Corporate personality is said to be a Western concept, but is it also Islamic? Answering this question is a demand of the day in view of the ever-increasing number of Islamic commercial and financial entities. For example, the legal personality of the first Islamic Bank of Malaysia, Bank Islam Malaysia Berhad, has been brought to question following an unreported case, Bank Islam Malaysia Bhd. v. Adnan Bin Omar (1994). In an attempt to answer this question, this article overviews the arguments of Islamic jurists on this issue and puts forward its own judgment.
E.g. Nyazeesupra note 27 at 77; Mujlisul Ulama of South Africa The Concept of Limited Liability—Untenable in the Shari’ah at http://books.themajlis.net/book/print/ (visited on 4/1/2011).
See Zahrāsupra note 32 at 204; and Abd al-Qadir Al-Tashri al-Jinni (Beirut: Dār al-Khatibi Vol.1 cited in Mahmud M. Sanusi “The concept of artificial legal entity and limited liability in Islamic law” in Critical Issues on Islamic Banking Finance & Takaful (2009) at www.kantakji.com/fiqh/files/fatawa/w228 (visited on 17 February 2012).
Mohammad Hashim KamaliShari‛ah Law: An Introduction (Oxford: Oneworld Publications2008).