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The Financial Distress of Corporate Personality: A Perspective from Fiqh

Oriental scholars discuss the concept of corporate personality without any reference to Islamic law. A leading proponent of this view is Joseph Schacht; a western scholar of jurisprudence who contended that Islamic jurisprudence is limited to individual personality and devoid of corporate laws, henc...

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Main Authors: Busari, Saheed Abdullahi, Zakariyah, Luqman, Amanullah, Muhammad, Abdul Aziz, Akhtarzaitie
Format: Article
Language:English
English
Published: 2019
Subjects:
KBP Islamic Law
KBP1 Islamic law.Shariah.Fiqh
KBP41 Legal research
Online Access:http://irep.iium.edu.my/89854/1/View%20of%20The%20Financial%20Distress%20of%20Corporate%20Personality_%20A%20Perspective%20from%20Fiqh.pdf
http://irep.iium.edu.my/89854/2/850
http://irep.iium.edu.my/89854/
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spelling my.iium.irep.898542021-05-24T00:44:07Z http://irep.iium.edu.my/89854/ The Financial Distress of Corporate Personality: A Perspective from Fiqh Busari, Saheed Abdullahi Zakariyah, Luqman Amanullah, Muhammad Abdul Aziz, Akhtarzaitie KBP Islamic Law KBP1 Islamic law.Shariah.Fiqh KBP41 Legal research Oriental scholars discuss the concept of corporate personality without any reference to Islamic law. A leading proponent of this view is Joseph Schacht; a western scholar of jurisprudence who contended that Islamic jurisprudence is limited to individual personality and devoid of corporate laws, hence, contractual agreements between corporations has no basis in Islamic law. Several scholars and researcher have responded with sufficient literature on the status of an artificial person in Islamic law, but there are still issues with the legal implication of corporate personality in the event of financial distress. This study aims to explore Islamic threshold on fundamental principles of corporate personalities and its contemporary applications in the situation of financial trouble. The study will employ the analytical approach in describing the essential characteristics of a corporation as inherent in Islamic law through interpolation from the natural person and the possibility of adapting the existing conventional bankruptcy laws. This study employs an analytical approach to Islamic literature and regular related works. The study found out that even though the concept of financial distress has basis in Islamic law, it remains complicated as it entails insolvency, bankruptcy and interdiction in a debtor creditor relationship. Overall, further efforts need to be done to put these concepts into contemporary and applicable perspectives without violating Islamic fundamental principle of justice and fair dealings. 2019-06-23 Article PeerReviewed application/pdf en cc_by http://irep.iium.edu.my/89854/1/View%20of%20The%20Financial%20Distress%20of%20Corporate%20Personality_%20A%20Perspective%20from%20Fiqh.pdf application/pdf en cc_by http://irep.iium.edu.my/89854/2/850 Busari, Saheed Abdullahi and Zakariyah, Luqman and Amanullah, Muhammad and Abdul Aziz, Akhtarzaitie (2019) The Financial Distress of Corporate Personality: A Perspective from Fiqh. Intellectual Discourse, 27 (1). pp. 245-268. ISSN 0128-4878 E-ISSN 2289-5639
institution Universiti Islam Antarabangsa Malaysia
building IIUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider International Islamic University Malaysia
content_source IIUM Repository (IREP)
url_provider http://irep.iium.edu.my/
language English
English
topic KBP Islamic Law
KBP1 Islamic law.Shariah.Fiqh
KBP41 Legal research
spellingShingle KBP Islamic Law
KBP1 Islamic law.Shariah.Fiqh
KBP41 Legal research
Busari, Saheed Abdullahi
Zakariyah, Luqman
Amanullah, Muhammad
Abdul Aziz, Akhtarzaitie
The Financial Distress of Corporate Personality: A Perspective from Fiqh
description Oriental scholars discuss the concept of corporate personality without any reference to Islamic law. A leading proponent of this view is Joseph Schacht; a western scholar of jurisprudence who contended that Islamic jurisprudence is limited to individual personality and devoid of corporate laws, hence, contractual agreements between corporations has no basis in Islamic law. Several scholars and researcher have responded with sufficient literature on the status of an artificial person in Islamic law, but there are still issues with the legal implication of corporate personality in the event of financial distress. This study aims to explore Islamic threshold on fundamental principles of corporate personalities and its contemporary applications in the situation of financial trouble. The study will employ the analytical approach in describing the essential characteristics of a corporation as inherent in Islamic law through interpolation from the natural person and the possibility of adapting the existing conventional bankruptcy laws. This study employs an analytical approach to Islamic literature and regular related works. The study found out that even though the concept of financial distress has basis in Islamic law, it remains complicated as it entails insolvency, bankruptcy and interdiction in a debtor creditor relationship. Overall, further efforts need to be done to put these concepts into contemporary and applicable perspectives without violating Islamic fundamental principle of justice and fair dealings.
format Article
author Busari, Saheed Abdullahi
Zakariyah, Luqman
Amanullah, Muhammad
Abdul Aziz, Akhtarzaitie
author_facet Busari, Saheed Abdullahi
Zakariyah, Luqman
Amanullah, Muhammad
Abdul Aziz, Akhtarzaitie
author_sort Busari, Saheed Abdullahi
title The Financial Distress of Corporate Personality: A Perspective from Fiqh
title_short The Financial Distress of Corporate Personality: A Perspective from Fiqh
title_full The Financial Distress of Corporate Personality: A Perspective from Fiqh
title_fullStr The Financial Distress of Corporate Personality: A Perspective from Fiqh
title_full_unstemmed The Financial Distress of Corporate Personality: A Perspective from Fiqh
title_sort financial distress of corporate personality: a perspective from fiqh
publishDate 2019
url http://irep.iium.edu.my/89854/1/View%20of%20The%20Financial%20Distress%20of%20Corporate%20Personality_%20A%20Perspective%20from%20Fiqh.pdf
http://irep.iium.edu.my/89854/2/850
http://irep.iium.edu.my/89854/
_version_ 1701162796421480448
score 13.211869

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