Kampuni za Hisa ni kampuni zilizoundwa na washirika ambao hawajulikani kwa umma. Waanzilishi wa Kampuni ya Hisa ni wote wale waliotia saini mkataba wa awali wa kampuni. Mkataba wa awali ndio unaoanzisha kati ya waliouweka saini ahadi ya kufanya kazi kwa lengo la pamoja, ambalo ni kampuni yenyewe. Ujiungaji katika kampuni hufanyika kwa ahadi ya mtu kununua hisa moja au zaidi katika kampuni inayopendekezwa, kwa kubadilishana na thamani ya kawaida ya hisa. Aina hii ya kampuni ni mojawapo ya njia za utekelezaji wa mapenzi ya mtu binafsi, ambapo inatosha kwa mtu kununua hisa ili awe mshirika, iwe wenzake wenye hisa wamemkubali au hawajamkubali. Ujiungaji hufanyika kwa njia mbili. Katika njia ya kwanza, hisa za kampuni zinabaki kwa waanzilishi pekee, ambao wanazigawa miongoni mwao bila kuzitoa kwa umma. Hili hufanyika kwa kuandika katiba inayopanga kampuni na kuweka masharti ambayo kampuni inaendeshwa kwayo, kisha kuitia saini miongoni mwao. Kila mtu anayetia saini katiba anachukuliwa kuwa mwanzilishi na mshirika, na mara wote wanapokwisha kutia saini, kampuni inakuwa imeanzishwa. Njia ya pili ya ujiungaji ndiyo iliyoenea zaidi duniani, ambapo watu wachache huanzisha kampuni na kuweka katiba yake. Kisha hisa zinatolewa kwa umma kwa ajili ya ujiungaji wa jumla katika kampuni. Muda wa ujiungaji unapomalizika, bunge la kuanzishwa kwa kampuni linaalikwa kukutana ili kupitia mfumo wa kampuni kwa ajili ya kuidhinisha na kuchagua bodi yake ya wakurugenzi. Kila mwenye hisa, bila kujali idadi ya hisa anazomiliki, ana haki ya kuhudhuria bunge la kuanzishwa, hata kama anamiliki hisa moja tu. Kampuni huanza shughuli zake mara tu muda wa ujiungaji unapomalizika.

Share Companies are companies formed of partners who are unknown to the public. The founders of the Share Company are all of those who signed the initial contract of the company. The initial contract is the one which initiates between its signatories a commitment to work for achieving the common aim, which is the company. Subscription in the company is undertaken by the commitment of the person to buy one share or more in the proposed company in exchange for the nominal value of the share. This form of company is one of the forms of disposal by an individual will, where it is enough for the person to buy the shares so as to become a partner, whether the other shareholders accept Him or not. Subscription occurs in two ways. In the first instance, the shares of the company are restricted to the founders who distribute them amongst themselves without offering them to the public. This is done by writing the constitution, which organises the company and includes the conditions upon which the company proceeds, then signing it among themselves. Everyone who signs the constitution is considered a founder and a partner, and once they all have signed, the company is founded. The second way of subscription is that which is most prevalent in the world, where a few people establish the company and lay out its constitution. Then the shares are offered to the public for general subscription in the company. When the time of subscription expires, the constituent assembly of the company will be invited to meet and review the system of the company for agreement and to appoint its board of directors. Every shareholder, irrespective of the number of shares He holds, has the right to attend the constituent assembly, even if He owns only one share. The company commences its activities once the time of subscription expires.

Njia hizi mbili zote zinawakilisha aina moja, nayo ni kulipia mali. Kampuni haitachukuliwa kuwa imeanzishwa isipokuwa kwa kukamilisha saini za waanzilishi katika njia ya kwanza, na kwa kupita kwa muda wa usajili katika njia ya pili. Kwa hiyo mkataba wa kampuni ni mkataba wa mali tu.

Both of these means represent one form which is to pay for the properties. The company would not be considered as established except by completing the signature of the founders in the first method, and by the expiry of the subscription time in the second one. So the contract of the company is a contract between properties only.

Hakuna kipengele chochote cha kibinafsi ndani yake. Hivyo, mali ndiyo inayoshirikiana, badala ya wamiliki wake. Mali hizi huingizwa katika ushirika pamoja bila kuwepo mtu yeyote. Kwa hiyo, hakuna mamlaka yoyote kwa mshirika yeyote, bila kujali ana hisa ngapi, kusimamia shughuli za kampuni kwa sababu ya kuwa mshirika. Pia hana haki ya kufanya kazi katika kampuni au kudhibiti kazi yoyote ya kampuni kwa sababu ya kuwa mshirika. Badala yake, anayesimamia shughuli za kampuni, anayefanya kazi ndani yake, anayeidhibiti na kusimamia kazi zake zote anaitwa Mkurugenzi Mtendaji, ambaye huteuliwa na bodi ya wakurugenzi. Bodi hii ya wakurugenzi huchaguliwa na mkutano mkuu, ambapo kila mtu ana kura sawa na hisa zake, si kulingana na utu wake, kwa kuwa mshirika halisi ni mtaji, na ndio unaoamua idadi ya kura. Hivyo kila hisa ina kura, na si kila mtu ana kura. Kwa hiyo, hakuna kuzingatiwa kwa mtu aliyejiandikisha, bali kuzingatiwa ni kwa mtaji pekee. Zaidi ya hayo, kampuni ya hisa inachukuliwa kuwa ya kudumu, na haizuiliwi na maisha ya wanahisa. Mwanahisa anaweza kufariki na kampuni bado isivunjwe, na anaweza kukosa uwezo na bado akabaki kuwa mshirika katika kampuni. Kuhusu mtaji wa kampuni, umegawanywa katika hisa za thamani sawa, ambazo huitwa stoki. Mwanahisa ni mshirika ambaye sifa zake binafsi hazichunguzwi kwa kina, na wajibu wake huamuliwa na sehemu yake katika mtaji wa kampuni. Aidha, washirika hawawajibiki kwa hasara isipokuwa kwa kiasi cha stoki zao katika kampuni. Hisa ya mshirika inaweza kuzunguka, kwa hiyo anaruhusiwa kuiuza, au kuwashirikisha watu wengine katika hisa zake, bila ruhusa ya washirika waliobaki. Stoki zinazomilikiwa na kila mtu ni noti za fedha, dhamana au hati fungani zinazowakilisha mtaji. Hisa hizi zinaweza kuwa za mbeba (hati fungani zisizo na jina), au zikiwa zimetajwa kwa jina la mmiliki wake ambapo umiliki wake unahama kutoka mtu mmoja hadi mwingine. Mwekezaji anayejiandikisha kwa kununua hisa anawajibika tu kulipa thamani yake ya kawaida. Hivyo, hisa ni sehemu ya kiini cha kampuni, na haigawanyiki, lakini si sehemu ya mtaji wake.

