Aksiyadorlik jamiyatlari — jamoatchilikka noma'lum sheriklardan tashkil topgan jamiyatlardir. Aksiyadorlik jamiyatining asoschilari — jamiyatning dastlabki shartnomasini imzolagan barcha shaxslardir. Dastlabki shartnoma — uning imzolovchilari o'rtasida umumiy maqsad, ya'ni jamiyatni amalga oshirish uchun birgalikda ishlash majburiyatini vujudga keltiruvchi shartnomadir. Jamiyatga obuna bo'lish — taklif etilayotgan jamiyatda bitta yoki undan ko'p aksiyani nominal qiymati evaziga sotib olish majburiyatini olish orqali amalga oshadi. Bu jamiyat turi shaxsning irodasini ifodalovchi tasarruf shakllaridan biridir: shaxs sherik bo'lishi uchun aksiyalarni sotib olishi kifoya, boshqa aksiyadorlar uni qabul qilishadimi yoki yo'qmi, bu farqi yo'q. Obuna ikki yo'l bilan amalga oshadi. Birinchisida, jamiyatning aksiyalari faqat asoschilar doirasida cheklanadi; ular aksiyalarni jamoatchilikka taklif qilmasdan o'zaro taqsimlashadi. Bu jamiyatni tashkil etuvchi va jamiyat faoliyat shartlarini o'z ichiga olgan ustavni yozish hamda uni asoschilarning o'zlari orasida imzolash orqali amalga oshiriladi. Ustavni imzolagan har bir shaxs asoschi va sherik hisoblanadi, barchasi imzolagach, jamiyat tashkil etilgan bo'ladi. Obunaning ikkinchi yo'li dunyoda eng keng tarqalgan usul bo'lib, bunda bir necha kishi jamiyatni tashkil etib, uning ustavini belgilaydi. So'ngra aksiyalar umumiy obuna uchun jamoatchilikka taklif qilinadi. Obuna muddati tugagach, jamiyatning ta'sis yig'ilishi chaqiriladi; u jamiyat tizimini ko'rib chiqib, uni tasdiqlaydi va boshqaruv kengashini saylaydi. Har bir aksiyador, uning qancha aksiyaga ega bo'lishidan qat'i nazar, hatto faqat bitta aksiyasi bo'lsa ham, ta'sis yig'ilishida ishtirok etish huquqiga ega. Jamiyat obuna muddati tugagach faoliyatini boshlaydi.

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.

Ikkala usul ham bitta shaklni ifodalaydi, ya'ni mulklarni to'lash shakli. Birinchi usulda kompaniya faqat ta'sischilarning imzolari to'liq bo'lgandan keyingina tashkil etilgan hisoblanadi, ikkinchi usulda esa obuna muddatining tugashi bilan. Demak, kompaniya shartnomasi faqat mulklar o'rtasidagi shartnomadir.

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.

Unda shaxsiy unsur umuman yo'q. Shunday ekan, sheriklar egalari emas, mulklarning o'zidir. Bu mulklar hech qanday shaxsning ishtirokisiz o'zaro sherikchilikka kiritiladi. Shunga ko'ra, aksiyalari qancha bo'lishidan qat'i nazar, hech bir sherikning sherik sifatida kompaniya faoliyatini boshqarishga huquqi yo'q. U sherik sifatida kompaniyada ishlash yoki uning biror funksiyasini nazorat qilish huquqiga ham ega emas. Aksincha, kompaniya faoliyatini boshqaradigan, unda ishlaydigan, uni nazorat qiladigan va uning barcha ishlarini kuzatib boradigan shaxs direktorlar kengashi tomonidan tayinlanadigan Bosh direktor deb ataladi. Bu direktorlar kengashi umumiy yig'ilish tomonidan saylanadi, unda har bir shaxsning ovozlari shaxsiyatiga emas, aksiyalari miqdoriga teng bo'ladi, chunki haqiqiy sherik kapitaldir va ovozlar sonini aynan u belgilaydi. Demak, har bir aksiyaning ovozi bor, har bir shaxsning emas. Shu tariqa, obuna bo'lgan shaxsga emas, faqat kapitalga e'tibor beriladi. Bundan tashqari, aksiyadorlik kompaniyasi doimiy hisoblanadi va aksiyadorlarning umri bilan cheklanmaydi. Aksiyador vafot etishi mumkin, lekin kompaniya tugatilmaydi, u layoqatsiz bo'lib qolsa ham kompaniyada sherik bo'lib qolishi mumkin. Kompaniya kapitaliga kelsak, u aksiyalar deb ataladigan teng qiymatli ulushlarga bo'linadi. Aksiyador shaxsiy fazilatlari chuqur tekshirilmaydigan sherikdir, uning javobgarligi esa kompaniya kapitalidagi ulushi bilan belgilanadi. Bundan tashqari, sheriklar zararlar uchun faqat kompaniyadagi aksiyalari miqdori doirasida javobgar bo'ladilar. Sherikning ulushi muomalaga yaroqli bo'lib, qolgan sheriklarning roziligisiz uni sotishga yoki aksiyalariga boshqa odamlarni sherik qilib olishga ruxsat etiladi. Har bir shaxsga tegishli aksiyalar kapitalni ifodalovchi pul belgilari, qimmatli qog'ozlar yoki obligatsiyalardir. Bu aktsiyalar egaga qaratilgan (anonim obligatsiyalar) bo'lishi yoki egasi belgilangan bo'lishi mumkin, bunda ularning mulkchiligi bir shaxsdan boshqasiga o'tadi. Aktsiyalarni sotib olish orqali obuna bo'lgan investor faqat ularning nominal qiymatini to'lashga majburdir. Shunday qilib, aktsiya kompaniya mohiyatining bir qismi bo'lib, u bo'linmasdir, lekin u uning kapitalining bir qismi emas.

