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Meezan Bank's guide to Islamic Banking [¬ The Principle of Limited Liability 6232 @223 ],

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As a humble student of Shariah, this author have been considering the issue

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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. (Meezanbank's guide to Islamic Banking P-224)

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The limited liability in the modern economic and legal terminology is a condition under which a partner or a shareholder of a business secures

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himself from bearing a loss greater than the amount he has invested in a company or partnership with limited liability. If the business incurs a loss, the maximum a shareholder can suffer is that he may l ose hi s entire ori gi nal 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, the creditors 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

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them that their personal fortunes 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 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

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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. Now, if we accept that a company, in

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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. Meezanbank's guide to Islamic Banking pp

223-225

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But legal personality remains, in essence, merely a convenient juristic device by which the problem of organising rights and duties is carried out. (Jurisprudence by M. Farani p.120)

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No 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 they can 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

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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 of Islamic jurists, companies come under the ruling of Shirkat-ul-Ainan. (Meezan bank's guide to Islamic Banking)

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