There is absolutely no personal element in it. Thus the properties, rather than their owners, are the partners. These properties are entered into partnership together without the existence of any person. Accordingly, there is no authority for any partner, no matter how many shares He holds, to take charge of the activities of the company in his capacity as a partner. He also has no right to work in the company or to control any of its functions in his capacity as a partner. Rather, the one who takes charge of the activities of the company, works in it, controls it and supervises all of its work is called the Managing Director who is appointed by the board of directors. This board of directors is elected by the general assembly, in which every person has votes equal to his shares, not according to his personality, for the real partner is the capital and it is this which defines the number of votes. So every share has a vote and not every person has a vote. Thus, there is no consideration to the subscribing person but the consideration is for the capital only. Moreover, the share company is considered to be permanent, and it is not restricted to the life of the shareholders. The shareholder may die and yet the company is not dissolved and He may become incompetent and still remain a partner in the company. With regard to the capital of the company, it is divided into equal-valued shares, which are called stocks. The shareholder is a partner whose personal merits are not thoroughly investigated, and his responsibility is determined by his share in the company capital. In addition, the partners are not bound by losses except by the amount of their stocks in the company. A partner’s share is liable to circulation, so He is allowed to sell it, or associate other people in his shares, without the permission of the remaining partners. The stocks owned by every person are currency notes, securities or bonds that represent the capital. These stocks may be for the bearer (anonymous bonds) or designated to their holder where their ownership moves from person to person. The investor who subscribes by buying stocks is obliged only to pay their nominal value. So the stock is a part of the entity of the company, and it is indivisible, but it is not a part of its capital.

Hisa hizi zinachukuliwa kuwa karatasi za usajili katika ushirika huu, na thamani zake si sawa, bali hubadilika kulingana na faida au hasara za kampuni. Faida au hasara hii si sawa kila mwaka, bali inaweza kutofautiana. Kwa hiyo hisa haziwakilishi mtaji uliochangwa wakati wa kuanzishwa kwa kampuni; zinawakilisha mtaji wa kampuni wakati wa kuuzwa kwake, yaani kwa wakati maalum. Ni kama noti za karatasi ambazo thamani yake hushuka soko la hisa likishuka na huongezeka soko likipanda. Thamani ya hisa hushuka kampuni inapopata hasara, na huongezeka kampuni inapopata faida. Hisa baada ya kampuni kuundwa basi haibaki kuwa mtaji, bali inakuwa karatasi ya fedha yenye thamani maalum inayopanda na kushuka kulingana na soko, faida ya kampuni, au kiwango cha shauku ya watu ndani yake au kukosekana kwake, kwani ni bidhaa inayotegemea ugavi na mahitaji. Hisa huhama kutoka mkono mmoja kwenda mwingine sawasawa na jinsi noti za benki zinavyopita kati ya watu, bila taratibu zozote za kiofisi katika kumbukumbu za kampuni ikiwa hisa ni za mletaji (zisizo na jina), na kupitia taratibu kama hizo ikiwa zinabeba majina ya wenye hisa.

The stock notes are considered as registration papers in this share, and their values are not the same, but change according to the profits or losses of the company. This profit or loss is not the same every year but it can differ. The stocks therefore do not represent the capital contributed at the time of establishing the company; they represent the capital of the company at the time of its sale, namely at a specific time. They are like paper currency whose value falls if the stock market declines and increases when the stock market rises. The value of stocks declines when the company makes losses, and increases when the company profits. The stock after the company is formed thus ceases to be a capital and becomes a currency paper of a specific value that rises and falls according to the market, the profitability of the company or according to the degree of interest or otherwise of the people in it, for it is a commodity subject to supply and demand. Stocks transfer from one hand to another similar to how bank notes move among people, without any clerical measures in the company records if the stocks are for the bearer (anonymous) and through such measures if they bear their holders’ names.

Kampuni inachukuliwa kuwa na faida ikiwa thamani ya mali za kampuni ni kubwa kuliko thamani ya madeni yake wakati wa hesabu yake ya kila mwaka. Faida hugawanywa kila mwaka mwishoni mwa mwaka wa fedha wa kampuni. Ikiwa thamani ya mali za kampuni iliongezeka kutokana na hali zisizotarajiwa bila kuwepo kwa faida, hakuna kitu kinachozuia kampuni kugawa ziada hii. Hata hivyo, ikiwa kinyume kilitokea, yaani thamani ya mali ilipungua na kampuni ikapata faida, lakini jumla ya faida yake na thamani ya mali zake haikuwa kubwa kuliko madeni yake, basi haiwezi kugawa faida hizo. Wakati wa kugawa faida, sehemu yake hutengwa kwa ajili ya akiba, na kilichobaki hugawanywa kati ya wanahisa. Kampuni inachukuliwa kama chombo cha kisheria, chenye haki ya kushtaki na kushtakiwa kwa jina lake yenyewe mahakamani. Pia ina makazi yake maalum na utaifa maalum (nchi ya usajili, ikijumuisha mahali ambapo ofisi yake kuu inaweza kusajiliwa). Hakuna mwanahisa wala mjumbe yeyote wa usimamizi wake, iwe kwa nafasi yake kama mshirika au kwa nafsi yake binafsi, anayeshika nafasi yake. Mwenye haki hii pekee ni yule aliyeidhinishwa kuzungumza kwa niaba ya kampuni. Mwenye haki ya kutumia na kuamua kuhusu mali ni kampuni yenyewe, yaani utu wake wa kisheria, badala ya mtu anayeamua moja kwa moja.

The company is considered in profit if the value of the assets of the company is greater than the value of its liabilities at its annual inventory. Profits are distributed annually at the end of the financial year of the company. If the value of the company’s assets increased due to unexpected conditions without there being profits, nothing prevents the company from distributing this excess. However, if the contrary occurred, and the value of the assets declined and the company made profits, but the total of its profit and value of its assets was not greater than its liabilities, then it could not distribute the profits. At the time of distribution of profits, a part of it is assigned to the reserves and that which remains is divided among the shareholders. The company is considered as a corporate entity, which has the right to sue and be sued in its own name in the courts. It also has its own residence and particular nationality (country of incorporation including where its head office may be registered). Neither a shareholder nor any member of its management, in his capacity as partner or in his personal capacity, fills its place. The only one who has this right is the one who has been authorised to speak on behalf of the company. The one who has the right of disposal is the company, i.e. the corporate personality, rather than the person who disposes directly.