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.

Aksiyalar bu ulushda ro‘yxatga olish hujjatlari sifatida ko‘riladi, ularning qiymatlari bir xil emas, balki kompaniyaning foydasi yoki zararlariga qarab o‘zgaradi. Bu foyda yoki zarar har yili bir xil bo‘lmaydi, balki farq qilishi mumkin. Shunday ekan, aksiyalar kompaniya tashkil etilgan paytda kiritilgan kapitalni emas, balki uni sotish paytidagi, ya’ni muayyan vaqtdagi kompaniya kapitalini ifodalaydi. Ular qog‘oz pul kabidirki, fond bozori pasaysa, qiymati tushadi, bozor ko‘tarilsa, qiymati oshadi. Kompaniya zarar ko‘rsa, aksiyalar qiymati pasayadi, kompaniya foyda ko‘rsa, qiymati oshadi. Shunday qilib, kompaniya tashkil etilgandan keyin aksiya kapital bo‘lishdan to‘xtaydi va bozorga, kompaniyaning foydaliligiga yoki odamlarning unga qiziqish darajasiga qarab ko‘tarilib-tushib turadigan, muayyan qiymatga ega valyuta qog‘ozi bo‘lib qoladi, chunki u talab va taklifga bog‘liq tovardir. Aksiyalar banknotalar odamlar o‘rtasida o‘tganidek, bir qo‘ldan ikkinchi qo‘lga o‘tadi; agar aksiyalar egasiz (taqdim etuvchiga) bo‘lsa, kompaniya hujjatlarida hech qanday kotiblik choralarisiz, agar ular egalarining ismini ko‘rsatsa, shunday choralar orqali o‘tadi.

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.

Kompaniya aktivlarining qiymati uning yillik inventarizatsiyasida majburiyatlari qiymatidan katta bo‘lsa, kompaniya foydali hisoblanadi. Foyda kompaniyaning moliyaviy yilining oxirida yillik ravishda taqsimlanadi. Agar kutilmagan sharoitlar tufayli foyda bo‘lmasdan kompaniya aktivlarining qiymati oshgan bo‘lsa, kompaniyaning bu ortiqcha qismini taqsimlashiga hech narsa to‘sqinlik qilmaydi. Biroq, aksincha yuz bersa, ya’ni aktivlarning qiymati kamayib, kompaniya foyda olgan bo‘lsa-yu, foyda va aktivlar qiymatining yig‘indisi majburiyatlaridan katta bo‘lmasa, u holda foyda taqsimlanishi mumkin emas. Foyda taqsimlanayotgan vaqtda uning bir qismi zaxiralarga ajratiladi, qolgani esa aksiyadorlar o‘rtasida taqsimlanadi. Kompaniya yuridik shaxs sifatida qaraladi: u o‘z nomidan sudlarda da’vogar va javobgar bo‘lish huquqiga ega. Shuningdek, uning o‘z joylashgan joyi va alohida fuqaroligi (ta’sis etilgan davlati, shu jumladan bosh ofisi ro‘yxatdan o‘tkazilgan davlati) mavjud. Na aksiyador, na uning boshqaruvining biron-bir a’zosi sherik sifatida yoki shaxsan o‘z nomidan uning o‘rnini egallamaydi. Bu huquqqa ega yagona shaxs — kompaniya nomidan so‘zlash vakolati berilgan kishidir. Mulkni tasarruf etish huquqiga ega bo‘lgan subyekt bevosita tasarruf etuvchi shaxs emas, balki kompaniyaning o‘zi, ya’ni yuridik shaxsligidir.

