To reform into the mould of the religious sanctities we adore, the large scale business with a huge capital base achieved by a corporate planning, has always been a complex problem for us in a Muslim country.
The Modaraba law provides the answer. It envisages two artificial juristic persons - the modaraba company and the modaraba, and two classes of owners, one owning the company, and the other owning the madaraba, in a combination of the company low and the doctrines of modaraba. And this quaint combination of conflicting concepts bring the two classes of interests together into a harmonious business relationship to carry on the business within the bounds of Islamic injunctions, for the benefits of both the classes as well as the community.
The modaraba law meets the need and provides the key to the complex problem of earning 'clean' profits in a large and modern business enterprise.
For us, the Modaraba Law is a reay of light, rich in meaning and hope.
Q.A. Wadud
Chartered Secretary (London)
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