Hii ni kampuni ya hisa, na katika Shariá ni kampuni batili. Ni miongoni mwa miamala ambayo Muislamu haruhusiwi kushiriki ndani yake. Sababu ya ubatili wake, na katazo la kujihusisha nayo, zinaonekana wazi kutokana na mambo yafuatayo:

This is the stock company and it is a void company in Shar’a. It is one of the transactions that a Muslim is not allowed to participate in. The reason of its invalidity, and the prohibition of associating with it, appear clearly from the following points:

1) Ufafanuzi wa kampuni (shirka) katika Uislamu ni kama ifuatavyo: ni mkataba kati ya watu wawili au zaidi, ambao wanakubaliana kufanya kazi ya kifedha kwa lengo la kupata faida. Kwa hiyo ni mkataba kati ya watu wawili au zaidi, hivyo makubaliano yanayotoka upande mmoja pekee hayakubaliki. Badala yake, ni lazima makubaliano yatokee pande mbili au zaidi. Mkataba wa kampuni lazima uelekezwe katika kutekeleza kazi ya kifedha kwa lengo la kutengeneza faida, wala si katika kulipa mtaji. Pia haitoshi lengo liwe ushirikiano tu. Kutekeleza kazi ndiyo msingi wa mkataba wa kampuni, na kazi ya kifedha ni lazima ifanywe na wakataji wawili, au na mmoja wao pamoja na mtaji wa mwenzake. Mkataba kati ya watu wawili ambamo mtu mwingine asiyekuwa wakataji hao (waliotia saini) anatekeleza kazi ya kifedha si halali, na hakuna mtu anayefungwa nao. Hii ni kwa sababu ni mkataba wa wakataji peke yao unaowafunga; unatumika katika shughuli zao wenyewe na si kwa wengine. Kwa hiyo utekelezaji wa kazi ya kifedha lazima uwe mdogo kwa wakataji, ama wote wawili, au mmoja wao pamoja na mtaji wa mwenzake. Kwa kuwa kazi ya kifedha lazima ifanywe na mmoja wa wahusika (washirika) ili kampuni iwe imeanzishwa kisheria, inalazimu kuwepo kwa chombo ndani ya kampuni ambacho mkataba unafungwa juu yake. Katika Uislamu, ni sharti kwamba chombo hicho kiwepo katika kampuni, na ni kipengele cha msingi katika kuhitimisha kampuni. Kikiwepo chombo hicho kampuni itaanzishwa, na kisipokuwepo katika kampuni, basi haijaanzishwa wala haipo tangu mwanzo.

1) The definition of company in Islam is as follows: it is a contract between two or more persons, in which they agree to carry out financial work with the intention of gaining profit. It is thus a contract between two or more persons, so an agreement from only one side is unacceptable. Rather, it is necessary that the agreement occurs from two or more sides. The contract of the company must be focussed on performing financial work with the aim of making profit, and not on paying the capital. It is also not enough that the aim be partnership only. Carrying out the work is the basis of the company contract, and financial work has to be by the two contractors, or by one of them together with the capital of the other. A contract between two persons in which a person other than these two contractors (signatories) carries out financial work is not legitimate and no one is bound by it. This is because it is only the contractor who is bound with the contract; it applies to his own disposal (dealings) and not on others. So carrying out the financial work must be limited to the contractors, either by both of them or by one of them with the capital of the other. The necessity of carrying out financial work by one of the signatories (partners) in order that the company is legally established makes it inevitable that there must exist a body in the company upon which the contract is concluded. In Islam it is, thus, a condition that the body exists in the company, and it is a fundamental element in concluding a company. If the body existed the company will be established and if the body does not exist in the company, then it is not established and doesn’t exist in the first place.

Wanasayansi wa mambo ya kibepari hufafanua kampuni ya hisa (joint stock company) kuwa ni mkataba ambao kwa huo watu wawili au zaidi huchangia katika mradi wa kifedha kwa kutoa sehemu ya mtaji ili kugawana faida au hasara itakayotokana na mradi huo. Kutokana na ufafanuzi huu na kutokana na uhalisia wa kuundwa kwa kampuni kwa njia hizo mbili zilizotajwa, inaonekana kwamba si mkataba baina ya watu wawili au zaidi kulingana na sheria ya Mwenyezi Mungu (Shari'ah). Hii ni kwa sababu kisheria, mkataba ni ijabu na kabul baina ya pande mbili za watu wawili au zaidi. Lazima kuwepo pande mbili katika mkataba. Mmoja wao ana jukumu la ijabu kwa kuanza kusema kwa ijabu ya mkataba, kauli hiyo inaweza kuwa kama 'nimekuoza' au 'nimekuuzia' au 'nimekukodishia' au 'nimeshirikiana nawe' au 'nimekupa'. Upande mwingine una jukumu la kabul, kama kusema 'nimekubali' au 'nimekubaliana' au yanayofanana na hayo. Ikiwa mkataba hauna uwepo wa pande mbili, au ijabu na kabul, basi haungeanzishwa, na kwa hiyo haungekuwa mkataba wa kimungu.

Capitalists define the joint stock company as a contract according to which two or more persons contribute to a financial project by providing a share of capital in order to divide the profit or loss that may result from the project. It appears, from this definition and from the reality of forming the company by the aforementioned two methods, that it is not a contract between two or more persons according to the divine law (Shari’ah). This is because legally, a contract is an offer and acceptance between two parties of two or more persons. There must be two sides in the contract. One of them is entrusted with the offer by speaking first with the offer of the contract. This Statement could be something like ‘I married to you’ or ‘I sold to you’ or ‘I leased to you’ or ‘I associated with you’ or ‘I granted to you.’ The other side is entrusted with the acceptance, such as to say ‘I accepted’ or ‘I agreed’ or the like. If the contract is devoid of the existence of two sides, or an offer and acceptance, then it would not be established, and accordingly it would not be a divine contract.

