Waqf, Bait-ul-Mal, joint stock, inheritance under debt and the historical analogy together support the possibility of recognizing separate legal personality and some form of limited liability.
The conclusion is not that every modern arrangement is automatically valid, but that the basic concepts are not inherently foreign to Shari‘ah.
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Limited Liability: Inheritance Under Debt, Historical Analogy and Practical Limits
Waqf, Bait-ul-Mal, joint stock, inheritance under debt and the historical analogy together support the possibility of recognizing separate legal personality and some form of limited liability.
The conclusion is not that every modern arrangement is automatically valid, but that the basic concepts are not inherently foreign to Shari‘ah.