股份公司是由不为公众所知的合伙人组成的公司。该公司的创始人是指签署公司初始合同的所有人。初始合同是在其签署人之间产生共同为实现公司这一共同目标而努力的承诺的合同。 认购公司股份是指个人承诺购买拟设立公司的一股或多股股份,以换取该股份的票面价值。这种公司形式是个人意愿处置的形式之一,只要此人购买了股份,就足以成为合伙人,无论其他股东是否接纳他。 认购有两种方式。第一种是公司股份仅限于创始人,由创始人在彼此之间分配,而不向公众发售。具体做法是撰写组织公司的章程,其中包括公司运作所依据的条件,然后由创始人之间签署。凡签署章程者均被视为创始人和合伙人,一旦全部签署,公司即告成立。 第二种认购方式是世界上最为普遍的方式:由少数人设立公司并拟定其章程,然后将股份向公众发售,供普遍认购。认购期满后,将召集公司的成立大会,审议公司制度以取得同意,并任命董事会。每位股东,无论持有多少股份,即使只拥有一股,都有权出席成立大会。公司在认购期满后开始开展活动。

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.

这两种方式都体现为同一种形式，即以财产出资。只有在第一种方式中完成创始人的签名，或在第二种方式中认购期限届满，公司才会被视为成立。因此，公司合同仅是财产之间的合同。

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.

在这些内容中完全不存在个人因素。因此,合伙的是财产,而非财产的所有者。这些财产在没有任何人参与的情况下共同组成合伙。据此,任何合伙人,无论持有多少股份,都无权以合伙人的身份主持公司的业务。他也无权以合伙人的身份在公司工作或掌управ公司的任何职能。真正主持公司业务、在公司工作、管理公司并监督其全部工作的,是由董事会任命的总经理。董事会由股东大会选举产生,在股东大会上,每个人的表决权与其股份成正比,而不取决于其个人身份,因为真正的合伙人是资本,是资本决定表决的数量。所以每一股都有一票表决权,而不是每个人都有一票。因此,对认购者本人并无考虑,考虑的只是资本。此外,股份公司被视为永久存续,不受股东生命的限制。股东可能死亡,公司仍不解散;股东可能丧失行为能力,仍然保留其在公司中的合伙人身份。至于公司的资本,它被划分为等值的份额,称为股票。股东是合伙人,其个人品德并不被深入考察,其责任由其在公司资本中所占的份额决定。另外,合伙人仅以其所持股票的金额承担亏损责任。合伙人的股份可以流通,因此他可以出售股份,或在未经其余合伙人同意的情况下,与他人共享其股份。每个人所拥有的股票是代表资本的货币券、有价证券或债券。 这些股票可以是不记名的（无记名债券），也可以指定给持有人，其所有权在人与人之间转移。通过购买股票认购的投资者，只有义务支付其票面价值。因此，股票是公司实体的一部分，且不可分割，但它并不是公司资本的一部分。

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.

股票在此类股份中被视为登记凭证,其价值并不相同,而是随公司的盈利或亏损而变化。每年的盈亏并不一致,可能有所不同。因此,股票并不代表公司成立时所投入的资本,而是代表公司在出售时,即某一特定时刻的资本。它们如同纸币,股市下跌时其价值下降,股市上涨时其价值上升。公司亏损时股票价值下降,公司盈利时股票价值上升。由此可见,公司成立后,股票便不再是资本,而变成一种具有特定价值的货币性纸券,其价值随市场、公司的盈利能力,或人们对其关注程度的高低而升降,因为它是一种受供求关系支配的商品。股票在人与人之间转手,就如同纸币在人们之间流通一样;如果股票为无记名的,则无需在公司记录中办理任何手续;如果股票上写有持有人的姓名,则须通过相应的手续办理过户。

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.