Katika kampuni ya hisa (joint stock company), waanzilishi hukubaliana kuhusu masharti ya ushirikiano. Wanapokubaliana masharti ya kampuni hawashiriki moja kwa moja na kwa vitendo katika ushirikiano huo; wao hujadiliana tu na kukubaliana masharti. Kisha huandaa hati, ambayo ndiyo katiba ya kampuni. Hati hii hutiwa saini na kila mtu anayetaka kuingia katika ushirikiano, na saini hiyo huchukuliwa kuwa ni kukubali. Mtu akishafanya hivyo, anachukuliwa kuwa mwanzilishi na mshirika. Kwa maneno mengine, ushirikiano wake unaanzishwa mara tu anapoweka saini yake au muda wa kujiandikisha unapomalizika. Katika mchakato huu ni dhahiri kwamba hakuna pande mbili zilizoingia mkataba, wala hakuna ofa na kukubali. Badala yake, kuna upande mmoja unaokubali masharti, na kwa kukubali kwake huwa mshirika. Hivyo basi, kampuni ya hisa si makubaliano kati ya pande mbili, bali ni makubaliano ya upande mmoja juu ya masharti fulani. Wanafikra wa uchumi wa kibepari na wa sheria za Magharibi wanasema kwamba kujitoa katika aina hii ya kampuni ni aina ya utoaji kwa mapenzi ya mtu binafsi. Mapenzi ya mtu binafsi hutokea pale mtu yeyote anapojifunga kwa jambo fulani kutoka upande wake kwa umma au kwa mtu mwingine, bila kujali kukubali au kutokukubali kwa umma au mtu huyo mwingine, kama vile ahadi ya kutoa zawadi. Kampuni ya hisa, kwa mtazamo wao na kwa uhalisia, ni pale ambapo mwenye hisa, au mwanzilishi, au mtu yeyote anayetia saini hati, anajifunga na masharti yaliyomo katika hati hiyo bila kujali kukubali au kutokukubali kwa wengine. Hivyo wanaiona kama aina ya utoaji kwa mapenzi ya mtu binafsi. Akdi ya kampuni ya hisa ya mtu binafsi kwa mapenzi yake ni batili katika Shar'a, kwa sababu akdi katika Shar'a ni kuunganisha pendekezo linalotoka kwa mmoja wa wahusika wa akdi na kukubali kwa mhusika mwingine, kwa namna inayoonyesha athari yake katika jambo ambalo akdi hiyo inafanyika juu yake. Hili halitokei katika akdi ya kampuni ya hisa kwa sababu hakuna makubaliano baina ya watu wawili au zaidi yanayotokea katika akdi hiyo. Badala yake, mtu mmoja anajifunga, kwa mujibu wa akdi hii, kushiriki katika mradi wa kifedha. Bila kujali idadi ya wahusika wa akdi na washirika waliojifunga na mradi huo, yule aliyejifunga bado anachukuliwa kuwa ni mtu mmoja.

In the joint stock company, the founders agree on the conditions of partnership. They are not directly and actually involved in the partnership when they agree on the conditions of the company, rather they only negotiate and agree on the conditions. They then draw up a document, which represents the constitution of the company. This document is then signed by everyone who wishes to enter into the partnership, the signature being considered as an acceptance. Once a person does this, He is then considered as a founder and a partner. In other words his partnership is established once He put his signature or when the subscription period comes to an end. In this process it is evident that there are no two sides who concluded the contract, nor is there an offer and acceptance. Instead, there is one party who agrees on the conditions, and by its acceptance becomes a partner. It can be seen that the joint stock company is not an agreement between two parties, rather it is an agreement of one party on certain conditions. Thinkers on the Capitalist economy and Western law say that the commitment in this type of company is a type of disposition by individual will. The individual will occurs when any person commits himself with a certain matter from his side towards the public or another person, irrespective of the acceptance or non-acceptance of the public or the other person, such as a promise to give a prize. The joint stock company, in their view and in reality, is where the shareholder or the founder or any person who signs a document commits himself with the conditions contained in the document regardless of the acceptance or non-acceptance of the others. Thus they consider it as a type of disposal by individual will. The contract of the joint stock company by the individual will is invalid (Batil) in Shar’a because a contract in Shar’a is the linking of an offer originating from one of the contractors with the acceptance of the other contractor in a way that reveals its effect in the issue over which the contract is concluded. This does not occur in the contract of the share stock company as no agreement between two or more persons occurs in the contract. Rather, one person commits himself, according to this contract, to share in a financial project. Regardless of the number of contractors and partners who committed themselves to that project, the one who committed himself is still considered as one person.

Inaweza kusemwa kwamba washirika walikubaliana pamoja juu ya masharti ya kampuni, hivyo makubaliano yao yanachukuliwa kuwa ni ofa na kukubali, na kwamba uandishi wa hati ni jambo la kiutaratibu tu la kurekodi mkataba waliokubaliana. Basi kwa nini hili halichukuliwi kuwa mkataba? Jibu la swali hili ni kwamba washirika walikubaliana pamoja juu ya masharti ya kampuni. Hata hivyo, kulingana na makubaliano yao hawakujiona kuwa washirika kikweli, na kwa makubaliano kama hayo hawakujifunga wenyewe kwenye masharti ya kampuni. Inaruhusiwa kwa yeyote kati yao kujiondoa na kutoshirikiana baada ya makubaliano ya masharti kufanywa na baada ya hati kuandikwa. Hakuna yeyote kati yao anayefungwa na makubaliano yao juu ya masharti, kwa mujibu wa istilahi zao za kitaalamu, isipokuwa baada ya kutia sahihi mkataba. Mara atakapotia sahihi mkataba anakuwa amefungwa, ilhali kabla ya hapo hafungwi wala halazimishwi na chochote. Kwa hiyo makubaliano yao juu ya masharti kabla ya kutia sahihi mkataba hayazingatiwi, katika mtazamo wao na katika mtazamo wa Shari'a, kuwa ni mkataba. Hii ni kwa sababu makubaliano juu ya masharti ya ushirika, na juu ya ushirika wenyewe, hayazingatiwi kuwa mkataba wa kampuni. Kwa mujibu wa makubaliano yao, hawachukuliwi kuwa wamefungwa nayo kabla ya kutia sahihi, ilhali mkataba ni ule ambao pande mbili zinazoingia mkataba zinafungwa nao. Kwa hiyo makubaliano yao juu ya masharti ya kampuni na juu ya ushirika hayazingatiwi kuwa ofa na kukubali. Hayazingatiwi kuwa mkataba kwa mujibu wa sheria ya Mwenyezi Mungu, hata katika mtazamo wao wenyewe.

It may be argued that the partners agreed together on the conditions of the company, so their agreement is considered to be an offer and acceptance, and that the writing of the document is just a formal matter to record the contract which they agreed upon. So why is this not considered a contract? The answer to this question is that the partners agreed together on the conditions of the company. However, according to their agreement they did not consider themselves actually partners, and they did not commit themselves by such an agreement to the conditions of the company. It is allowed for any of them to withdraw and not to associate after their agreement on the conditions has been made and after the document has been written. None of them is committed to their agreement over the conditions, according to their technical terminology, except after He signs the contract. Once He signed the contract He becomes committed, while before that He is not committed to or bound by anything. Therefore, their agreement on the conditions before signing the contract is not considered, in their view and in the view of the Shar’a, as a contract. This is because the agreement over the conditions of partnership, and over the partnership, is not considered a company contract. According to their agreement, they are not considered obliged to it before the signing, whereas the contract is that which the two contracting sides are obliged with. Therefore, their agreement on the conditions of the company and on partnership is not considered offer and acceptance. It is not considered, according to the divine law and even in their own view as a contract.