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.

Bu aksiyadorlik jamiyati bo‘lib, Shar’iy jihatdan batil (yaroqsiz) shartnomadir. Musulmon kishi unda ishtirok etishi joiz emas bo‘lgan muomalalardan biridir. Uning batil ekanligi va u bilan aloqa qilishning man etilishi quyidagi jihatlardan aniq ko‘rinadi:

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) Islomda sherikchilikning ta’rifi quyidagicha: bu ikki yoki undan ortiq shaxs o‘rtasidagi shartnoma bo‘lib, ular foyda olish niyatida moliyaviy ish olib borishga kelishadilar. Demak, bu ikki yoki undan ortiq shaxs o‘rtasidagi shartnoma bo‘lib, faqat bir tomondan kelgan kelishuv qabul qilinmaydi. Balki kelishuv kamida ikki tomondan bo‘lishi zarur. Sherikchilik shartnomasi foyda olish maqsadida moliyaviy ish bajarishga qaratilgan bo‘lishi kerak, kapitalni to‘lashga emas. Shuningdek, maqsad faqat hamkorlik bo‘lishi ham yetarli emas. Ishni bajarish sherikchilik shartnomasining asosi bo‘lib, moliyaviy ish ikki shartnoma tuzuvchi tomonidan yoki ulardan biri boshqasining kapitali bilan birgalikda bajarilishi kerak. Ikki shaxs o‘rtasidagi shartnomada bu ikki shartnoma tuzuvchidan (imzo chekuvchilardan) boshqa shaxs moliyaviy ish olib borsa, bunday shartnoma qonuniy emas va hech kim unga bog‘lanmaydi. Chunki shartnoma faqat shartnoma tuzuvchilarni bog‘laydi; u ularning o‘z tasarruflariga tegishli bo‘lib, boshqalarga tegishli emas. Shuning uchun moliyaviy ishni bajarish shartnoma tuzuvchilar bilan cheklanishi kerak, ya’ni ikkalasi tomonidan yoki ulardan biri boshqasining kapitali bilan. Sherikchilik qonuniy tarzda tashkil topishi uchun imzo chekuvchilardan (sheriklardan) biri moliyaviy ishni bajarishi zarur bo‘lgani sababli, sherikchilikda shartnoma tuzilishi mumkin bo‘lgan obyekt (tana) mavjud bo‘lishi muqarrardir. Islomda sherikchilikda shu obyektning mavjud bo‘lishi shart qilingan bo‘lib, bu sherikchilik tuzishning asosiy unsuridir. Agar obyekt mavjud bo‘lsa, sherikchilik tashkil topadi; agar sherikchilikda obyekt mavjud bo‘lmasa, u tashkil topmaydi va umuman mavjud bo‘lmaydi.

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.

Kapitalistlar aksiyadorlik jamiyatini shunday ta’riflaydilar: moliyaviy loyihaga ikki yoki undan ortiq shaxs kapitalda ulush qo‘shib qatnashadi, loyihadan kelib chiqishi mumkin bo‘lgan foyda yoki zararni esa o‘zaro taqsimlaydi. Bu ta’rifdan va kompaniyani yuqorida zikr etilgan ikki usul bilan tashkil etish amaliyotidan ko‘rinadiki, u Shariat hukmiga ko‘ra ikki yoki undan ortiq shaxs o‘rtasidagi shartnoma emas. Chunki huquqiy jihatdan shartnoma ikki tomon o‘rtasidagi ijob va qabul demakdir. Shartnomada ikki tomon bo‘lishi shart. Ulardan biri shartnomaning ijobini, ya’ni birinchi bo‘lib gapirib taklif qilishni o‘z zimmasiga oladi. Bu gap “sizga turmushga chiqdim”, “sizga sotdim”, “sizga ijaraga berdim”, “siz bilan sherik bo‘ldim” yoki “sizga berdim” kabi bo‘lishi mumkin. Ikkinchi tomon esa qabul qilishni zimmasiga oladi, masalan, “qabul qildim” yoki “rozi bo‘ldim” kabi so‘zlar bilan. Agar shartnomada ikki tomon, ya’ni ijob va qabul bo‘lmasa, u tuzilgan hisoblanmaydi va demak, ilohiy shartnoma ham bo‘lmaydi.

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.

