Mu’amalat The Corporate Engineering

By  Prof. Dr. Mohd. Ma’sum Billah

Abstract

Economic activities are one of the daily practices that being adapted naturally by human beings from the very beginning of the human history for their physical survival in this natural world. The economic activities cannot materialize without having a mutual cooperation between fellow mankind, and that is, better known in other word al-Mu’āmalah ( .( المعاملة Al-Mu’āmalah can be executed with fruitful results if coupled with appropriate regulatory frame works. Because, al-Mu’āmalah establishes the notion of rights and obligations for and against the parties involved herein with sharing and caring culture. Under Common law principles, the required regulatory frame works have with utmost satisfaction been well developed. Sad to note that, despite the Divine authorities (al-Qur’ān and al-Sunnah), which provide adequate guidelines towards a meaningful management of al- Mu’āmalah, in practice, the Sharī’ah law could not yet play a dominating role in today’s advanced economic environment. The grass root reasons perhaps are, the lack of research conducted to come up with a regulatory frame works in the light of the Divine rulings, and of course the diversified views among some scholars which hindered the way forward of development of operational mechanisms of Al-Mu’āmalah.Today, the fact is ideally witnessed that, even though Islamic rules in certain aspects play a minimum role to regulate Islamic trade and finance, but the regulatory frame works and also the legal literatures or research materials required for a successful operation of the idea of trade and finance under the Sharī’ah discipline, have not yet been desirably developed. The western economic principles on the other hand, dominate the entire environment of the contemporary global market with appropriate regulatory frame works with required developed research materials and facilities. Nevertheless, the operational tools required for the successful outcome in Islamic commercial activities can only be ensured by a set of regulatory frame works produced in line with Divine principles, which are diametrically desired by the Ummah of today. Hence, it is time to focus with full extent on mechanisms for ensuring a smooth operation of Islamic trade and financial products. An attempt is made in this paper, to provide corporate mechanisms facilitating day to day corporate Mu’amalat (transactions).