Inaweza pia kusemwa kwamba kukubali kwa mshirika kutia sahihi mkataba kunapaswa kuzingatiwa kuwa ni pendekezo kutoka upande wake kwa wengine, na utiaji sahihi wa mtu anayefuata unazingatiwa kuwa ni kukubali. Inaweza kuulizwa kwa nini kutoa hati inayoeleza mkataba hakuzingatiwi kuwa ni pendekezo, na utiaji wake sahihi hauzingatiwi kuwa ni kukubali. Jibu ni kwamba kila mshirika aliyetia sahihi mkataba amekubali tu, lakini pendekezo halikutoka kwa mtu yeyote maalum. Hakuna pendekezo, si kutoka kwa waanzilishi wala kutoka kwa mtia sahihi wa kwanza; kuna kukubali tu kutoka kwa kila mshirika. Hivyo mtia sahihi anakubali na kujifunga na masharti bila kuwasilishwa kama pendekezo la kumiliki kutoka kwa mtu yeyote, bila mtu yeyote kumwambia: ‘Nimekushirikisha.’ Kitendo cha kumpa hati ili atie sahihi hakizingatiwi kuwa ni pendekezo. Ukweli wa kampuni ya hisa ni kwamba kila mshirika amekubali tu, na kukubali kukiongezwa kwa kukubali hakuzingatiwi kuwa ni mkataba katika Shariá. Lazima kuwepo pendekezo kwa maneno linaloonyesha pendekezo, si kukubali. Kukubali kunakuja baadaye kwa maneno yanayoonyesha hilo waziwazi. Hakuna aliyetia sahihi hati ya kampuni hivyo anayezingatiwa kuwa mtoa pendekezo; wote ni wakubali. Kwa hiyo, kukubali bila pendekezo ndicho kilichoanzishwa katika kampuni ya hisa, hivyo kampuni haijahitimishwa.

It may also be said that the acceptance of the partner to sign the contract should be considered as an offer from his side towards the others and the signature of the next person is considered as acceptance. It may be asked why offering the document detailing the contract is not considered an offer and its signing not considered acceptance. The answer is that every partner who signed the contract has only accepted, but the offer did not originate from any particular person. There is no offer, either from the founders or from the first signatory; there is only acceptance from every partner. Thus the signatory accepts and commits himself with the conditions without them being presented as an offer of disposal from anyone, without anyone saying to him: ‘I shared with you.’ The action of giving Him the document for signature is not considered an offer. The reality of the share stock company is that every partner has only accepted, and acceptance added together with acceptance is not considered a contract in Shar’a. There must exist an offer in words which indicates offer not acceptance. The acceptance then comes after that in words, which indicate this explicitly. Nobody who signed the company document is therefore considered an as an offerer; they are all acceptors. Thus, only acceptance without offer has originated in the share stock company, so the company is not concluded.

Wenye mitaji (Wakapitalisti) huita hati ya kampuni "katiba" yao na wanaiona kuwa ni mkataba. Pia husema kwamba mkataba huo ulitiwa saini. Hata hivyo, katika Shari'a, hati hii haichukuliwi kuwa mkataba, kwa kuwa mkataba ni ijabu na kubali baina ya pande mbili. Kwa hiyo kampuni ya hisa haichukuliwi kuwa mkataba katika Shari'a.

The Capitalists call the document of the company its constitution and consider this as a contract. They also say that the contract was signed. However, in Shar’a, this document is not considered a contract for a contract is an offer and an acceptance between two parties. The share stock company is therefore not considered a contract in Shar’a.

Aidha, hakuna makubaliano katika mkataba wa kufanya kazi ya kifedha kwa lengo la kupata faida. Badala yake, mwanzilishi au mwanachama anakubali kulipa fedha katika mradi wa kifedha, hivyo mkataba huo hauna kipengele cha makubaliano ya kufanya kazi. Badala yake una ahadi ya mtu binafsi tu ya kutoa mali, bila kutajwa kazi yoyote katika ahadi hiyo. Lengo la kampuni ni kutekeleza kazi ya kifedha tu, si ushirikiano, kwa hiyo kutokuwepo kwa makubaliano ya kufanya kazi katika mkataba kunabatilisha mkataba huo. Kampuni haipo kwa sababu tu kuna makubaliano ya kuchangia mtaji peke yake, kwa kuwa hakuna makubaliano ya kutekeleza kazi ya kifedha. Kutokana na mjadala huu, inaweza kuhitimishwa kwamba kampuni hiyo ni batili (Batil).

In addition, there is no agreement in the contract to undertake financial work for the purpose of gaining profit. Rather the founder or the subscriber agrees to pay money into a financial project, so it is devoid of the element of an agreement to carry out work. Instead it only contains the individual commitment from the person to provide property, without any reference to the work in that commitment. Only carrying out the financial work rather than partnership is the aim of the company, and so the absence of agreement to carry out work in the contract negates the contract. A company does not, therefore, merely exist because there is an agreement to contribute capital only, as there is no agreement to carry out the financial work. From this discussion it can be concluded that the company is invalid (Batil).

Inaweza kubishaniwa kwamba hati ya kampuni huenda ilijumuisha aina ya kazi ambayo kampuni inafanya, kama vile uzalishaji wa sukari au biashara. Kwa hiyo, kulikuwa na makubaliano ya kufanya kazi ya kifedha. Hata hivyo, aina ya kazi iliyotajwa ni kazi ambayo kampuni inaweza kufanya, na hakukuwepo makubaliano kwa upande wa washirika kwamba watafanya kazi hiyo kweli. Walikubaliana tu kuwa washirika na juu ya masharti ya kampuni, huku utekelezaji wa kazi ukiachwa kwa utu wa kisheria ambao kampuni ingekuwa nao baada ya kuanzishwa kwake. Hivyo, hakuna makubaliano yaliyofanyika kati ya washirika kufanya kazi yoyote ya kifedha wenyewe.

It can be argued that the document of the company may have included the type of work, which the company carries out, such as production of sugar or trading. There was, therefore, an agreement to carry out financial work. However, the type of work mentioned is the work, which the company may carry out and no agreement existed on the part of the partners that they will indeed carry it out. They only agreed on being partners and on the conditions of the company while conducting the work was left to the corporate personality, which the company would have after its establishment. Thus, no agreement occurred between the partners to carry out any financial work themselves.