Aksiyadorlik jamiyatida ta'sischilar sherikchilik shartlari ustida kelishadi. Ular jamiyat shartlarini kelishayotganda sherikchilikda bevosita va haqiqatan ishtirok etmaydilar, balki faqat muzokara qilib, shartlar ustida kelishadilar. So'ngra jamiyatning ustavini ifodalovchi hujjat tuziladi. Ushbu hujjatni sherikchilikka kirishni istagan barcha shaxslar imzolaydi, imzo rozilik sifatida qabul qilinadi. Shunday qilgan har bir kishi ta'sischi va sherik hisoblanadi. Boshqacha aytganda, uning sherikchiligi imzo qo'yganda yoki obuna muddati tugaganda vujudga keladi. Bu jarayonda shartnoma tuzgan ikki tomon yo'qligi, taklif va qabul ham yo'qligi ayon. Aksincha, shartlar ustida kelishgan bir tomon bor, u qabul qilish orqali sherik bo'ladi. Ko'rinadiki, aksiyadorlik jamiyati ikki tomon o'rtasidagi shartnoma emas, balki bir tomonning ma'lum shartlar ustidagi kelishuvidir. Kapitalistik iqtisod va G'arb huquqi nazariyotchilari bu turdagi majburiyatni yakka irodaning tasarrufi, deb hisoblaydilar. Yakka iroda shuni anglatadiki, biror shaxs jamoatchilik yoki boshqa bir shaxs oldida o'z tomonidan biror ishga o'zini majbur qiladi, jamoatchilik yoki boshqa shaxs buni qabul qiladimi yoki yo'qmi, bu ahamiyatga ega emas, masalan, sovrin berish va'dasi kabi. Ularning qarashicha va haqiqatda aksiyadorlik jamiyatida aksiyador, ta'sischi yoki hujjatni imzolagan har bir shaxs hujjatdagi shartlarga o'zini bog'laydi, boshqalarning qabul qilishi yoki qilmasligidan qat'i nazar. Shu sababli ular buni yakka irodaning tasarrufi turi, deb hisoblaydilar. Aksiyadorlik jamiyatining yakka shaxs irodasi bilan tuzilgan shartnomasi Shar'iyatda botil hisoblanadi, chunki Shar'iyatda shartnoma — bu shartnoma tomonlaridan birining ijobiy taklifini ikkinchi tomonning qabuli bilan shunday bog'lashki, bu bog'lanish shartnoma tuzilayotgan masalada o'z ta'sirini namoyon qilsin. Aksiyadorlik jamiyatining shartnomasida esa bunday holat yuz bermaydi, chunki shartnomada ikki yoki undan ortiq shaxs o'rtasida kelishuv sodir bo'lmaydi. Aksincha, bu shartnomaga ko'ra, bir shaxs moliyaviy loyihada ishtirok etishni o'z zimmasiga oladi. Ushbu loyihaga o'z zimmasini olgan shartnoma tuzuvchi va sheriklarning soni qanday bo'lishidan qat'i nazar, o'z zimmasiga olgan har bir shaxs baribir bitta shaxs sifatida hisoblanadi.

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.

Shunday deyish mumkinki, sheriklar kompaniyaning shartlari bo‘yicha birgalikda kelishgan, shuning uchun ularning kelishuvi ijob va qabul hisoblanadi, hujjatni yozish esa ular kelishgan shartnomani rasmiylashtirish uchun faqat rasmiy ish. Unda nega bu shartnoma deb hisoblanmaydi? Bu savolning javobi shuki, sheriklar kompaniyaning shartlari bo‘yicha birgalikda kelishgan. Biroq, ularning kelishuviga ko‘ra, ular o‘zlarini haqiqatda sherik deb hisoblamagan va bunday kelishuv bilan kompaniyaning shartlariga o‘zlarini majburiy qilib qo‘ymagan. Shartlar bo‘yicha kelishuv tuzilganidan va hujjat yozilganidan keyin ulardan istalgani chiqib ketishi va sherik bo‘lishdan voz kechishi mumkin. Ularning texnik atamalariga ko‘ra, hech kim shartlar bo‘yicha kelishuvga, u shartnomani imzolagandan keyingina majbur bo‘ladi. Shartnomani imzolagach, u majburiyat oladi, imzolashdan oldin esa hech narsaga majbur yoki bog‘liq emas. Shuning uchun, ularning nazarida ham, Shar’iy nuqtayi nazardan ham, shartnomani imzolashdan oldingi shartlar bo‘yicha kelishuv shartnoma sifatida qaralmaydi. Sababi, sheriklikning shartlari va sheriklik bo‘yicha kelishuv kompaniya shartnomasi hisoblanmaydi. Ularning kelishuviga ko‘ra, imzolashdan oldin ular bunga majbur deb hisoblanmaydi, holbuki shartnoma aynan shu shartnoma tomonlari majbur bo‘lgan narsadir. Shu sababli, kompaniya shartlari va sheriklik bo‘yicha kelishuv ijob va qabul hisoblanmaydi. U ilohiy qonunga ko‘ra ham, ularning o‘z nazarida ham shartnoma deb hisoblanmaydi.

