Search results for ""Author Muhammad Moinuddin Khan""

Commercial partnership can be further divided into mufawada, which can be translated as unlimited authority partnership, and inan, which can be equated with limited partnership. Similarity of religion among partners is mandatory under mufawada, but under inan the partners can belong to different religions. Apart from this, prohibition concerning interest levy and dealing in prohibited goods is also part of the partnership contract. Besides mufawada, mudaraba is an arrangement in which an investor or group of investors pays the agent-manager a principally agreed upon share of the profit. For such a partnership also there is no condition of religious similarity. Islam is based on the benevolence of all mankind, at all times and under all conditions. Prohibition of interest is a part of the principle. Also, certain items are prohibited for sale by Islam; for example wine, pork, meat of dead animals etc. Various scholars have researched this subject, yet many of them lack comment on its specific characteristics. The present modest work hopes to fill this lack. Every precaution has been taken to ensure veracity and to exclude errors. It is hoped this work will be appreciated and welcomed in concerned fields.

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Islam calls for benevolence, mercy, kindness, peace and love in all walks of life, strata of society, creed or color. The economy, considered to be the backbone of society, is no exception nor are day-to-day activities pertaining to economic and financial matters. Here also, Islam insists on human welfare. Therefore, Islam strictly prohibits any kind of interest in any transaction, especially fees for lending money on specific terms. Similarly, investment in trade dealing with forbidden goods is considered contrary to the tenets of Islam and is not allowed under the no-interest system of Islamic economy. In the system, charging extra for dealing with mortgages, etc., is also not allowed. If a person borrows money against his property or a moveable assets, for instance, jewelry, he should not be charged extra. This and various other principles are at the core of the interest-free system of Islam. The present book is an initiative to add another pearl to the many books which are already available on this subject. Hopefully, it will be appreciated and welcomed in concerned circles.

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