Zaidi ya hayo, ni lazima kwamba badan (mwili), yaani mtu anayeweza kufanya uamuzi, awepo katika ushirika kwa mujibu wa Uislamu. Kinachomaanishwa kwa badan katika ushirika, katika biashara (uuzaji), ukodishaji na mikataba mingine ni mtu anayeweza kufanya uamuzi, si mwili wa kimwili wala juhudi. Kwa hiyo, kuwepo kwa badan ni sharti muhimu katika kuanzisha ushirika. Kama badan isingekuwepo, ushirika usingeweza kuanzishwa. Kampuni ya hisa haina badan kabisa, na kwa kweli huondoa kwa makusudi kipengele cha kibinafsi katika ushirika. Mkataba wa kampuni ya hisa ni mkataba kati ya mali tu. Kipengele cha kibinafsi hakipo, kwani mali peke yake, na si wamiliki wake, ndizo zinazohusishwa.

In addition to this, it is necessary that the body (Badan) which is the disposing person exists in the company in Islam. What is meant by the body (Badan) in the company, in trading (selling), hiring and the other contracts is the disposing person, not the physical body or effort. So, the existence of the body is an essential element in establishing the company. If the body did not exist, the company could not have been established. The share stock company has no body (Badan) at all, and in fact it intentionally removes the personal element from the company. The contract of the share stock company is a contract between properties only. The personal factor does not exist as the properties alone and not their owners are associated with each other.

Kwa maneno mengine, mali hushirikiana bila kuwepo kwa mwili. Kukosekana kwa mwili unaoshirikiana kunamaanisha kwamba kampuni haijaanzishwa, na hivyo ni batili kwa mtazamo wa Shari'a. Shari'a inaamuru kwamba mwili ndio mwenye mamlaka ya kutumia mali, na utumiaji wa mali unategemea yeye peke yake. Mwili usipokuwepo, basi utumiaji hauwezi kuwepo.

In other words, the properties associate with each other without the existence of a body. The absence of an associating body means the company is not established and it is invalid in view of the Shar’a. Shar’a dictates that the body is the disposer of the property, and the disposal of the property depends upon it alone. If the body does not exist, then disposal cannot exist.

Watu wanaomiliki mtaji ndio wanaokubaliana moja kwa moja juu ya uwekaji wa mali, nao huwachagua bodi ya wakurugenzi wanaosimamia kazi katika kampuni. Hata hivyo, hii bado haimaanishi kwamba kuna mwili (taasisi) ndani ya kampuni, kwa kuwa makubaliano yao ni juu ya kuifanya mali kuwa mshirika badala ya wao wenyewe kuwa washirika. Kwa hiyo mali, na si mmiliki wake, ndiyo mshirika. Kuhusu uchaguzi wao wa bodi ya wakurugenzi, hii haimaanishi kwamba bodi ni manaibu wao. Badala yake, mali yao imewakilishwa na manaibu (yaani bodi) waliochaguliwa nao, na hakuna uwakilishi uliofanywa kwa niaba yao wenyewe. Ushahidi wa hili ni kwamba mwenye hisa ana kura sawa na idadi ya hisa zake, hivyo mtu mwenye hisa moja atakuwa na kura moja au naibu mmoja. Mtu mwenye hisa elfu moja atakuwa na kura elfu moja, yaani manaibu elfu moja. Kwa hiyo uwakilishi unafanywa kwa niaba ya mali na si ya mtu. Hii inaonyesha kwamba kipengele cha mwili hakipo katika kampuni, kwani kampuni inaundwa na kipengele cha mali pekee.

The people who own the capital are the ones who directly agree on the subscription of the properties, and they elect the board of directors who carry out the work in the company. However, this still does not mean that there is a body in the company, for their agreement is upon making the property as a partner rather than themselves as partners. So the property and not its owner is the partner. With regard to their election of the board of directors, this does not mean that the board are their deputies. Rather their property has been represented by deputies (i.e. the board) selected by them, and no deputation was made on their own behalf. The evidence for this is that the shareholder has votes equal to his shares, so the person who has one share would have one vote or one deputy. The person who has one thousand shares would have one thousand votes; that is one thousand deputies. So the deputation is on behalf of the property and not the person. This indicates that the element of the body is missing from the company, which is composed of the element of property only.

Ufafanuzi wa kampuni ya hisa kwa hiyo unaonyesha kwamba haina sharti zinazohitajika kuanzisha kampuni kulingana na Uislamu, kwa kuwa hakuna makubaliano yanayofanyika kati ya watu wawili au zaidi. Badala yake, ni ahadi inayotolewa na mapenzi ya mtu mmoja upande mmoja. Zaidi ya hayo, hakuna makubaliano yaliyofanyika ya kutekeleza kazi; badala yake, mtu mmoja anajiahidi kutoa mali. Pia hakuna mwili unaofanya uendeshaji kwa nafsi yake binafsi, bali ni mali tu isiyo na mwili. Mkataba wa kampuni ya hisa kwa hiyo ni batili. Ni batili kwa sababu haikuanzishwa kama kampuni, kama inavyofafanuliwa na Uislamu.

The definition of the share stock company thus indicates that it does not contain the necessary conditions required for establishing a company according to Islam, as no agreement occurs between two or more persons. Rather it is a commitment made by an individual will from one side. Furthermore, no agreement has occurred to carry out a work; instead, one person commits himself to offer property. There is also no body which practises the disposal in his personal capacity, rather it is only property without a body. The contract of the share stock company is thus invalid. It is invalid, because it was not established as a company, as defined by Islam.

