Essential theory of partnership capital in the schools of Islamic Law

The current paper takes the contract of commercial partnership (sharikah al ‘aqd) as an example and attempts to analyse the issue of joint ownership of capital and liability thereof, the approach to which appears to form the fundamental concept of partnership in Islamic Law. It is shown that each school of Islamic law has adopted a distinct conception regarding the essential nature of partnership based primarily on their approach to these aspects, on which the detailed rules related to different areas of partnership are based. It is vital that the new rules developed be assessed for conformity with the fundamental conceptions of Shari‘ah on the subject, so as to preserve the uniformity and coherence of Shari‘ah regulations