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TITLE PAGE
THE CONCEPT OF SHARIKA (PARTNERSHIP) UNDER ISLAMIC
BY
---
EE/H2013/01430
DEPARTMENT OF ----
SCHOOL OF ---
INSTITUTE OF ---
DECEMBER,2018
APPROVAL PAGE
This is to certify that the research work, the concept of sharika (partnership) under islamic by ---, Reg. No. EE/H2007/01430 submitted in partial fulfillment of the requirement award of a Higher National Diploma on --- has been approved.
By
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Supervisor Head of Department.
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External Invigilator
DEDICATION
This project is dedicated to Almighty God for his protection, kindness, strength over my life throughout the period and also to my --- for his financial support and moral care towards me.Also to my mentor --- for her academic advice she often gives to me. May Almighty God shield them from the peril of this world and bless their entire endeavour Amen.
ACKNOWLEDGEMENT
The successful completion of this project work could not have been a reality without the encouragement of my --- and other people. My immensely appreciation goes to my humble and able supervisor mr. --- for his kindness in supervising this project.
My warmest gratitude goes to my parents for their moral, spiritual and financial support throughout my study in this institution.
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The concept of partnership is uniquely dealt with in Islamic law. Under the sharīca, there is no single definition that covers the different types of partnerships. The definition of each is based on the conditions and rules that govern the relationship. Understanding business partnerships is very important in today’s environment. Individuals form associations, corporations, and firms that generate profit through specific businesses. There are partnerships in capital, labor, services, and work. In other cases, one partner nominates the other as his/her agent or trustee. Although Islamic law does not directly address the concept of business/commercial corporations, it does discuss in detail the different kinds of partnerships, based on factors such as responsibility, restrictions, and division of work and profit.
TABLE OF CONTENTS
COVER PAGE
TITLE PAGE
APPROVAL PAGE
DEDICATION
ACKNOWELDGEMENT
ABSTRACT
CHAPTER ONE
1.0 INTRODUCTION
- BACKGROUND OF THE STUDY
- PROBLEM STATEMENT
- OBJECTIVE OF THE STUDY
- SCOPE OF THE STUDY
- SIGNIFICANCE OF THE STUDY
- PURPOSE OF THE STUDY
- DEFINITION OF TERMS
CHAPTER TWO
LITERATURE REVIEW
- CONVENTIONAL LEGAL DEFINITION OF A CORPORATION
- APPROACH FOR DEVELOPING ISLAMIC FINANCIAL PRODUCTS
- CORPORATIONS UNDER ISLAMIC LAW
- COMPARISON BETWEEN ISLAMIC AND CONVENTIONAL FORMS OF BUSINESS PARTNERSHIPS
- CLASSIFICATIONS OF SHARIKAH (PARTNERSHIP)
- MODES OF SHARIKAH/ PARTNERSHIP
- OVERVIEW OF MUSHARAKAH
CHAPTER THREE
- ISLAMIC LEGAL DEFINITION OF PARTNERSHIP
- RULES AND REGULATIONS OF MUSHARIKAH
- PROCEDURE FOR TERMINATION OF MUSHARIKAH
- ARBITRATION AND MEDIATION
CHAPTER FOUR
- FUNDAMENTAL RULES FOR MUFAWADAH PARTNERSHIP
- LIABILITY OF PARTNERS UNDER ISLAMIC LAW
CHAPTER FIVE
- CONCLUSION
- SUMMARY
- REFERENCES
CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Sharikah is an Arabic word which means Partnership. In which two or more persons come together to form a business and agreeing to the sharing of profits and risk factors. In Islamic context, there are several methods for forming the contract of sharikah/ Partnership. In the Companions era, there is almost every kind of modern sharika were narrated or exists in several modes. Each partner shall have acts as a trustee in sharikah.
As Almighty Allah says In the Holy Qur’an;
وَإِنَّ كَثِيراً مِّنْ الْخُلَطَاء لَيَبْغِي بَعْضُهُمْ عَلَى بَعْضٍ إِلَّا الَّذِينَ آمَنُوا وَعَمِلُوا الصَّالِحَاتِ وَقَلِيلٌ مَّا هُمْ
“Truly many are the partners (in business) who wrong each other; not so do those who believe and work deeds of righteousness, and how few are they.” (Shad: 24)
Organizational vehicle set boundaries for designing financial products. However, conventional and Islamic financial products face different issues when developed under existing regulatory frameworks established for corporations. Islamic finance professionals are currently examining products such as tradable instruments (other than stocks), partnership structures, and others. At the same time, it is becoming equally important to review various shells or organizational structures that would support the development of such new products efficiently.
