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Lesson 78
Business (1)
· Partnerships
for wealth development through trade, agriculture or industry are lawful as enacted and admitted by the
Prophet (peace be upon him) in various forms.[13]
· Al-`Anan (Cooperative)
partnership: In which individuals have their
shares to invest money and divide profit and loss according to the value of each
share.
· Al-Abdan (Manual) partnership: Individuals participate in a certain activity and agree on dividing the revenue between them.
· Al-Wujuh (Well-Known Partner)
partnership: It is the participation in trade
transactions, purchase and sale, while dividing profit and loss.
· Financing a profit-sharing
venture: A Muslim gives another a sum of money to invest in a lawful business,
and they share both profit and loss according to conditions they had stipulated.
· Comprehensive partnership: It includes the above dealings, as the two partners authorize each
other in carrying out any transactions and they share in both profit and loss.
· Sharecropping: It is to let another cultivate his land so as to share in a known
portion of the harvest.[15]
· Watering for part of the crop: It is to contract with another concerning irrigating his crop in return for a known share of their yield.
The legality of partnership:
The
Messenger of Allah (peace be upon him) said:
“Allah, Most High, says: I make a third with two partners as long as one of them does not cheat the other, but when he cheats him, I depart from them.” (Reported by Abu Dawud)
Manual partnership:
`Abdullah Ibn Mas`ud
(may Allah be pleased with him) narrated:
“I, `Ammar,
and Sa`d became partners in what we would receive on the day of Badr. Sa`d
then brought two prisoners, but I and `Ammar did not bring anything.”
(Reported by An-Nasa’i and Abu Dawud)
Financing
a profit-sharing venture:
It was applied in the time of the
Prophet Muhammad (peace be upon him) and he agreed upon it. (Minhaj Al-Muslim)
Sharecropping and watering for part of the crop:
`Abdullah Ibn `Umar (may Allah be pleased with him) narrated:
“The
Prophet concluded a contract with the people of Khaybar to utilize the land
on the condition that half the products of fruits or vegetation would be
their share.” (Reported by Al-Bukhari
and Muslim)
Rafi` Ibn Khadij (may
Allah be pleased with him) narrated that the Prophet said:
“It
is better for one of you to lend to his brother than to take a prescribed
sum from him.” (Reported by An-Nasa’i)