Musharakah Essay
PARTNERSHIP IN ISLAM
At the time of Prophet Muhammad (S.A.W) there were many ways of trade. Some of the ways were according to the law and so many ways of trade were against justice and fairness. Prophet Muhammad (S.A.W) prohibited all the wrong ways of trade,
MUSHARAKAH
Musharakah is Arabic word which is used for Sharing. It means joint enterprise in business and trade context in which all the partners bring joint enterprise and share profit and loss of the joint venture.
As interest is prohibited in Islam, so Islam does not allow anyone to use interest for providing funds of any kind. Therefore Musharakah is an important tool which will play a significant role in an economy which is truly based on Islamic principles. Musharakah does not allow anyone
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In a contract the parties must be free consent without any pressure, fraud or irresponsibility etc.
There are some elements which are belonging to the contract of Musharakah which are summarized as below.
DISTRIBUTION OF PROFIT
The distribution of profit must be clear at the time of preparing the contract. In Shariah then the contract is not valid if no such proportion has been clear.
The ratio of profit for every partner must be clear express in proportion to the real profit earned to the business and not in proportion to the wealth spent by him. Therefore if Akbar and Aslam start a partnership and it is decided by them that Akbar should be given Rs 100000 per month as his share in partnership and remaining will go to Aslam, this is then invalid partnership, should be express the amount of lump sum or a certain percentage of the investment has been agreed for every one partners and declared in contract. If any partner drawn any amount it should be treated as an account payment and will adjusted in actual profit. But earned no actual profit the partner should be returned the drawn amount.
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