Saturday, May 15, 2010

'The Contract of Shirkat' by Umar Vadillo 14-5-2010

'You are free if you are existentially free. You are an owner if you can exercise ownership. The contract must reflect what actually existentially happens in reality.'

'In shirkah, there is no such thing as majority nor minority ownership. Majority and minority ownership was introduced to validate the corrupted institutions like the stock-exchange.'

'Principle of co-ownership, as in share-holders, is a deception. By mere mathematics, it is allowing a small group of people to be able to control an enormous amount of assets. Mere system of control.'

'Dividends does not reflect the results of the company as it should be. It is given entirely on different parameters decided by the board. Dividends that are today are nothing but mathematically calculated INTERESTS with un-fixed rate of return.'

'Co-ownership is not what it is. In reality, it is 'share-holders' without decision-making, lending money (a loan), not partnership, not co-ownership but loans with dividends being the interest over their 'loans'.'

'There is no such thing as limited liability in Islam. All owners are responsible for the liabilities of the business.'

'Labour (work) in Islam is above capital. You do not have any right to the benefits and the wealth created by others who work. This is important. No sleeping partner. No one is entitled to the work of another man. The work itself is profit. No amount of capital can benefit from that.'

'The economic crisis helps capitalism to thrive. Every crisis cycles make the banks evolve even stronger. The crisis is the jumping step to make them stronger. To get out of it they just print more money.'

'US dollar is mathematically DEAD'

'We follow the madzhab because its the protected environment. This is where the best of our people in the past have looked upon this matter and looked upon this matter and looked upon this matter and created a body to protect the Deen.'

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