Download docx - ICEBUSS

Legal Framework of Shari’ah Corporations in Malaysia;
Special Reference to Waqf Corporation”
By
Hartinie binti Abd Aziz1, Zuhairah Arif Abd Ghadas2 ,
Abstract
In
Malaysia,
established
on
under
their
are
the
status
Islamic
Islamic
respective
as
banks,
a
commercial
legislations
body
zakah
which
corporate.
contain
Examples
institutions,
institutions
Pilgrimage
of
were
express
these
Board
term
institutions
and
Islamic
insurance (takaful) companies.
In
1998,
Johor
Corporation
(JCorp)
initiated
a
corporate
waqf
entity
known as Waqaf An-Nur Corporation Berhad (WANCorp). In 2011, Majlis Agama
Islam
Wilayah
develop
a
(BIMB).
to
be
This
Persekutuan
Class
The
Malaysian
AWaqf
building
developments
analyzed
paper
(MAIWP)
in
analyze
law
and
in
order
the
to
leased
waqf
to
Bank
involving
create
corporate
compares
collaborated
a
new
status
them
with
of
with
Islam
corporate
framework
waqf
the
Tabung
Malaysia
entities
of
of
to
Berhad
are
waqf
corporations
principles
Haji
worth
practice.
under
the
Islamic
law
(Shari’ah). This paper involves a case study on WANcorp and Awqaf Holdings, which is
one of waqf corporations in Malaysia.
Key words : Body Corporate, Waqf corporation, Company
1
Academy of Islamic Studies & Arabic Language, Kolej Yayasan Pahang and currently is pursuing her Phd in
University of Sultan Zainal Abidin, Terengganu, Malaysia (E-mail: [email protected])
2
Faculty of Law and International Affairs, University of Sultan Zainal Abidin, Terengganu, Malaysia
(E-mail: [email protected])
1
Introduction
In Malaysia, Islamic institutions were established under respective legislations which contain
express term on their status as a body corporate. Examples of these institutions are zakah
institutions, Pilgrimage Board (Lembaga Tabung Haji) and Takaful Malaysia (an Islamic
insurance company). All companies which run Shari’ah compliance businesses in Malaysia are
required to be registered under the Companies Act 1965 which then entails them the status and
attributes of a body corporate. The legal effect as a body corporate are it shall be an entity
separated from its director or founder. Besides, it shall have perpetual succession and have the
power to sue and be sued in such corporate name. As a corporation it may acquire, purchase,
take, hold, and enjoy movable and immovable property , and may convey, assign, surrender,
yield up, charge, mortgage, demise, reassign, transfer, or otherwise dispose of, or deal with,
any of those property or any interest therein.(Hassan, Abd Ghadas, & Abd Rahman, 2012).
Waqaf corporation
Waqf is an Islamic concept of endowment whereby the properties are held in trust and used for
a charitable or religious purpose. In Waqf corporation, the practice of Waqf (endowment) are
structured into the commercial corporations whereby it is compulsory for the companies to
contribute to the society and it is a must for them to spend certain amount of their profit to the
community. Under this new “corporate practice”, the companies are reminded not to forget the
values of Islamic teachings in carrying on business which includes the obligation to donate a
certain proportion of profit to the community or for charitable causes.
The first waqf corporation in Malaysia is Waqaf An-Nur Corporation(WANCORP) which had
been established on 2004 by Johor Corporation.
2
According to Tan Sri Ali Hashim in his books, Strategi Jihad Bisnes, Waqf Corporation is a
new corporate institution initiated by Malaysia without any other model alike in Islamic world.
Thus, to define what is waqf corporate need a special resolution to identify the criteria that need
to be fulfilled as a waqf corporate. Nowadays, there are a lot of institution is doing waqf in
share of ownership in company for the purpose of public interest in the society as what had
been done by Vehbi Koc Foundation in Turkey. However, this practiced had not suit with the
real meaning of waqf corporation.
Based on the experience of WANCORP, there are 8 criteria that need to be fulfilled to qualify
the corporation as a waqf corporation.