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.

Shuningdek, shерiklikka imzo chekish uchun shartnomani qabul qilgan sherikning harakatini uning boshqalarga nisbatan taklifi, keyingi shaxsning imzosini esa qabul deb hisoblash mumkin, deb aytish ham mumkin. Shunday savol tug'ilishi mumkin: nega shartnomani batafsil bayon etgan hujjatni taqdim etish taklif sifatida, uning imzolanishi esa qabul sifatida ko'rilmaydi? Javob shuki, shartnomaga imzo chekkan har bir sherik faqat qabul qilgan, taklif esa biror muayyan shaxsdan chiqmagan. Na asoschilardan, na birinchi imzo chekuvchidan taklif bo'lgan; faqat har bir sherikdan qabul bo'lgan. Shunday qilib, imzo chekuvchi shartlarni hech kim tomonidan tasarruf taklifi sifatida taqdim etilmasdan, hech kim unga: "Men seni sherik qildim", demasdan turib qabul qiladi va o'zini ularga majburiy qiladi. Hujjatni imzolash uchun unga berish taklif hisoblanmaydi. Aksiyadorlik jamiyatining haqiqati shuki, har bir sherik faqat qabul qilgan, qabulning qabulga qo'shilishi esa Shar'ada shartnoma hisoblanmaydi. Og'zaki taklif bo'lishi shart, u taklif ekanini bildirishi kerak. Qabul esa shundan keyin, aniq og'zaki ifoda bilan bo'ladi. Shu sababli aksiyadorlik jamiyati hujjatini imzolagan hech kim taklif qiluvchi hisoblanmaydi; ular barchasi qabul qiluvchidir. Demak, aksiyadorlik jamiyatida taklifsiz faqat qabul vujudga kelgan, shuning uchun jamiyat tuzilgan hisoblanmaydi.

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.

Kapitalistlar kompaniyaning hujjatini o‘zlarining ta’sis shartnomasi (konstitutsiyasi) deb ataydilar va buni shartnoma hisoblaydilar. Ular, shuningdek, shartnoma imzolangan, deb aytadilar. Biroq, Shar’iy nuqtai nazardan, bu hujjat shartnoma hisoblanmaydi, chunki shartnoma ikki tomon o‘rtasidagi taklif va qabul qilishdir. Shu sababli, aksiyadorlik jamiyati Shar’iy nuqtai nazardan shartnoma hisoblanmaydi.

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.

Bundan tashqari, foyda olish maqsadida moliyaviy ish olib borish bo'yicha shartnomada kelishuv yo'q. Aksincha, asoschi yoki obunachi moliyaviy loyihaga pul kiritishga rozi bo'ladi, shu sababli u ish bajarish kelishuvi elementidan mahrum. Bu majburiyat faqat shaxsning mol-mulk taqdim etish majburiyatini o'z ichiga oladi va unda hech qanday ishga ishora yo'q. Kompaniyaning maqsadi sherikchilik emas, balki faqat moliyaviy ishni amalga oshirishdir, shuning uchun shartnomada ish bajarish kelishuvining yo'qligi uni bekor qiladi. Demak, kompaniya faqat kapital kiritish kelishuvi mavjudligi sababli mavjud bo'lmaydi, chunki moliyaviy ishni bajarish kelishuvi yo'q. Shu muhokamadan xulosa qilinadiki, kompaniya botil (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).

Kompaniyaning hujjatida kompaniya amalga oshiradigan ish turi, masalan, shakar ishlab chiqarish yoki savdo kabi, kiritilgan bo‘lishi mumkin, deb ta’kidlash mumkin. Shunday ekan, moliyaviy ish olib borish bo‘yicha kelishuv mavjud edi. Biroq, zikr etilgan ish turi kompaniya amalga oshirishi mumkin bo‘lgan ish bo‘lib, sheriklarning uni haqiqatan amalga oshirishi haqida hech qanday kelishuv mavjud emas edi. Ular faqat sherik bo‘lish va kompaniyaning shartlari haqida kelishib oldilar, ish esa kompaniya tashkil etilgandan keyin unga tegishli bo‘ladigan yuridik shaxs zimmasiga qoldirildi. Shunday qilib, sheriklar o‘rtasida o‘zlari biror moliyaviy ish olib borish bo‘yicha hech qanday kelishuv tuzilmagan.