公司若在年度盘点时其资产价值大于负债价值，即被视为有盈利。利润每年在公司财政年度结束时进行分配。若公司资产价值因意外情况而增加，而并无盈利，则公司分配这部分增值并无障碍。然而，若情况相反，即资产价值下降，公司虽有盈利，但其利润与资产价值之总和仍不大于负债，则不得分配利润。分配利润时，其中一部分计入储备金，其余部分在股东之间分配。 公司被视为一个法人实体，有权以自己的名义在法院起诉和被诉。它也拥有自己的住所和特定的国籍（即注册国家，包括其总部可能登记的地方）。无论是股东还是任何管理层成员，无论以合伙人身份还是以个人身份，都不能代替公司。唯一拥有这一权利的，是经授权代表公司发言的人。拥有处置权的是公司，即法人人格，而非直接进行处置的个人。

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.

这是股份公司，在伊斯兰教法（Shar'a）中，它是无效的合同形式，穆斯林不得参与此类交易。其无效以及禁止参与的理由，可以从以下几点清楚看出：

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) 伊斯兰教中合伙（شركة）的定义如下：它是两方或多方之间的一项契约，各方同意为获取利润而共同开展金融业务。因此，它是两方或多方之间的契约，仅一方的同意是不可接受的。相反，必须有两方或多方的同意。合伙契约必须以开展金融业务、以获取利润为目的，而非以支付资本为目的。仅以合作为目的也是不够的。开展业务是合伙契约的基础，金融业务必须由两位契约方共同进行，或由其中一方与另一方的资本共同进行。两人之间的契约中，若由这两位契约方（签约人）之外的人进行金融业务，则不合法，任何人都不受其约束。这是因为只有契约方受契约约束；它只适用于其本人的处置（行为），而不适用于他人。因此，金融业务的开展必须限于契约方，即由两人共同进行，或由其中一人与另一人的资本进行。合伙要在法律上成立，必须由某一签约人（合伙人）开展金融业务，这就必然要求合伙中存在一个作为缔约对象的主体。因此，在伊斯兰教中，合伙中存在该主体是一项条件，也是缔结合伙的基本要素。若该主体存在，合伙即告成立；若合伙中不存在该主体，则合伙不成立，也根本不存在。

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.

资本家将股份有限公司定义为：两个或更多的人各自提供一部分资本，参与某项金融项目，以分配该项目可能产生的盈利或亏损的一种合同。从这一定义以及上述两种方式组建公司的现实来看，依据神圣的法律（沙里亚），它并不是两个或更多人之间的一份合同。这是因为，从法律上说，合同是合同双方之间的要约与承诺，双方须是两人或两人以上。合同必须有两方：一方负责提出要约，先行发言，提出合同的要约，其表述可能是“我把自己嫁给你”、“我卖给你”、“我租给你”、“我与你合伙”或“我授予你”；另一方负责承诺，例如说“我接受”、“我同意”或类似的话。如果合同缺少双方的存在，或缺少要约与承诺，那么合同便不能成立，因而也就不是一份神圣的合同。

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.

在股份有限公司中,创始人就合伙条件达成一致。他们在商定公司条件时并不直接、实际地参与合伙,而只是进行协商并达成一致。随后,他们拟定一份文件,作为公司的章程。凡愿意加入合伙的人都要在该文件上签字,签字即被视为接受。一旦某人这样做,他便被视为创始人和合伙人。换言之,其合伙关系在他签字或认购期结束时即告成立。在这一过程中,显然不存在缔结合同的双方,也不存在要约与承诺。相反,只有一方就某些条件表示同意,并通过其接受而成为合伙人。由此可见,股份有限公司并非两方之间的契约,而是一方就特定条件作出的承诺。 资本主义经济学家和西方法学家认为,这类公司中的承诺属于个人意志的单方处分。个人意志是指,任何人从自身一方对公众或另一人就某件事作出承诺,而不论公众或对方是否接受,例如许诺给予奖励。在他们看来,股份有限公司实际上就是股东、创始人或任何在文件上签字的人,不论其他人是否接受,都对文件所载条件作出承诺。因此,他们认为这是一种由个人意志作出的单方处分。 根据伊斯兰教法（Shar'a），个人意愿所订立的股份有限公司合同是无效的（Batil），因为在伊斯兰教法中，合同是指将一方缔约人提出的要约与另一方缔约人的承诺相连接，并且使其效力体现在合同所涉及的标的上。股份有限公司的合同中并不存在这种情况，因为该合同中不存在两人或两人以上之间的协议。相反，根据此合同，一个人承诺参与某项金融项目。无论承诺参与该项目的缔约人和合伙人有多少，承诺者仍被视为一个人。