1. The corporation must be established under the Companies Act 1965 as a company
limited by guarantee.
2. As a corporate waqf, the company must be empowered to receive endowments in the
form of cash, Share, business, physical or intangible assets including land, buildings or
intellectual property from institutions, corporations or members of the public, though
ownership of physical assets are in themselves not necessarily to be registered as waqf
assets.
3. The corporate waqf must have been appointed as a nazir or mutawalli by Islamic
Religious authority (in the Malaysian case-by one of Malaysia’s Majlis Agama Islam
at the state and National level).
4. The company must at all times uphold and abide by business principles and best
corporate practices, undertaking business ventures through sustainable entrepreneurial
effort. The key to Corporate Waqf success therefore depends on its ability to mobilise
the best entrepreneurial talent to grow business over the long term and create business
opportunities for aspiring entrepreneurs.
3
5. To achieve the long-term goal of economically empowering the ummah, corporate waqf
had giving higher priority to accumulating and conserving the resources by stipulating
in the trust deed that 70% of annual profit/surplus be allocated for reinvestment and not
more than 30 % to be distributed for charity.
6. The waqf corporate have full autonomy in the business transaction led by the CEO with
the supervision of board of director
7. The waqf corporate will open the membership to public by waqf fee based on category
as determined in the memorandum of association of company.
8. The waqf Corporation have to practice the good corporate governance to determine the
accountability of the company. It must at all times be fully consistent with the Shariah,
and aspire to realise the goals of Maqasid al-Shariah.3
Based on the eighth criteria mentioned above, we can see the difference of waqf corporate
and waqf saham which had been practiced by many company. The waqf saham practised
before, is more on fulfilling the corporate social responsibility and the company will be
totally depending on the waqf fund given by the public while in the waqf corporate, it was
aimed to generate the fund for business long term and to make sure that the waqf fund given
by the waqif will create the wealth for the benefit of Muslim society.
THE WAQF AN-NUR CORPORATION AND AWQAF HOLDING BHD MODEL
Waqaf an-Nur Corporation is a company limited by guarantee established by Johor
Corporation(JCORP) of Malaysia. Initially registered in 2000 as Pengurusan Klinik Waqaf An
Nur Sdn Bhd offering medical services at a charge of Rm5 per treatment to low -income
patients at clinics located largely at mosque compounds financed by waqf funds, the company
3
http://awqaf.com.my/artkel-waqaf korporat-Tan Sri Ali 29-10-15
4
was elevated into a Waqf Cororate entity in 2006 when JCorp endow into waqf US$66 million
or RM200 million at (at Net Asset Value) of JCorp shares in three Malaysian Pubic Listed
Companies (PLCS). The shares involved were in a palm oil plantation company Kulim
Malaysia Bhd, a top Malaysian Companies involved in a private healthcare delivery, KPJ
Healthcare Bhd, and a leading property developer, Johor Land Bhd. However, Johor Land Bhd
shares were subsequently replaced through istibdal by Al-Aqar KPJ REIT Bhd, a healthcare related Islamic property trust copay that is also listed on the Malaysian Bourse.
The WANCorp model of Corporate Waqf even though was a ground initiative, but its limitation
is that, it is GLC-driven and more relevant for the transformation of GLCs into Waqf
Corporations. To transform the Malaysian economic system away from its current narrow,
shareholder-centric, materialistic and self-serving attributes to one that is more selfless,
community-centric, more sustainable system that Is ultimately ‘adl and socially just require the
development of Corporate Waqf model initiated by the community and engaging the
community at large in its establishment and operations. Therefore, the establishment of
AWQAF Holding was based on community-driven initiated by Malaysian Islamic Chamber of
Commerce (Dewan Perdagangan Islam Malaysia) in 2010. AWQAF was also established as
a company limited by guarantee and had adopted all the basic parameters of WANCorp as
Corporate Waqaf with one exception- that’s its initial funding is financed not by GLC but by
its founding member s and through public funding participation. One unique AWQAF feature
is that, it integrates into its business model the opportunity for business investments as well as
contributing to a waqf for a return in the Hereafter(Hashim, 2015)
Conventional Corporate Structure under Malaysian Companies Act 1965
The doctrine of separate legal entity had been introduced by the English common law through
the decision made by the court in the Solomon’s case. This doctrine has received its application
5
in Malaysia via the Companies Act 1965 (Act 125). Section 16(5) laid down the effect of its
incorporation, namely:
1. A company shall be regarded as a body corporate, capable of exercising all the functions
of an incorporated company.