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.

Bundan tashqari, Islomda shirkatda disposing person (tasarruf qiluvchi shaxs) bo'lgan badan (badan) mavjud bo'lishi zarur. Shirkatda, savdo-sotiqda (sotish), ijarada va boshqa shartnomalarda badan deganda jismoniy tana yoki mehnat emas, balki tasarruf qiluvchi shaxs nazarda tutiladi. Demak, badanning mavjudligi shirkatni tashkil etishda muhim unsurdir. Agar badan bo'lmasa, shirkat tashkil etilishi mumkin bo'lmas edi. Aksiyadorlik jamiyatida esa umuman badan yo'q va u shirkatdan shaxsiy unsurni ataylab chiqarib tashlaydi. Aksiyadorlik jamiyatining shartnomasi faqat mol-mulklar o'rtasidagi shartnomadir. Shaxsiy omil mavjud emas, chunki bir-biriga faqat mol-mulklar bog'lanadi, ularning egalari emas.

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.

Boshqacha aytganda, mulklar jismsiz birlashishi mumkin emas. Birlashuvchi jism mavjud bo‘lmasa, shirkat tuzilmagan bo‘ladi va Shar’ nazaridan u haqiqiy emas. Shar’ jismni mulkning tasarruf etuvchisi deb belgilaydi va mulkdagi tasarruf faqat o‘sha jismga bog‘liqdir. Agar jism mavjud bo‘lmasa, tasarruf ham mavjud bo‘la olmaydi.

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.

Kapitalning egalari bo'lgan shaxslar mulklarni sherikchilikka kiritish to'g'risida bevosita kelishadi va kompaniyada ishni olib boruvchi direktorlar kengashini saylaydilar. Biroq, bu hali kompaniyada jamoa (tana) mavjudligini anglatmaydi, chunki ularning kelishuvi o'zlarini sherik sifatida emas, balki mulkni sherik sifatida kiritish ustiga qurilgan. Demak, sherik bo'lgan narsa egasi emas, balki mulkdir. Ularning direktorlar kengashini saylashiga kelsak, bu kengash ularning vakillari ekanligini anglatmaydi. Aksincha, ularning mulki ular tomonidan tanlangan vakillar (ya'ni kengash) orqali ifodalanadi, va bu vakillik ularning shaxsiy nomidan emas, balki amalga oshirilmagan. Buning dalili shuki, aksiyadorning ovozlari uning aksiyalariga teng bo'ladi: bitta aksiyaga ega shaxs bitta ovozga, ya'ni bitta vakilga ega bo'ladi; ming aksiyaga ega shaxs esa ming ovozga, ya'ni ming vakilga ega bo'ladi. Demak, vakillik shaxs nomidan emas, mulk nomidan amalga oshiriladi. Bu esa kompaniyada tana (jamoa) elementi yo'qligini, u faqat mulk elementidan tarkib topganini ko'rsatadi.

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.

Shunga ko‘ra, aksiyadorlik jamiyatining ta’rifi unda Islom qonunchiligiga muvofiq shirkat tuzish uchun zarur shartlar mavjud emasligini ko‘rsatadi, chunki ikki yoki undan ortiq shaxs o‘rtasida hech qanday kelishuv yuzaga kelmaydi. Aksincha, bu bir tomondan yakka irodadan kelib chiqqan majburiyatdir. Bundan tashqari, biror ish bajarish uchun kelishuv tuzilmagan; balki bir kishi mol-mulk taqdim etishni o‘z zimmasiga oladi. Shuningdek, shaxsan o‘zi tasarruf qiladigan biror ega ham yo‘q, balki faqat egasiz mol-mulk bor. Demak, aksiyadorlik jamiyatining shartnomasi haqiqiy emas. U haqiqiy emas, chunki u Islom ta’rifiga ko‘ra shirkat sifatida tashkil etilmagan.

