|Q.) 1) I am a trader here in Mauritius. I am dealing mainly in
furniture - both import and manufacturing. There is another brother who propose to do some
sort of partnership. He is proposing to finance the projects fully, and on my side I
develop the work - selecting models, price calculation, import or manufacture, selling off
the goods, credit collect and at the end of the day after net profit calculation, amount
to be shared exactly equally i.e. on a 50/50 basis. In other words he only finance the
project, and on my side, I invest all know how, energy, time. Is this way of
working acceptable in terms of Shariah?
Please advise. Please note that I am not taking
any fixed salary whatsoever and that only expenses like transport, repair for defective
goods, phone / fax calls are deducted and that the project is not defined as per limit of
time to execute. It may last for a fortnight or within one month or more. Is it necessary
to do different contract for different projects to be signed eventually? Can you give me a
sort of draft specimen to teach me how to do the draft?
Up to now alhamdulillah -since 6 months we did it on part time basis as I explained
above, all the time we end with net profits. In case there is loss, please explain how are
we going to settle the account.
(2) At times we are having a bigger project but which requires us to look for
more " finance people" just to realize the project. So in this way we can have
three or four or more people adding their funds together excluding me just to execute the
project as I propose. Please advise how are we going to calculate the ' net profit sharing
'. And in the same trend, please advise about contract procedures, i.e., must all the
shareholders know each other or not, how are we going to present the project in front of
each and every one before starting? In case of loss, how are we going to calculate the
outcome? Is it necessary that we give them details for each and every expense to be borne
by the projects? Please advise.
Jazaak Allah Khayrul Jazaa'. Should there be any book(s) from which I can have all
details will be highly welcome that you advise so that I can make necessary arrangements
to buy it / them. [Iqbal ISMAEL, Mauritius]