The term ‘body corporate’ is not defined under the Companies Act 1965. However, generally
it covers both the ‘companies’ and ‘corporation’. Both of these terms are defined under Section
4 of Companies Act 1965 Corporation can be defined as anybody corporate formed or
incorporated or existing within Malaysia or outside Malaysia and includes any foreign
company. ‘Corporation’ is one of an artificial legal person (Zuhairah Ariff, 2003).in the case
of Tan Lai v. Mohamed Bin Mahmud [1982] ,Salleh Abas FJ,held that it is a “body corporate”
as a result of statutory acts of the Registrar of Companies for which it is capable of exercising
the functions of an incorporated In addition to that, Zakaria Yatim, J in People’s Insurance Co
(M) Sdn Bhd v. People’s Insurance Co Ltd & Ors [1986] held that under the ordinary rules of
law, a parent company and its subsidiary company, even a wholly owned subsidiary company,
are distinct legal entities.
2. A company will have the right of suing and being sued.
In the case of Foss v. Harbottle (1843)., the court had established the rule which is known as
the ‘proper plaintiff rule’ whereby in this case, the court held that, A member of the company
cannot sue on the company’s behalf to enforce a company’s rights. If a director breaches his
duty to the company, it is the company who has the right to sue him. A member cannot sue the
director on the company’s behalf. Similarly, if a contracting party breaches his contract with
the company, it is the company who has the right to sue the contractor. In the case of Lee Eng
Eow (as director of Lee Guat Cheow & Co Sdn Bhd) v Mary Lee (as executrix of the estate of
Low Ai Lian) & Ors [1999], the Court of Appeal had laid down the statutory effects of an
6
incorporation, whereby an incorporated association has a legal personality of its own apart from
the persons who comprise it; even though it is not specifically provided in the Companies Act
1965.
3. A company will have perpetual succession.
To illustrate on this point, in the case of Abdul Aziz Bin Atan v. Ladang Rengo Malay Estate
Sdn. Bhd. [1985], despite changes in the membership, the corporate entity continues unchanged
as decided in Re Noel Tedman Holdings Pty Ltd [1967], the company may even continue to
exist despite the death of all its shareholders and directors.
4. A company will have the power to hold land and other property.
Article 9 of the Third Schedule to the Companies Act 1965 provides that a company possesses
the power to purchase, take on lease or in exchange, hire and otherwise acquire any movable
or immovable property. Besides, such rights are also conferred onto states by the National Land
Code, where section 43(b) conferred on the State Authority with the power to dispose the land
to the corporations.
Even though section 16(5) of Companies Act 1956 only mentions the right to own land, a
company also possesses the right to own other sort of property (Tan Cheng Han, 2005). The
property will be treated as the company’s own and not the shareholder(Hassan et al., 2012;
Zuryati, Azrae, & Yusoff, 2009). Therefore, even if a person owns all the shares in the
company, he does not own the company’s property nor does he have any legal or equitable
interest therein (Macaura v. Northern Assurance Co. Ltd. [1925]).
5. The liability on the part of the members to contribute to the assets of the company in the
event of its being wound up are provided by the Companies Act 1965.
7
For example, according to s. 214(1)(d) of Companies Act 1965, in the case of a company
limited by shares, the liability of its members is limited to the amount unpaid on his or her
shares in the company. This was noted as one of the benefit enjoyed by the members of the
limited company (Rachagan et al., 2005). The above discussion clearly highlighted that the
Companies Act 1965 adopted the English principle of corporate entity, which give rise to all
the statutory attributes of a corporation.