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.

有人可能会辩称,合伙人已共同就公司的条件达成一致,因此他们的协议应被视为要约与承诺,而撰写文件只是记录所达成契约的形式手续。那么,为何这不被视为合同呢?对此问题的回答是:合伙人确实共同就公司的条件达成了一致。然而,根据他们的约定,他们在实际上并不认为自己已经成为合伙人,也并未通过这一协议使自己承担公司条件的约束。在就条件达成一致并且文件已经撰写之后,他们中的任何一人都可以退出而不再合伙。按照他们的专业术语,除非他签署了合同,否则任何人都不受其关于条件之协议的约束。一旦他签署了合同,他便受到约束;而在此之前,他对任何事情都不承担义务,也不受约束。因此,在签署合同之前,他们就条件达成的协议,无论从他们自己的观点还是从沙里亚的观点来看,都不被视为合同。这是因为,关于合伙条件以及合伙本身的协议,并不被视为公司合同。根据他们的约定,在签署之前他们并不被视为负有义务;而合同正是合同双方所承担义务的依据。因此,他们就公司条件和合伙达成的协议,不被视为要约与承诺。无论依照神圣的律法,还是依照他们自己的看法,它都不被视为合同。

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.

可以这样说：合伙人签署合同的行为，应被视为其向其他人发出的要约，而后一人的签署则被视为承诺。有人可能会问，为什么提供载明合同内容的文件不被视为要约，而其签署不被视为承诺？答案是：每位签署合同的合伙人都只是承诺，而要约并非源自任何特定的人。无论是发起人还是最初的签署人，都没有发出要约；只有每位合伙人的承诺。因此，签署人接受并承诺遵守这些条件，但这些条件并非作为任何人的处分要约而提出，也没有人对他说：“我与你合股。”将文件交给他签署的行为，不被视为要约。股份有限公司的实际情况是：每位合伙人都只是承诺，而在沙里亚中，承诺与承诺相加，并不构成合同。必须存在以言辞表达的要约，表明其为要约而非承诺；随后再以言辞作出承诺，并明确表示接受。因此，签署公司文件的任何人都不被视为要约人，他们全都是承诺人。由此，股份有限公司中只产生了没有要约的承诺，所以该公司并未成立。

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.

资本主义者把公司的章程称为其"宪法"，并将其视为一份合同。他们还说，该合同已经签署。然而，依据伊斯兰教法（Shar'a），这份文件并不被视为合同，因为合同是双方之间的要约与承诺。因此，股份有限公司在伊斯兰教法中不被视为合同。

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.

此外,合同中并不存在为获取利润而承担财务工作的约定。相反,创办人或认购人只约定向一个财务项目投入资金,因此该合同缺乏承担工作的约定要素。它仅包含某人提供财产的个人承诺,而该承诺中并未提及任何工作。公司的目的只是开展财务工作而非合伙,因此合同中缺少承担工作的约定,使该合同无效。所以,仅因约定投入资本而认为公司存在是不成立的,因为其中并没有承担财务工作的约定。由此讨论可以得出结论:该公司无效(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).

