348 AN INTRODUCTION TO ISLAMIC FINANCE
- Zingales (1997).
- Donaldson and Preston (1995); Freeman (1984).
- Shari’ah scholars consider that the human self or soul (nafs) has “rights” as well
as many duties and responsibilities. - Imam Zayn al - Abidin’s treatise on rights, Risalat Al - Huquq, covers a full spec-
trum of rights in Islam. For example, the right to one’s property (al - mal) means
that one takes it only from what is lawful and spends it only on what is proper.
The right of the associate (khalit) is that one neither misleads him, nor acts dis-
honestly toward him, nor deceives him. The right of the adversary (khasm) who
has a claim against one is that, if his claim is valid, one gives witness to it against
oneself. See Ali ibn al - Husayn (1990). - Islam (1999). The term “mal” or its derivatives are mentioned in more than 90
verses in the Qur’an and in numerous sayings of the Prophet (pbuh). - See Mirakhor (1989) and Ahmed (1995).
- Allah (swt) explicitly states that “Believe in Allah and His messenger, and spend
of that whereof He made you trustee.” Qur’an (57:7). By implication, the own-
ership of property (al - mal) is understood to be a trust and is considered to be a
test of faith. See Bashir (1999). - Mirakhor (1995) makes reference to a number of verses to support this axiom.
- Islahi (1988) claims that this distinguishing characteristic of his economic views
is not found in any other scholars. - The Prophet (pbuh), during his last sermon at Arafat, declared the inviolabil-
ity of property to be at par with that of life and honour: “Like this day of this
month in this territory, sacred and inviolable, Allah (swt) has made the life and
property and honor of each of you onto the other until you meet your Lord.”
This is further endorsed by the hadith stating that “Muslims’ blood, property
and dignity are protected against each other.” - Islahi, op. cit.
- These rules are supported by various verses in the Qur’an: see, for example,
2:188, 17:27 and 25:67. - The concept that man has an unrestricted handling authority over his wealth is
unacceptable. Allah (swt) condemned the people of Shuayb for adopting such an
attitude. See the Qur’an (11:87). Ahmed (1995). - Bashir (1999) argues that Islam attaches great importance to protecting people
from harm caused by others. The Prophet (pbuh) is reported to have said “to
cause harm to others is not allowed in Islam.” - The classical defi nition of stakeholders is given by Freeman (1984) as any group
or individual who may affect or be affected by the attainment of the fi rm’s goals.
Clarkson (1995) offers a refi ned view of a stakeholder based on the stakehold-
er’s exposure to the risk (a hazard, a danger, or the possibility of suffering harm
or loss) as result of the fi rm’s activities. - Iqbal and Mirakhor (2007); Kourides (1970).
- Verses of the Qur’an dealing with trust are: 2:27; 2:40; 2:80; 2:177; 2:282 - 83;
3:161; 4:107; 4:155; 6:153; 7:85; 8:27; 8:58; 9:12; 9:75; 9:111; 11:85; 13:20;
16:91; 16:94; 16:95; 17:34; and 23:8. - Asad (2004).
- Dr Sabahuddin Azmi, http://www.renaissance.com.pk/Mayviewpoint2y5.htm.
The signifi cance of high morals and good was reinforced by the Prophet (pbuh)