Why must we do this? Currently, when designing Islamic financial instruments, we work within a shell that caters most often to conventional finance, which caters to a different market and presents a different concept from Islamic finance. For efficient structuring of Islamic financial products, it is necessary to review the structure of companies or corporations that would form an optimum platform for designing these instruments. This would require:
- assessing the financial needs of the beneficiaries of Islamic finance;
- understanding the organizational structures that are approved under Islamic law;
- in-depth review of the financial services companies existing in today’s market;
- evaluation of similarities and differences between conventional business institution(s) and those that generally classify as Islamic business organizations;
- determining key components for structuring corporation(s) that would conform to Islamic law and would also operate within the conventional legal system; and most importantly, structuring companies to meet regulatory approval.
- PROBLEM STATEMENT
Where there is the law, there is order, and with order comes a lot of perks, perks that we sometimes take for granted. With so many nations in turmoil right now, broken economies, lack of patriotism and neglect of the rule of fair and just law, the results are clearly devastating. It is very crucial that everyone learns to respect the law and identify its importance in ensuring that everyone lives a happy life that is comfortable. Rules for partnership under a religion cannot be overlook in the sense that it helps the people under such a religion to understand their right in other to do their business peaceful and in obedient to their maker. This study helps of to know their responsibility, restrictions, and division of work and profit when they are in partnership.
- OBJECTIVES OF THE STUDY
The objective of this paper is to suggest a process of developing an optimum organizational structure that can offer completely integrated Islamic financial institutions serving both borrowers and investors. An optimum organizational structure can be determined by screening for the following criteria: legal considerations; the sharīca; and tax considerations.
1.4 SIGNIFICANCE OF THE STUDY
The subject is important because it is implicated in the development of business vehicles—i.e., platforms that allow efficient development and structuring of Islamic financial products in the areas of venture capital, project finance, joint ventures, and asset-backed securities.
1.5 SCOPE OF THE STUDY
Arabic (شركة) for “a partnership or company”; an agreement between two or more parties whereby their assets or funds are commingled or their labor, services, obligations and liabilities are combined, with the aim of doing business and making profit. Under shari’a, sharika has its origins in sharikat al-aqd (contractual partnership) which is mainly classified into fiqh-nominate partnerships and modern shari’a-compliant corporations. This study discusses the concepts of partnership under Islamic religion.
1.6 PURPOSE OF THE STUDY
Sharika under Islamic have two major purposes:
It helps by assisting financial inclusion: World Bank defines financial inclusion as ‘Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance – delivered in a responsible and sustainable way.
Reducing the impact of harmful products and practices: Shariah principles forbid any transactions that support industries or activities which are forbidden in Islam. For example, usury, speculation, and gambling – whether these are legal or not in the place of transaction.
1.7 DEFINITION OF TERMS
PARTNERSHIP: An association of two or more persons to carry on as co-owners of a business for profit.
PARTNERSHIP AGREEMENT: An agreement, written or oral, among the partners concerning the partnership, including amendments to the partnership agreement.
MEDIATION: A form of dispute resolution in which a person called a mediator attempts to help the parties reach a mutually agreeable settlement of the dispute. Mediation is different from arbitration in that the mediator does not make a decision, as does an arbitrator.CHAPTER TWO: The chapter one of this work has been displayed above. The complete chapter two of the concept of sharika (partnership) under islamic is also available. Order full work to download. Chapter two of the concept of sharika (partnership) under islamic consists of the literature review. In this chapter all the related work on the concept of sharika (partnership) under islamic was reviewed.
CHAPTER THREE: The complete chapter three of the concept of sharika (partnership) under islamic is available. Order full work to download. Chapter three of the concept of sharika (partnership) under islamic consists of the methodology. In this chapter all the method used in carrying out this work was discussed.
CHAPTER FOUR: The complete chapter four of the concept of sharika (partnership) under islamic is available. Order full work to download. Chapter four of the concept of sharika (partnership) under islamic consists of all the test conducted during the work and the result gotten after the whole work
CHAPTER FIVE: The complete chapter five of design and construction of a the concept of sharika (partnership) under islamic is available. Order full work to download. Chapter five of the concept of sharika (partnership) under islamic consist of conclusion, recommendation and references.
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