DefinePK

Abstract

The transformation of traditional partnership concepts under the influence of modern financial and commercial systems has introduced numerous new challenges for Islamic jurisprudence. This research aims to analyze contemporary forms of partnership (Shirkah) in light of classical and modern Islamic legal thought, in order to propose viable Shariah-compliant alternatives for today's economy. The study elaborates on classical types of partnership such as Shirkat al-‘Inan, Mufawadah, Abdan, Mutanaqisah, and Milk, and compares them with modern corporate structures including private limited companies, public limited companies, corporate partnerships, and shareholding models. Core issues such as profit and loss distribution, partner responsibilities, decision-making authority, and financial transparency are thoroughly examined from a juristic perspective.
The research is grounded in the classical positions of the four major Islamic schools of thought (Hanafi, Maliki, Shafi’i, Hanbali) along with the contemporary views of renowned scholars such as Mufti Taqi Usmani, Dr. Wahbah al-Zuhayli, and Dr. Yusuf al-Qaradawi. In addition, resolutions of the International Islamic Fiqh Academy and other modern fiqh institutions are presented as authoritative references. The findings suggest that although classical jurisprudence discusses only a limited number of partnership types, contemporary partnerships can be adapted within the framework of Shariah through sound ijtihad (independent reasoning), provided they remain free from riba (interest), gharar (excessive uncertainty), fraud, and injustice.
The study emphasizes that Islamic jurisprudence, due to its flexibility and rich legacy of ijtihad, not only addresses historical issues but is also fully capable of responding to the evolving needs of the modern economic world. Therefore, it is imperative that Islamic jurists and economists collaboratively develop practical, Shariah-compliant financial models that address the demands of contemporary financial systems while upholding the ethical principles of Islam. This intellectual and practical endeavor is essential to position Islamic jurisprudence as a living and effective legal system.