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) Shirkat (kompaniya) — mulkni tasarruf qilish bo‘yicha shartnomadir. Shunday ekan, kompaniya orqali mulkni ko‘paytirish — mulkiy huquqni ko‘paytirishdir. Mulkiy huquqni ko‘paytirish esa Shariat ruxsat bergan tasarruflardan biridir. Shariatdagi barcha tasarruflar shaxsdan chiquvchi so‘zli tasarruflardir, mulkning o‘zidan emas. Mulkiy huquqning ko‘payishi tasarruf qila oladigan shaxsdan, ya’ni insondan kelishi kerak, mulkdan emas. Aksiyadorlik jamiyati sherik sifatida jism bo‘lmagan, tasarruf huquqiga ega bo‘lgan shaxs ham bo‘lmagan holda, o‘zi mustaqil ravishda mulkni ko‘paytirishni nazarda tutadi. Aksincha, u tasarrufni mulkka topshiradi, chunki aksiyadorlik jamiyati birlashtirilgan mulklardan iborat bo‘lib, tasarruf huquqiga ega bo‘ladi. Shu sababli kompaniya yuridik shaxs sifatida qaraladi va u yagona o‘zi qonuniy tasarruf huquqiga ega bo‘ladi: sotish, sotib olish, ishlab chiqarish va sudga da’vo qilish kabi. Sheriklarning esa qonuniy tasarruf huquqi yo‘q; tasarruf faqat kompaniyaning shaxsiyati doirasida amalga oshadi. Islomiy shirkatda tasarruf faqat sheriklardan chiqadi va ularning har biri boshqalarning ruxsati bilan tasarruf qiladi. Sheriklarning mulki yig‘indisi tasarruf qilish qobiliyatiga ega emas; tasarruf sherikning shaxsi doirasida chegaralanadi. Shu sababli kompaniyaning yuridik shaxsi nomidan chiqqan harakatlar Shar’ nazarida haqiqiy emas. Chunki tasarruf muayyan shaxsdan chiqishi kerak va bu shaxs tasarruf huquqiga ega bo‘lganlardan (sheriklardan) bo‘lishi lozim; aksiyadorlik jamiyatida bu shart bajarilmaydi. Ishni amalga oshiruvchilarni aksiyadorlar — kapital egalari — yollagan ijirachilar deb aytish, boshqaruv va tasarrufni amalga oshiruvchilarni esa aksiyadorlarning vakillari bo‘lgan direktor va uning kengashi deb aytish to‘g‘ri emas. Bu sababli, sherik kompaniyaga shaxsan tayinlangan va kompaniyaning shartnomasi uning shaxsiga nisbatan tuzilgan, shuning uchun u o'zi o'rniga kompaniya faoliyatini amalga oshirish uchun boshqa birovni vakil qilishi yoki yollashi joiz emas. U kompaniya faoliyatini o'zi amalga oshirishi shart. Shu sababli, sheriklar o'z nomidan ishni bajarish uchun ishchilarni yollashlari yoki o'zlari o'rniga direktorlar kengashini vakil qilishlari joiz emas. Shuningdek, direktorlar kengashi aksiyadorlarning vakili emas, balki faqat ularning mulkining vakilidir, chunki kengashga saylangan shaxs aksiyadorlarning o'zlari emas, balki kompaniyadagi aksiyalar miqdoriga mos ovozlar bilan saylanadi. Bundan tashqari, direktor va direktorlar kengashi quyidagi uch sababga ko'ra kompaniyada tasarruf qilish huquqiga ega emas:

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:

Birinchidan, ular aksiyadorlarning vakillari sifatida ish yuritadilar, aksiyadorlar esa ularni saylash orqali sheriklar hisoblanadilar. Sherik o'zi uchun vakil bo'lmasligi kerak, chunki shirkat shartnomasi aynan unga nisbatan tuzilgan. Bu holat boshqa birovni o'z nomidan nikoh qilish uchun vakil qilishning ruxsat etilmaganiga o'xshaydi. Biroq, uning o'z nomidan nikoh shartnomasini tuzish uchun birovni vakil qilishi mumkin. Xuddi shunday, u o'z nomidan sherik bo'lish uchun birovni vakil qilishi mumkin emas. Ammo u o'z nomidan kompaniya shartnomasini tuzish uchun birovni vakil qilishi mumkin, lekin o'z nomidan sherik bo'lish uchun emas.

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.

Ikkinchidan, aksiyadorlar, ya'ni sherikchilar, o'z mulklari nomidan emas, balki o'z shaxslari nomidan boshqaruv kengashiga vakolat berganlar. Buning dalili shuki, saylov ovozlarining o'zi vakolat sifatida qaraladi va bu ovozlar aksiyadorlarga emas, balki aksiyalar miqdoriga qarab hisobga olinadi. Demak, vakolat ularning shaxslari nomidan emas, balki ularning mulklari nomidan berilgan.

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.

Uchinchidan, aksiyadorlar faqat mol-mulkning sherigidir, tananing sherigi emas. Mol-mulk sherigi kompaniya ustidan mutlaqo hech qanday tasarruf huquqiga ega emas. Uning o'z nomidan kompaniyada tasarruf qilish uchun birovni vakil qilishi joiz emas. Shunday ekan, kompaniya menejerining va direktorlar kengashining tasarrufi Shar'iatda o'rinsiz deb hisoblanadi.