可以认为，公司章程中可能已写明公司所从事的工作类型，例如生产糖或经营贸易。因此，各方已达成从事金融工作的约定。然而，所提及的工作类型只是公司可能从事的业务，合伙人之间并不存在他们必定会实际从事该业务的约定。他们只就成为合伙人以及公司的条件达成一致，至于开展业务的事宜，则留待公司成立后由其所具有的法人人格来处理。因此，合伙人之间并未就他们自己亲自从事任何金融工作达成任何约定。

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.

此外,在伊斯兰教的合伙(Sharikah)中,必须存在“Badan”,即处置人(发出处置行为的人)。在合伙中,“Badan”所指的并非肉体或体力,而是在买卖、雇佣及其他合同中的处置人。因此,处置人的存在是建立合伙的必要要素。若不存在“Badan”,合伙便无法成立。股份公司没有任何“Badan”,事实上它有意地将人的因素从公司中剔除。股份公司的合同只是财产与财产之间的合同,人的因素并不存在,彼此相连的只是财产本身,而非财产的所有者。

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.

换句话说,这些财产在没有实体的情况下相互结合。缺少结合的实体,意味着该公司尚未成立,按照沙里亚的观点它是无效的。沙里亚规定,实体是财产的处置者,财产的处置仅依赖于它。如果实体不存在,那么处置也就不可能存在。

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.

拥有资本的人直接同意将财产认购入股，并选举由董事会组成的董事会来在公司中执行工作。然而，这仍然并不意味着公司中存在一个法人实体，因为他们的同意是将财产作为合伙人，而非他们自己作为合伙人。因此，合伙人是财产，而不是其所有者。至于他们选举董事会，这并不意味着董事会是他们的代理人。相反，他们的财产由他们选定的代理人（即董事会）所代表，而并非为了他们自己而进行委托。证据在于，股东的投票权与其持股数量相等，因此持有一股的人有一票，即一名代理人；持有一千股的人有一千票，即一千名代理人。由此可见，这种委托是为了财产，而非为了个人。这表明公司中缺少“人格”这一要素，公司仅由财产要素构成。

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.

因此,股份有限公司的定义表明,它不具备根据伊斯兰教建立合伙企业所需的必要条件,因为没有两个或更多人之间达成的协议。相反,它是一方个人意愿所作出的承诺。此外,并不存在为执行某项工作而达成的协议;相反,是一个人承诺提供财产。也没有一个以个人身份进行处置的主体,而只是没有主体的财产。因此,股份有限公司的合同是无效的。它之所以无效,是因为它并未按照伊斯兰教所定义的合伙企业的方式成立。

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) 公司是一种关于财产处置的契约。因此，借助公司增加财产，就是所有权的增加。增加所有权是伊斯兰教法所允许的处置方式之一。所有符合伊斯兰教法的处置都是言辞性的处置，它源于人，而非源于财产。所有权的增加必须出自有处置权的人，即出自人，而不是出自财产。股份制公司则是财产自行增加，没有一个作为法人的合伙人，也没有一个拥有处置权的人，而是将财产的处置权交给了他人，因为股份制公司由汇聚在一起的财产构成，并享有处置权。因此，公司被视为具有法人人格的实体，唯有它拥有出售、购买、生产和起诉等合法处置权。合伙人并不享有合法的处置权，处置权仅限于公司的法人人格。而在伊斯兰合伙制中，处置行为只源于合伙人，每位合伙人经其他合伙人许可进行处置。合伙人的全部财产作为整体并不具有处置能力，处置权仅限于合伙人本人。因此，以公司法人人格发出的行为，在教法看来是无效的。这是因为处置必须源于某个特定的人，而且此人必须是有处置权的人之一（即合伙人），而股份制公司并不满足这一条件。认为执行工作的是受雇的劳工，他们受雇于作为资本所有者的股东，而负责管理和处置的是董事及其董事会，他们是股东的代理人，这种说法是不正确的。 因为合伙人是以个人身份被指定加入公司的，公司的合同是以他个人的名义缔结的，所以他不得委托他人代其执行公司的活动，也不得雇佣他人代其执行公司的活动。他必须亲自执行公司的活动。因此，合伙人不得雇佣劳工代其开展工作，也不得委任董事会代其行事。此外，董事会并非股东的代理人，而仅仅是其财产的代理人，因为被选入董事会的人是依据公司股份数额所计的票数当选的，而非由实际股东选出。而且，董事和董事会基于以下三个理由，并不享有公司的处置权：