Therefore, we may conclude that there are two types of person recognized by the law. The first
one being the natural person or human beings; and the second would be the artificial person
(Tan Lai v. Mohamed Bin Mahmud [1982]), which includes any being other than human being
which the law recognized as having duties and rights. One of the most recognized artificial
person is the corporation. Thus, we can see that the doctrine of separate legal entity is a
fundamental legal principle which draws a distinction between an incorporated company and
those people who have a control over it. A company will continue unchanged even if the
identity of the participants in it changes (Aiman Nariman et al., 2002)
LEGAL ENTITY OF BODY CORPORATE UNDER SHARIAH
As mentioned earlier, under the conventional corporate structure, company is recognised as a
body corporate created by law to be an artificial person which hold few attributes inter alia
right to sue and being sued and power to hold a property under its own name. However, under
shariah law, the discussion on artificial person is derived from the views of the Muslim Jurists
on the entity of shaksiyah i’itibariyah ( ‫) الشخصية االعتبارية‬. According to a modern Muslim
scholar, Imran Ahsan Khan Nyazee there has been a prolonged debate among Islamic jurists
on the existence of the concept of a fictitious person (shaksiyah i’itibariyah) and majority of
the modern scholars insist that such concept was known to Islamic law whist some are doubtful
whether Islamic law was aware of such concept.(Nyazee, 2006). Nyazee also contended that
8
although Shariah does recognize the principle artificial person, it does not mean that all
institutions based on this concept automatically become legal. Under Shari’ah, the
implementation of such concept in different forms needs separate analysis. As an example, the
existing structure of the business corporation which enables it to issue securities must be free
from riba and it must also fulfill all the requirements on conducting businesses in Islam.
According to Mustafa Ahmad al-Zurqa, a modern jurist in fiqh :
‘’If these institutions which exist now recognized fictitious personality existed in the
early era of development in fiqh, it would be obvious that is would be recognized by the
fuqaha at that time through legal justifications which are similar to legal justifications
of the institution of Daulah, Bayt al-Mal, al-Waqf.’’(Al-Zurqa, 1964).
Mustafa also took the view that the theory which recognizes the entity other than human being
as a legal person can be justified through the theory of fiqh known as al-Dhimmah. The term
of al-Dhimmah has been discussed by many Muslim jurists in various opinions. According to
Madhab al-Syafie jurists, al-dhimmah is an attribute of human being with duties (al-ilzam) and
also obligations (al-iltizam).(Al-Kabashi, 1989) This definition is also accepted by jurists of
Madhab Maliki, Hanafi and Hanbali(Al-Buhuti, 1947).
Al-Sarakhsi defined al-Dhimmah as a fixed attribute of a person accepting obligations and
duties. This concept relates to an obligation and capacity (al-ahliyyah) as well. The application
of this concept as discussed and applied by the jurists since the early era of the development of
fiqh does not connote the same definition. Majority of the fuqaha have acknowledged the
existence of other than human being which is entitled to some rights and responsibilities.
However, unlike the common law, the Islamic scholars discussion concerning the artificial
person not only relies on the entity itself but more on whether it is subject to obligation and
responsibilities as required under Islamic law.
9
According al Makashifi Thoha al-Kabashi(Al-Kabashi, 1989), the fiqh of Islam does
recognizes the existence an artificial person (al-syakhsiyah al-I’tibariyyah) as it is applicable
to hospitals, waqf, and syarikaat and as al-dhimmah, these entities have certain rights and
obligations. He also claimed that this artificial person enjoys the concept of al-ahliyyah alkamilah similar to human being with having certain rights and obligations as stated under
section 53 of the Egypt Civil Law that artificial person enjoys full rights unless such rights are
restricted only to human being.