2) Kampuni ni mkataba wa kuhusu utoaji wa mali. Hivyo, kuongezeka kwa mali kwa kutumia kampuni ni kuongezeka kwa umiliki. Kuongeza umiliki ni mojawapo ya utoaji unaoruhusiwa na Shari'ah. Utoaji wote wa Shari'ah ni utoaji wa maneno unaotokana na mtu, si kutokana na mali. Kuongezeka kwa umiliki lazima kutokane na yule mwenye haki ya kutoa, yaani kutokana na mtu, si kutokana na mali. Kampuni ya hisa huchukulia kuwa mali huongezeka yenyewe bila mshirika ambaye ni mwili, na bila mtu mwenye kutoa mwenye haki ya kutoa. Badala yake, huteua utoaji wa mali, kwa kuwa kampuni ya hisa inajumuisha mali zilizokusanywa pamoja na kupata haki ya kutoa. Kwa hiyo kampuni inachukuliwa kuwa utu wa kisheria, ambao peke yake una haki ya kisheria ya kutoa, kama vile kuuza, kununua, kutengeneza na kushtaki. Washirika hawana haki ya kisheria ya kutoa; badala yake utoaji umefungwa kwenye utu wa kampuni. Katika kampuni ya Kiislamu, utoaji hutokana tu na washirika, na kila mmoja wao hutoa kwa ruhusa ya wengine. Mali ya washirika kwa ujumla haina uwezo wa kutoa; utoaji umefungwa kwa mtu wa mshirika. Vitendo vinavyotokana na kampuni katika utu wake wa kisheria kwa hiyo ni batili kwa mtazamo wa Shar'a. Hii ni kwa sababu utoaji lazima utokane na mtu fulani, na mtu huyu lazima awe miongoni mwa wale walio na haki ya kutoa (washirika), jambo ambalo halitimizwi katika kampuni ya hisa. Si sahihi kusema kwamba wale wanaofanya kazi ni wafanyakazi walioajiriwa na wanahisa ambao ndio wamiliki wa mtaji. Na kwamba wale wanaoshughulikia utawala na utoaji ni mkurugenzi na bodi yake, ambao ni wawakilishi wa wanahisa. Hii ni kwa sababu mshirika amepewa kazi binafsi katika kampuni, na mkataba wa kampuni ulifungwa kwake yeye binafsi, hivyo hairuhusiwi kumwakilisha mtu mwingine kutekeleza shughuli za kampuni kwa niaba yake, wala kumwajiri mtu mwingine kutekeleza shughuli za kampuni kwa niaba yake. Lazima ashughulikie shughuli za kampuni mwenyewe. Kwa hiyo, washirika hawaruhusiwi kuajiri vibarua wa kufanya kazi kwa niaba yao, wala kuwawakilisha bodi ya wakurugenzi kwa niaba yao. Pia, bodi ya wakurugenzi si mwakilishi wa wanahisa, bali ni mwakilishi wa mali zao tu, kwa sababu mtu anayechaguliwa kwenye bodi anachaguliwa kwa kura zinazolingana na kiasi cha hisa katika kampuni, si wanahisa wenyewe. Zaidi ya hayo, mkurugenzi na bodi ya wakurugenzi hawana haki ya kutumia mali ya kampuni kwa sababu zifuatazo tatu:

2) The company is a contract over the disposal of property. Thus, the increase of the property by using a company is an increase of ownership. Increasing ownership is one of the disposals allowed by Shari’ah. All the Shari’ah disposals are verbal disposals which originate from a person and not from property. The increase of the ownership must result from the one who can dispose, that is, from a person and not from property. The share stock company assumes the increase of property by itself without a partner which is a body, and without a disposing person entitled with the right of disposal. Instead, it assigns the disposal for the property, because the share stock company consists of properties gathered together and got the right of disposal. The company is accordingly considered a corporate personality, which alone has the right of legal disposal like selling, buying, manufacturing and suing. The partners do not have a legal right of disposal; rather the disposal is confined to the personality of the company. In the Islamic company, the disposal originates only from the partners, and each one of them disposes by permission of the others. The property of the partners as a whole does not have the ability of disposal; disposal is confined to the person of the partner. The actions which originate from the company in its corporate personality are therefore invalid in the view of Shar’a. This is because the disposal should originate from a certain person and this person should be one of those who has the right of disposal (partners), a matter which is not fulfilled in the share stock company. It is incorrect to say that those who carry out the work are the hired labourers and that are employed by the shareholders who are the owners of the capital. And that the ones who handle the administration and disposal are the director and his board, who are deputies of the shareholders. This is because the partner is designated personally into the company, and the contract of the company was concluded on Him personally so He is not allowed to deputise somebody to carry out the activities of the company on his behalf, nor to hire somebody to carry out the activities of the company on his behalf. He must carry out the activities of the company by himself. Therefore, the partners are not allowed to employ labourers to carry out the work on their behalf, nor to deputise a board of directors on their behalf. Also, the board of directors is not a deputy of the shareholders, it is merely a deputy of their properties, because the person who is elected to the board is elected by the votes which are according to the amount of shares in the company not the actual shareholders. Moreover, the director and the board of directors do not have the right of disposal in the company for the following three reasons:

Kwanza, wao hufanya kazi kama wawakilishi wa wanahisa, ambao ni washirika waliowachagua. Mshirika hapaswi kumwakilisha mwenyewe, kwa sababu yeye ndiye aliyefungwa nao kampuni. Hii inafanana na jambo kwamba pia hairuhusiwi kwa mtu kumwakilisha mtu mwingine kufunga ndoa kwa niaba yake. Hata hivyo, anaruhusiwa kumwakilisha mtu mwingine kufanya mkataba wa ndoa kwa niaba yake. Vivyo hivyo, hairuhusiwi kwake kumwakilisha mtu mwingine kuingia ubia kwa niaba yake. Hata hivyo, anaruhusiwa kumwakilisha mtu kufanya mkataba wa kampuni kwa niaba yake, lakini si kuwa mshirika kwa niaba yake.

Firstly, they act as deputies for the shareholders, who are the partners by electing them. The partner should not deputise for himself, because He is the one on whom the company was concluded. This is similar to the fact that it is also not allowed for somebody to deputise another person to marry on his behalf. He is, however, allowed to deputise somebody to make the marriage contract on his behalf. Similarly, He is not allowed to deputise somebody to enter into partnership on his behalf. However, He is allowed to deputise somebody to conclude the company contract on his behalf, but not to be a partner on his behalf.

Pili, wanahisa ambao pia ni washirika wamemwakilisha bodi ya wakurugenzi kwa niaba ya mali zao, si kwa niaba ya nafsi zao wenyewe. Ushahidi wa hili ni kwamba kura za uchaguzi zenyewe zinazingatiwa kama uwakilishi, na kura hizi zinahesabiwa kulingana na idadi ya hisa wala si kulingana na wanahisa. Uwakilishi huo ni, basi, kwa niaba ya mali zao na si kwa niaba ya watu wao.

Secondly, the shareholders who are also the partners have deputised the board on behalf of their properties not on behalf of themselves. The evidence for this is that the election votes themselves are considered for deputation, and these votes are considered according to the quantity of shares and not according to the shareholders. The deputation is thus on behalf of their properties and not on behalf of their persons.

Tatu, wanahisa ni washirika wa mali pekee na si washirika wa mwili. Mshirika wa mali hana kabisa haki yoyote ya kutumia au kuamua juu ya mambo ya kampuni. Si halali kwake kumwakilisha mtu mwingine ili afanye maamuzi katika kampuni kwa niaba yake. Kwa hiyo, maamuzi ya meneja wa kampuni na ya bodi ya wakurugenzi yanachukuliwa kuwa si sahihi katika Sharia.

