[MXg~?mttZzZ5uZzgQ-ZYg{XZkzstyhZgZzgZZutgZLw5ZfZzg-VZyw~YCXQeZ]IiOHY@
Z`
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Vn~Zkut6xDZzgCZq
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|T6 1425 gZ{ 19 pZgZxZcZq:}gQ
*ir\g~?mgDXLLvz~WcLL-ZYg{zg~7Z&tZqLL-xg
hZ[*i~/ZyZsZzgvZg![ZgZxg~?m6z!g{g,X
Z[z!g{ZqsX
vx|ZkZt&,
14
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veZ]Zyx~wJzu}sZ -1
:XeZ]ZyxcutqZZk~:X -2
veZ]IZyZzgvqf)Zg~zX -3
vzz Zy&zV$40 EGEZbBzzV6tzf)ZgcV
eZ]ZyZzgqzZhCZ\B} IEmZzg~ozzZg0CX
pt!]utZgZ:fJw7ZknZkZyzVzu~bHX
vx~wJzu}sZ:X -1vutqZZk~:X -2vf)Zg~zX -3ZzgvaZqZzgs~q-Zzg7ZknZk
Zg![yzZcZzg-VZCqHZzgt!]7g~
But legal personality remains, in essence, merely aconvenient and juristic device by which the problem of
organising right and duties is carried out. (Jurisprudence by
M. Farani p.120)
qt,ZqWyfg=Ttzf)
15
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Zg-VZOxX)A'*(iHYYX
vc,Zzgzf)Zg~6*iZ+w
*irvZzgZkf)Zg~
zYwHXp*Zyz!V0DX
LLZ%v~zq,Zg{mg6.gZzg!FXZyZg!g}~ZZKZ[JaqZIDgzn
7@XXt'vZCxz@T -1
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Z(x@
8/9/2019 tejart ckeem1 - By: Dr.Mufti Abdulwahid Sahab
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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 treated the Waqf
as a separate legal entity and have ascribed to it some
characteristics similar to those of a natural person. This will
be clear from two rulings given by th 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 theWaqf 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 jurists 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 is 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
capabili ty of the mosque, according to them, is
17
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constructive, while the capability enjoyed by a human
being is physical.
Another renowned Maliki jurist, namely, Ahmad
Al-Dardir, validates a bequest made in favor 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 Muslim jurists
have accepted that a Waqf can own properties. Obviously,
a Waqf is not a human being, yet thay have treated it as ahuman 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 all the characteristics of a
'juridical person' can be attributed to it.
2. Baitul-Mal
Another example of 'juridical person' found in our
classic literature of Fiqh is that of the Baitul-mal (the
exchequer of an Islamic state). Being public property, all
the citizens of an Islamic state have some beneficial right
over the Baitul-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
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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
Baitul-mal (wherefrom the salaries are generally given) he
can give salaries from the sadaqah (Zakah) department, 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, butaslo 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 concerned
department of Baitul-mal. It means that each department of
Baitul-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.
z -1tZqZzgIZZg{T~ZqZ+cZ]n
19
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20
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HYYX
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Zg~)ZsxZzg]huzg](
Q*Zk]fGZzg: LLpZkXZZqzu}iZzbYt!]tWCvzf)Zg~ggZg6X|+zf)Zg~'7gLX
(82 )ZsZzg]huzg]mOnce 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 willhave to accept the concept of limited liability which will
follow as a logical result of the former concept.
(Meezanbank's guide to Islamic Banking p.225).
Z[~ZwtZ@Hg
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)yVeL8Z0Zi,Zg
4Xnzzx~Zg)yZg: Xp*Zk!]n7H
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m$e^vg]^e^eo]m
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So, the concept could 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, theconcept 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 sleeping partners or
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 limited liability under
this agreement, it means, in terms of Islamic jurisprudence,
that they have not allowed the working partners to incur
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debts exceeding the value of the assets of the business. In
thise case, if the debts of the business increase from the
specified limit, it will be the sole responsibility of the
working partners who have exceeded the l imit .
(Meezanbank's guide to Islamic Banking p 231, 232)
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