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Concept Of Partnership In Islam

Partnership or Musharaka literally means Sharing. The word Musharaka has been derived from “Shirkah” which means being a partner. It is an ideal alternative for the interest based financing with far reaching effects on the economy. “Musharaka means a joint enterprises formed for conducting some business in which all partners invest capital in the form of money or in kind”.

Doing business in partnership has been upheld by Islam as legal and valid. This form of business organisation has existed among all communities from time immemorial. During the time of the Prophet and his companions, partnership was popular among the Muslims not only in business but also in agriculture and gardening. The Prophet of Islam, in fact, helped in establishing partnership between the Muhajrin and Ansar in Madinah in field of agriculture and gardening.

Kinds of Partnership
Shirkah is of two kinds :
S1. Shirkah Milk
S2. Shirkah Akid.

1.1.Shirkah Milk or partnership by the right of property applies where two or more persons are owners of one thing. It is optional where two persons make a joint purchase of one particular property. It is compulsory where properties of two or more persons become united without their willful act, for example inheritance.

1.2.Shirkah Akid or partnership by contract comes into existence when two or more persons, by their free consent, enter into contract to do some business with a view to share its profits and losses. It is effected by proposal and acceptance. It is of four kinds which are briefly described as follows:

2.1. Shirkat-ul-Mufavadha :
In this form of partnership, the capital contribution of the partners and their shares in profits and losses are equal.

2.2. Shirkat-ul-Anan :
In this form of partnership, the partners neither contribute equally in capital nor do they share the profits and losses equally. This form of partnership was very common among the men with women or children or between masters and their servants.

2.3. Shirkat-ul-Sanai :
In this form of partnership, artisans, technicians and other manual labourers participate.

2.4. Shirkat-ul-Wujooh :
This is a form of partnership which is started by the person who have neither capital nor skill but they start the business on credit as partners and share the profits among themselves.

Conditions of Partnership : Jurists have laid down the following conditions which should be fulfilled in order to made a valid contract of partnership :

1. All the partners should enter into contract with their own free consent to do a business in partnership, and the date from which partnership would come into force would be clearly mentioned in the contract.

2. Partnership contract, according to some jurists is legal only if it is in legal tender money.

3. Jurists prescribe that partnership contract should be executed in writing. According to him, Quranic condition laid down in verse 282 of its chapter 2 for a contract of debt is also applicable to contract of partnership because like contract of debt this contract is also made for a definite period.

4. The amount of capital contributed by each partner should be clearly stated in the deed of partnership.

5. The share in the profit or loss to be obtained by each partner should also be clearly stated in the deed so as to avoid any dispute which may arise.

By: Arslan Ziad

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