tejart ckeem1 - By: Dr.Mufti Abdulwahid Sahab

8/9/2019 tejart ckeem1 - By: Dr.Mufti Abdulwahid Sahab

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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))


3/48

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.

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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

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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.

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z{Ttzf)Zg-VZgcYYX

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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

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by M. Farani p.120)

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=T

tzf) Zg-VZOxXiHY@X

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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)

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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.

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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.

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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)

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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)

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17/48

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

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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.

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(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).

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sX

*?mzf)Zg~sVJ -IIg

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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tejart ckeem1 - By: Dr.Mufti Abdulwahid Sahab