According to Fauzi Muhammad Sami(Sami, n.d.), artificial person or as-syakhsiyah alma’nawiyyah which is also known as al-syakhsiyah al-I’tibariyyah is also extended to
partnership (syarikaat). It is a group of persons or properties in which collected in achieving
certain objectives. Thus it is regarded as the only person who is clearly independent from other
persons or properties earned by them. He gives two examples of this concept which are
partnership and university institutions. Partnership is an independent artificial person from
other partners. Meanwhile, university is a fictitious which is for the purpose of education. He
further mentioned that there are 2 essential elements of the artificial person itself which are: 1)
there must be a body of persons or property as created as for certain roles and 2) such body or
group must be recognized by the state either explicitly or impliedly. This recognition can
happen either in general or specific way. Consequently, there are certain effects of this
partnership becoming an artificial person such as al-dhimmah of the partnership is the property
itself, there must be specific name for the company and it has the capacity of performing
dispositions with dealing with certain rights and responsibilities.
Although there are many Muslim jurists supported the application of doctrine of artificial
person in Shari’ah, there are also some Muslim scholars who are contested the acceptance of
such principle in Shari’ah. For example, al-Bazdawi and al-Nawawi, took the view that aldhimmah is a dzat which is real and cannot be fictitious because the Syariah only imposed
10
obligations and rights on real person. Al-Tahanawi also emphasized that the term al-dhimmah
is synonymous to human’s attribute and not applicable to artificial entity as it has relevancy to
interpretation of liability and obligation. Al-Sarakhsi, highlighted in his book that when
dhimmah was offered to the mountains, they refused it as thet would afraid that the cannot
fulfill the required obligations but human being accepted it. Thus al-dhimmah is an attribute
conferred only by Allah swt and it is a trust resulting from a covenant (‘ahd). The fact that
dhimmah is a covenant between Allah swt and the ‘abd (servant of Allah) means that it can
only be assigned to a natural person.(Nyazee, 2003). As such, unlike the common law, the staus
of legal person in Islam cannot be conferred to entities other than human. Abdul Aziz Ahmad
al-Bukhari (al-Bazdawi) took the same view as Al-Sarakhsi and emphasized that dhimmah
refers to ‘ahd (covenant) as Allah created a mankind with amanah, aql , dhimmah, enjoys the
right of innocence (‘usmah), freedom and ownership and carries the duties as Allah’s rights
towards him(Al-Bukhari, n.d.).
Referring to the modern Muslim jurists, the theory of artificial legal persons and corporate
personality are generally viable but such acceptance cannot be absolute or total adoption of the
common law doctrine. A balance approach is highlighted by Imran Khan Nyazee (2006),
whereby he contended that the ruler may assign a restricted or limited dhimmah to a nonhuman on the following conditions:
1. That no religious duties will be expected of a fictitious person. In other words, the
fictitious person will not be subject to the khitab of ibadat and will not be liable for any
religious duty or obligation that may flow from it. Thus, it will have no liability for
zakat, for sadaqah, or for any other religious tasks as these duties are attached to the
‘ahd of human with the creator (Allah swt).
2. That some form of ‘aql must be associated with the fictitious person. This ‘aql may be
that of one individual or group of individuals like the board of directors. The ahliyyat
11
al-ada’ will always be associated with this source of ‘aql, and so will the liability for
such acts.
3. That a concept of dual title of ownership must be associated with a fictitious person.
Any property held by the fictitious person in its own name must be assumed to be held
on behalf on behalf of the members of this fictitious person as a result of khalt or
mingling of capitals. In addition, the body corporate may have full right of disposal and
transaction in the property if so permitted by its members.
Referring to the guidelines proposed by Nyazee , it is obvious that in adopting the common
law doctrine of corporate personality , there should be some modifications to the obligations
of the company as a legal entity and to the board of directors and members who form the “aql”
of the companies. Rather than having total independent and separate legal entity from the
directors and members, Nyazee highlighted that in the Shari’ah corporations; there should be
a dual ownership and liability structure. This is important because as an artificial person, the
company could not in reality own and manage properties and also cannot be physically arrested
and make accountable for default with the third parties. In short, although the adoption of the
common law doctrine of artificial person is possible under Shari’ah, the application of the law
under Shariah requires certain modifications.