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) Doimiy bo‘lishi aksiyadorlik jamiyatining Shar’iyatga zid ekanini bildiradi. Jamiyat huquqiy jihatdan ruxsat etilgan shartnoma turiga kiradi va u sherikdan biri vafot etganda, aqldan ozganda yoki muomala layoqatini yo‘qotganda, ikki sherikdan iborat bo‘lsa, sheriklardan biri talab qilganda bekor bo‘ladi. Agar jamiyat ikkidan ortiq sherikdan iborat bo‘lsa, sherik vafot etsa, aqldan ozsa yoki muomala layoqatsiz deb topilsa, sheriklik tugatiladi. Agar sherik vafot etgan bo‘lsa va uning merosxo‘ri bo‘lsa, masala ko‘rib chiqiladi. Merosxo‘r balog‘atga yetmagan bo‘lsa, jamiyatda davom etish huquqiga ega emas. Balog‘atga yetgan bo‘lsa, jamiyatni davom ettirishni ma’qullash yoki boshqa sherik unga tasarruf ruxsatini bergan holda, jamiyatni tugatishni talab qilish ixtiyoriga ega. Agar sherik muomala layoqatsiz deb topilgan bo‘lsa, jamiyat tugatiladi, chunki sherikda tasarruf qilish qobiliyati bo‘lishi shart. Agar aksiyadorlik jamiyati doimiy bo‘lib, sheriklardan birining vafoti yoki layoqatsizligiga qaramay faoliyatini davom ettirsa, u botil (fosid) hisoblanadi. Chunki bu jamiyatning mohiyati va shartnomaning tabiatiga oid yaroqsiz shartni o‘z ichiga oladi.

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.

Xulosa qilib aytganda, aksiyadorlik jamiyati dastlabki o‘rinda jamiyat sifatida tashkil etilmagan, chunki unda mavjud bo‘lganlar faqat mol-mulk sherikleri bo‘lib, tana sherigi yo‘q. Tana sherigining mavjudligi zaruriy shart bo‘lib, jamiyat Uning orqali jamiyat sifatida tashkil etiladi va u bo‘lmasa, tashkil etilmagan bo‘lardi. Aksiyadorlik jamiyatida esa uni tuzganlarning qarashi bo‘yicha sheriklik faqat mol-mulk sheriklarining mavjudligi bilan vujudga keladi. Jamiyat tana sherigining mavjudligisiz faoliyat yuritadi va ish olib boradi. Shunday ekan, bu Shar’at bo‘yicha jamiyat sifatida tashkil etilmagan, shu sababli haqiqiy bo‘lmagan jamiyatdir. Jamiyatdagi ishlarni aksiyadorlar, ya’ni mol-mulk sheriklari vakillari bo‘lgan direktorlar kengashi amalga oshiradi. Shar’atda sherikka tana sherigi yoki mol-mulk sherigi bo‘lishidan qat’i nazar, jamiyatda o‘z nomidan tasarruf huquqini boshqa birovga topshirishi joiz emas. Jamiyat shartnomasi uning o‘ziga shaxsan tuziladi, shuning uchun u o‘zi bevosita ish olib borishi lozim. O‘z nomidan jamiyatda tasarruf va amalni boshqaradigan birovni vakil qilish yoki yollash noto‘g‘ri. Shar’at nuqtai nazaridan, faqat mol-mulk sherigi jamiyatda tasarruf huquqiga ega emas va hech qanday shaklda jamiyatda sherik sifatida ishlash huquqi ham yo‘q. Tasarruf va jamiyatda ishlash huquqi faqat tana sherigiga tegishli. Bundan tashqari, aksiyadorlik jamiyati tasarruf huquqiga ega bo‘lgan huquqiy shaxs bo‘lib qoladi. Biroq Shar’atda bunday amallar faqat tasarruf qilish layoqatiga ega, balog‘atga yetgan, aqli raso va fahmi bor shaxsdan qabul qilinadi. Shu ma’noda kelib chiqmagan har qanday amal Shar’at nuqtai nazaridan haqiqiy emas. Demak, tasarrufni huquqiy shaxsga topshirish joiz emas, balki amal qilish layoqatiga ega bo‘lgan insonga topshirilishi lozim. Shunday xulosaga kelish mumkinki, aksiyadorlik jamiyatlari va ularning amallari haqiqiy emas. Ular orqali topilgan barcha mulklar haromdir, chunki ular noto'g'ri amallar bilan qo'lga kiritilgan, shuning uchun ularga egalik qilish joiz emas.

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.