شرکت و مضاربت کے چند ملکی قوانین اور سودی معیشت کا فروغ

Abstract

The decision of the Supreme Court of Pakistan regarding Riba, to some extent, shook the economic circles of the country, as a result of which, it is a stark necessity of the time to identify the root causes of the issue of Riba instead of identifying the wild weeds. The article is a glow of this claim in which the author pointed out that besides others, the absence of codified law on famous Islamic modes of financing, like Mudarabah, promoted the interest based economy as the people do not find out ways to invest their money and, therefore, they have to deposit it into the banks. This not only promotes the interest based economy but, causes the enhancement of rate of unemployment. The author pointed out the frailty of existing legislation as it encompasses the partnership only and leaves the technicalities of the Modarabah business on the parties which needs expensive legal consultancy whereas businesses at small scale can not afford it. The author proposed that setting aside the Partnership Act 1932 and Modarabah Companies and Modarabah (Flotation and Control) Ordinance 1980, there is a dire need of the time to promulgate new legislation on the basis of principles of Modarabah, so that the people may, themselves, take part into the businesses of small scales whichz eventuallyz will reduce the dependency on Riba based banking sector.