LEGAL FRAMEWORK FOR SHARIAH CORPORATION
In Malaysia, all Islamic commercial institution was registered under the Malaysian companies
act 1965. These institutions were including tabung haji, zakah, and waqf corporation. As a
creature of the statute, the existence of a company is totally dependent on the provisions of the
Companies Act. Thus it is recommended that all Islamic commercial institution such as waqf
corporation be framed under Shariah corporate structure.
12
Shariah corporate structure is not similar with the conventional structure. The legal framework
for the Shariah Corporation should fulfill all the requirements below:
a. Maqasid Syariah as the basis of the business framework
The term Maqasid is derived from a verb qaseda which means the goals and purposes. Maqasid
itself means goals or objectives and when such term is attached to the word Shari‘ah it
specifically refers to goals or objectives of Shari‘ah. According to Imam al-Ghazali, the
objective of the Shari‘ah is to promote the well-being of all mankind, which lies in safeguarding
their faith (din), their human self (nafs), their intellect (`aql), their lineage (nasl) and their
wealth (mal) (Chapra, n.d.)
The goal of sacrifice or good deeds according to Allah (S.W.T) is the sincerity and Taqwah
(piety). In other words it can be said that all business activity should be carried out based on
sincerity and piety. However, as is seen in the above verse, all undertakings must be done to
please Allah (S.W.T), which is the common requirement for any good deed in Islam. Therefore,
corporations and all business entities in an Islamic state should render their business activities
only for the sake of the God. The Prophet Muhammad (S.A.W) highlights the importance of
giving rather than taking and everyone should do charity especially when one is self-sufficient.
b. Legal Status of Business Entities
The concept of corporation under Shari’ah is based on the doctrine of artificial legal person.
The discussion on artificial person under Shari’ah is derived from the views of the Muslim
Jurists on the entity of shaksiyah i’itibariyah ( ‫) الشخصية االعتبارية‬. According to a modern
Muslim scholar, Imran Ahsan Khan Nyazee there has been a prolonged debate among Islamic
jurists on the existence of the concept of a fictitious person (shaksiyah i’itibariyah) and
majority of the modern scholars insist that such concept was known to Islamic law whilst some
are doubtful whether Islamic law was aware of such concept.(Nyazee, 2006).
13
The theory of artificial legal persons and corporate personality are generally viable but such
acceptance cannot be absolute or total adoption of the common law doctrine. Nyazee proposed
certain guidelines that, in adopting the common law doctrine of corporate personality, there
should be some modifications to the obligations of the company as a legal entity and to the
board of directors and members who form the “aql” of the companies. Rather than having total
independent and separate legal entity from the directors and members, Nyazee highlighted that
in the Shari’ah corporations; there should be a dual ownership and liability structure. This is
important because as an artificial person, the company could not in reality own and manage
properties and also cannot be physically arrested and make accountable for default with the
third parties.
In short, although the adoption of the common law doctrine of artificial person is possible
under Shari’ah, the application of the law under Shariah requires certain modifications.
c. Decision Making Structure
The type of involvement implicit in shuratic decision-making procedures provides a vehicle
for ensuring that corporate activities and strategies are fully discussed and that a consensusseeking consultative process is applied. Directors and senior managers would be expected to
listen to the opinions of other executives before making a decision and shura members would
include, as far as possible, representatives of shareholders, employees, suppliers, customers
and other interested parties(Lewis, 2005)
d. Shariah Audit
The institution of hisba offers a framework of social ethics, relevant to monitor the corporation,
with the objective of encouraging the correct ethical behaviour in the wider social context. It
also empowers individual Muslims to act as ‘private prosecutors’ in the cause of better
governance by giving them a platform for social action.it provides a device to solicit juristic
14
advice, monitor compliance with Islamic precepts and collect zakah. This extra layer of
auditing and accountability for resource use ensures that the enterprise operates as an Islamic
concern.(Lewis, 2005)
e. Shariah Good Governance
Corporate governance is the relationship among various participants [chief executive officer,
management, shareholders, and employees] in determining the direction and performance of
corporations. It ensures that the board of directors is accountable for the pursuit of corporate
objectives and that the corporation itself conforms to the law and regulations (Choudhury &
Hoque, 2013).
