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Business Partnerships
They both worked to make a computer program, then rented it out. Who should take the program and the customers when they dissolve the partnership?
1,773Can a Partner or Proxy Buy Something from Himself?
It is not permissible for a partner or proxy to buy something from himself, except with the permission of his partner or the one who appointed him as his proxy. If your partners give you permission to do that, and they are adults of sound mind, then there is nothing wrong with it in that case.3,275His father gave him half of the business in return for running it, then he died. Do the heirs have the right to take back what his father gave him?
2,370Their father left them a business venture, and they agreed to divide its income by rotation, so that every year two of them will take that year’s income
2,099He agreed with his partner that he would give him a fixed profit every month
47,970Is the partnership affected by the sins of a partner?
5,502Who Bears Loss in Business Partnership in Islam?
If two people form a partnership, one of them contributing capital and the other contributing labour, then the financial loss is to be borne by the one who put money into it, and the worker loses his labour, unless there was some negligence on the worker’s part, in which case he also incurs financial loss. However, if both of them contribute capital to the project, then losses are to be borne commensurate with the share that each of them put into it.8,288Ruling on joint purchase of property with the bank, after which the bank sells its share to the customer on the basis of muraabahah (profit-sharing)
7,040He is investing money in a company that will give him 3% of his capital for a period of ninety days
18,031Selling at the original price, and making maintenance and insurance the responsibility of the customer, in a diminishing-share partnership
In conclusion, it is not permissible to enter into the contract mentioned, because it involves two prohibited matters: 1. the promise to buy the share of the financial institution at its nominal value 2. making maintenance and insurance the responsibility of the customer. These two conditions undermine the partnership contract, so they end up being a trick aimed at earning riba through this financing, because the customer has to pay the financial institution more than he will take from it, under the heading of partnership and renting. And Allah knows best.5,266