Standard No. 12 “Sharikah (Musharakah) &Modern Corporations” is applicable to the following:    

Sharikat al-’Aqd is classified into following categories:    

All of the following are the types of Fiqh-nominate partnership except

Following is/are the form(s) of modern corporations:         

Allocation of profits is not allowed unless the following is/are deducted:       

 Profit may finally be distributed on the basis of the proceeds from sold assets, known as ________________.           

 Profit may finally be distributed on the basis of fair (book) value which means _______________.                

 In case of liquidation of Sharikah venture, the proceeds from the assets sold will be used for:               

 Liability partnership has no monetary capital because the subject-matter of such partnership is ________________.      

 Service partnership has no monetary capital because the subject-matter of this partnership is _______________.   

 A stock company is a company whose capital is divided into equal units called ______________. 

It is not permitted to issue _______________ shares.

____________partners are not entitled to interfere in the operations of the company.

The liability of managing partners is _____________; the liability of sleeping partners is ______________.

It is better to document and officially register the contract.            

 An institution may not enter into a partnership contract with non-Muslims or conventional banks.               

 The partners may amend terms of partnership contract at any time.           

A partner may withdraw from Sharikah partnership after giving a due notice.             

A stock company has a juristic personality.                 

 A person who does not own the shares can still sell them.      

Partnership in commendum is a form of financing partnership.