Thirdly, shareholders are partners of property only and not partners of body. The partner of property has absolutely no right of disposal in the company. It is not valid for Him to deputise somebody to dispose in the company on his behalf. Thus, the disposal of the company’s manager and the board of directors is considered invalid in Shar’a.

3) Kuwa kampuni ya hisa ni ya kudumu kunapingana na Shar'a. Kisheria, kampuni hiyo ni ya aina ya mkataba unaoruhusiwa ambao hubatilika kwa kifo, wazimu au kutokuwa na uwezo kwa mmoja wa washirika, na pia kwa kuvunjwa kunakodaiwa na mshirika mmoja pale inapoundwa na washirika wawili. Ikiwa kampuni ina washirika zaidi ya wawili, basi ushirika huvunjika mshirika akifariki, akiwa mwendawazimu au akihukumiwa kuwa hana uwezo. Ikiwa mmoja wa washirika amefariki na ana mrithi, basi jambo hilo huchunguzwa. Ikiwa mrithi si mtu mzima (balehe), hana haki ya kuendelea katika kampuni. Ikiwa ni mtu mzima, ana chaguo la kuthibitisha kampuni na mshirika mwingine kumpa ruhusa ya kutumia mali, au kudai kuvunjwa kwa kampuni. Ikiwa mshirika amehukumiwa kuwa hana uwezo, kampuni huvunjika, kwa kuwa ni lazima mshirika awe na uwezo wa kutumia mali. Ikiwa kampuni ya hisa ni ya kudumu na inaendelea kufanya kazi licha ya kifo au kutokuwa na uwezo kwa mmoja wa washirika, basi ni batili (Fasid). Hii ni kwa sababu imejumuisha sharti batili linalohusiana na asili ya kampuni na hali halisi ya mkataba.

3) The fact that the stock company is permanent contradicts Shar’a. The company is legally of the type of permissible contract which becomes null by the death, insanity or the incompetence of any one of the partners and by dissolution requested by one partner when it is formed of two partners. If the company was composed of more than two partners, then the partnership is dissolved if a partner dies or becomes insane or is judged as incompetent. If one of the partners died and He has a person to inherit from him, then the matter is examined. If the inheritor is not mature He has no right to continue in the company. If He is mature, He has the choice to endorse the company and the other partner gives Him the permission of disposal, or to demand the dissolution of the company. If the partner was judged incompetent, the company is dissolved, because it is necessary that the partner has the ability of disposal. If the share stock company is permanent, and it continues to function despite the death or the incompetence of any of the partners, then it is invalid (Fasid). This is because it included an invalid condition which is related to the entity of the company and the nature of the contract.

Kwa muhtasari, kampuni ya hisa haianzishwi kama kampuni kwa msingi wa kwanza, kwa sababu wale waliopo ni washirika wa mali tu, na hakuna mshirika wa mwili. Kuwepo kwa mshirika wa mwili ni sharti la msingi, kwani kampuni inaanzishwa kama kampuni kwa kuwepo kwake na, bila yeye, haingeanzishwa. Katika kampuni ya hisa, hata hivyo, ushirika kwa mtazamo wa wale wanaoiunda upo kwa kuwepo kwa washirika wa mali tu. Kampuni inafanya kazi na kuendesha shughuli bila kuwepo kwa mshirika wa mwili. Kwa hiyo, ni kampuni batili kwa kuwa haikuanzishwa kama kampuni kulingana na Shariá. Wale wanaotekeleza vitendo katika kampuni ni bodi ya wakurugenzi, ambao ni wawakilishi wa wanahisa, yaani washirika wa mali. Mshirika haruhusiwi, kwa mujibu wa Shariá, kumwakilisha mtu mwingine mwenye haki ya kutumia na kusimamia mali katika kampuni kwa niaba yake, awe alikuwa mshirika wa mali au mshirika wa mwili. Mkataba wa kampuni unafungwa kwa yeye binafsi, kwa hiyo ni lazima atende mwenyewe. Si sahihi kumwakilisha au kumwajiri mtu anayechukua jukumu la kutumia na kutekeleza vitendo katika kampuni kwa niaba yake. Kwa mtazamo wa Shariá, mshirika wa mali tu hana haki ya kutumia mali katika kampuni, wala hana haki ya kufanya kazi katika kampuni kama mshirika kwa namna yoyote. Haki ya kutumia na kufanya kazi katika kampuni imewekwa kwa mshirika wa mwili pekee. Aidha, kampuni ya hisa inakuwa utu wa kisheria wenye haki ya kutumia. Hata hivyo, vitendo hivi vinakubalika katika Shariá tu kutoka kwa mtu mwenye uwezo wa kutumia, aliyebaleghe, mwenye akili timamu na utambuzi. Kitendo chochote ambacho hakitokani na maana hii ni batili kwa mtazamo wa Shariá. Kukabidhi matumizi kwa utu wa kisheria hakuruhusiwi, bali inapaswa kukabidhiwa kwa binadamu mwenye uwezo wa kutenda. Kwa hiyo, inahitimishwa kwamba kampuni za hisa na vitendo vyake ni batili. Mali zote zinazopatikana kupitia njia hizo ni mali batili zilizopatikana kwa vitendo batili, hivyo haziruhusiwi kumilikiwa.

In summary, the share stock company is not established as a company in the first place, for those who exist are partners of property only and there is no partner of body. The presence of a partner of body is an essential condition, for the company is established as a company by Him and, without him, it would not have been established. In the share stock company however, partnership in the view of those who form it, exists by the presence of partners of property only. The company functions and conducts activity without the existence of a partner of body. It is thus, an invalid company as it was not established as a company according to the Shar’a. Those who carry out the actions in the company are the board of directors who are deputies for the shareholders, that is for the property partners. The partner is not allowed, in Shar’a, to deputise somebody with the right of disposal in the company on his behalf whether He was a property partner or a body partner. The contract of the company is concluded on Him personally, so He has to act by himself. It is incorrect to deputise or hire somebody who takes charge of disposal and action in the company on his behalf. From Shar’a view, the partner of property only has no right of disposal in the company, nor has He the right to work in the company as a partner in any way. The right of disposal and to work in the company is confined to the partner of body only. Moreover, the share stock company becomes a corporate personality which has the right of disposal. However, these actions are only accepted in Shar’a from a person who has the competence to dispose and is mature and sane, with a discerning mind. Any action that does not originate in this sense is invalid from the viewponit of the Shar’a. Entrusting the disposal to a corporate personality is thus not allowed, rather it should be referred to a human being who has the competence of action. It can be concluded that the share stock companies and their actions are invalid. All the properties earned through them are invalid properties which were earned by invalid actions, so they are not allowed to be owned.