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:

首先，他们作为股东的代理人，而股东即通过选举他们而成为合伙人的人。合伙人不应当为自己代理，因为他本人就是合伙合同的缔约方。这与一个人不得委托他人代其结婚是相似的。然而，他可以委托他人代其订立婚姻合同。同样，他不得委托他人代其成为合伙人。但是，他可以委托他人代其订立公司合同，却不得委托他人代其成为合伙人。

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.

其次,那些同时也是合伙人的股东,是代表他们的财产而非代表自己本人而委托董事会的。其证据在于,选举投票本身被视为委托,而这些投票是按照股份数量计算的,而非按照股东个人计算。因此,委托是代表他们的财产,而不是代表他们的人身。

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.

第三，股东只是财产的合伙人，而非身体的合伙人。财产合伙人对公司完全没有处置权。他委托他人代其在公司中进行处置也是无效的。因此，公司经理和董事会的处置在伊斯兰教法（Shar'a）中被视为无效。

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) 股份公司的永久性与伊斯兰教法相抵触。从法律上讲，该公司属于允许订立的合约类型，任一合伙人死亡、精神失常或丧失行为能力，或者由两名合伙人组成时其中一方提出解散，合约即告无效。若公司由两名以上合伙人组成，则任一合伙人死亡、精神失常或被裁定丧失行为能力，合伙关系即告解除。若某位合伙人去世且有继承人，则需进行审查。若继承人未成年，则无权继续留在公司中。若继承人已成年，他可以选择认可该公司，由另一合伙人允许其处分财产，或者要求解散公司。若合伙人被裁定丧失行为能力，公司即告解散，因为合伙人必须具备处分财产的能力。如果股份公司是永久性的，并且在任何合伙人死亡或丧失行为能力的情况下仍继续运作，那么它是无效的（Fasid）。这是因为其中包含了一个与公司实体及合约性质相关的无效条件。

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.

综上所述,股份有限公司从一开始就不能算作合伙企业,因为其中的成员只是财产合伙人,而没有身体合伙人。身体合伙人的存在是一个必要条件,因为合伙企业正是由他而成立的,没有他就不会成立。然而,在股份有限公司中,按照组建者的看法,合伙关系仅凭财产合伙人的存在而成立。公司在没有身体合伙人存在的情况下运作并开展活动。因此,按照伊斯兰教法(Shar'a),这是一个无效的公司,因为它并未依照教法成立为合伙企业。在公司中执行事务的是董事会,他们是股东即财产合伙人的代理人。按照教法,合伙人不得授权他人代其行使公司中的处分权,无论他是财产合伙人还是身体合伙人。合伙合同是以他本人的名义订立的,因此他必须亲自行事。委托或雇用他人代其负责公司的处分与事务,是不正确的。从教法的角度看,仅为财产合伙人的人在公司中没有处分权,也无权以任何方式作为合伙人在公司中工作。处分权和在公司中工作的权利仅限于身体合伙人。此外,股份有限公司成为一个具有处分权的法人人格。然而,在教法中,这些行为只有来自具备处分能力、成年、神志健全且具有辨别力的人,才被承认。凡不是出于此种情况的行为,从教法的角度看都是无效的。因此,将处分权委托给法人人格是不被允许的,而应交由具备行为能力的自然人。由此可以得出结论:股份有限公司及其行为均是无效的。 所有通过这些途径获得的财产，都是通过无效行为所得的无效财产，因此不允许据为己有。

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.