Generally, it is observed that the main objective of the corporation including the so called
Islamic corporation is to maximize the shareholder’s value of wealth. This governance structure
in Islam do differ from the normal corporate governance in the standardization of rules which
must obey the Shariah rules stated in the holy Quran(Alnasser, 2012).
To conclude, since the developments in waqf involving corporate entities are growing rapidly,
thus, it is worth to create a new framework of waqf corporation. Thus, it is not only supply
Shariah-compliant products and services but the corporate vehicles offering such product or
services would also be Shariah-compliant.
CONCLUSION
Based on the above discussion, it can be concluded that, in Malaysia, all companies need to be
registered under the companies at 1965 for which it was based on conventional framework. and
even though the application of the common-law doctrine of corporate legal personality as an
artificial person could be accepted under Shari’ah but it is subject to certain modifications and
therefore shall not be a direct application.
15
To develop the shariah corporation framework it gives rise to the questions of to what extend
the provisions of companies Act could be applied to Shari’ah corporations. Whether the basic
elements such as rights to own property and rights to limited liability need to be modified, and
many more issues will require specific analysis, such as composition of BOD, their rights,
obligations and duties to the companies.
As such, more in depth research need to be undertaken to discuss arising issues which resulted
from the adoption and application of the common-law doctrine of corporate personality in
Shari’ah corporations as well as to develop the new provision for Shariah corporation
framework.
REFERENCES
Al-Buhuti. (1947). Kashshaf al-qina’ (Vol 3). Cairo.
Al-Bukhari, A. A. (n.d.). Kashful Asrar an usul Fakhri al-Islam.
Al-Kabashi, A.-M. T. (1989). Al-Zimmah wa al-Haq wa al-Iltizam wa Ta’thiruha bi al-Mawt
fi al-Fiqh al-Islami. Dirasah muqaranah. Riyadh: Maktabah al-Haramayn.
Alnasser, S. A. S. (2012). Introduction to corporate governance from Islamic perspective.
Humanomics, 28(3), 220–231. http://doi.org/10.1108/08288661211258110
Al-Zurqa, M. A. (1964). Al-Madkhal ila Nazariyyat Al-Iltizam Al-Ammah Fi Al-Fiqh AlIslami.
Chapra, M. U. (n.d.). The Future of Economics: An Islamic Perspective. Leicester: The
Islamic Foundation.
Choudhury, M. A., & Hoque, M. Z. (2013). Corporate governance in Islamic perspective.
International Journal of Islamic and Middle Eastern Finance and Management, 6(2),
180–199. http://doi.org/10.1108/14720700610655132
16
Hashim, M. A. (2015). The Waqf Corporation;A’ Business Jihad’ Strategy for a More
Equitable and Just Economic System. Retrieved from http://awqaf.com.my/artikel
Hassan, H., Abd Ghadas, Z. A., & Abd Rahman, N. A. (2012). “ The Myth of Corporate
Personality ”: A comparative Legal Analysis of the Doctrine of Corporate Personality of
Malaysian and Islamic Laws, 6(11), 191–198.
Lewis, M. K. (2005). Islamic Corporate Governance. Review of Islamic Economics, 9(1), 5–
29.
Nyazee, I. A. K. (2003). Islamic Jurisprudence. The Other Press, International Institute of
Islamic Thought. Petaling Jaya.
Nyazee, I. A. K. (2006). Islamic Law of Business Organization. Kuala Lumpur: The Other
Press.
Sami, D. F. M. (n.d.). al-Syarikaat al-tijariyyah al-Ahkam al-Ammah wa al-Khassah.
Zuryati, Z. a, Azrae, A. N., & Yusoff, M. (2009). Separate legal entity under Syariah law and
its application on Islamic banking in Malaysia : A note. The International Journal of
Banking and Finance, 6(2), 139–154.
17