I thought this may if interest to some on the list.

Abdoulie Jallow

-----Original Message-----
From: Islamic Economics and Finance <[log in to unmask]>
To: [log in to unmask] <[log in to unmask]>
Date: Saturday, August 21, 1999 12:48 AM
Subject: finance: Intl Conf on Islamic Economics in 21st Century 


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                _o_,_\ ,;:   .'_o_\ ,;:  (_|_;:  _o_,_,_,_;
               (  ..  /     (_)    /            (        .
                          Bismillah irRahman irRaheem
           In the Name of Allaah, The Most Gracious, The Most Kind
-----------------------------------------------------------------------------

Hijri date: Saturday 9 Jumaada al-awal 1420 A.H.



From: [log in to unmask]
International conference on
Islamic economics in the 21st
Century (report prepared by IFDS Multimedia http://www.ifds.net)


An international conference entitled "Islamic Economics in the 21st
Century" was held last week from 9 to 12 August 1999 in Kuala
Lumpur, Malaysia. The conference was organised by the 
International
Islamic University, Malaysia (IIUM) in collaboration with the Islamic
Research & Training Institute of Islamic Development Bank in 
Jeddah,
Saudi Arabia (IRTI). According to IIUM's Rector, Professor Dr. M.
Kamal Hassan, it has been almost five years since the university
organised a conference of international level in the area of Islamic
economics. 

The conference, which was held at a prominent hotel in the city, 
was
attended by over 200 delegates from more than 15 countries 
including
Algeria, Bangladesh, Palestine, Pakistan, Iran and others. 

The Malaysian Minister of Education and President of the University,
Dato' Sri Mohd. Najib Tun Abdul Razak officially opened the
conference. Najib stated that the Malaysian economy was 'bottoming
out' and that the economical crisis Malaysia faced was a good
opportunity for scholars to look into the past in order to plan for the
future so that the same mistakes would not be repeated. Najib also
suggested several solutions to the challenges Islamic economics is
facing today. This included looking back into Islamic fundamentals,
getting rid of the distinction between developed and non-developed
worlds, restructuring the OIC so that it be more economically driven
and encouraging scholars to unite in articulating their voice regarding
Islamic economics. 

The issues raised during the conference included the principles and
interpretation of Riba, Islamic bonds, Waqf, Gharar, Zakah, Islamic
banking and economics in general. Speakers and discussants included
members of universities and institutions such as IIUM, the Islamic
University of Palestine, IRTI, the National University of Malaysia
(UKM), the Institute of Islamic Understanding Malaysia and many
others. Members of the corporate sector also spoke including those
from the Al-Rajhi Banking and Investment Corporation in Saudi
Arabia, World Assurance in Algeria, the Central Bank of Iran, and
Bank Islam in Malaysia. 

For more details on the conference, click on any one of the following: 

Day One
Day Two
Day Three
Day Four 

Day One 

The first paper presented after the opening was "The Principles of an
Integrated Concept of Riba: Towards an Islamic Theory of Value" by
Elmi M. Nur of the International Institute of Islamic Economics,
International Islamic University in Pakistan. In his paper, Nur
concentrated on the meaning and interpretation of riba while analysing
the conceptual difficulties with each of its interpretations. He also
defined its meaning and classified its problems. 

This was followed by paper on a subject considered controversial
amongst many Islamic scholars, "Bay' al-Dayn and Islamic Bond Issues
in Malaysia" by both Saiful Rosly and Sano Koutob Moustapha of the
Economics department in IIUM. Here, the two speakers laid out the
different types of Islamic bonds found in Malaysia as well as the steps
involved in issuing Islamic bonds in Malaysia. In their papers, several
justifications were given to support the legitimacy of Bay' al-dayn by
clarifying its relationship with Bay' Ma'ajjuz at-Taslim (sale of
undeliverable item), Bay' Ma la Tamlik (sale of unpossessed item) and
Riba. 

The role of Waqf in the 21st Century was then presented by
Mohammed Boudjellai of World Assurance in Algeria. Boudjellai
began his paper by emphasising the historical role of the Waqf in the
life of Muslims. In his paper, he proposed that a "new institutional
framework capable of enhancing waqf activities in Modern Muslim
society" to ensure a better and durable management of the continuous
flow of waqf donations be established. 

In the afternoon, the subject of Gharar was discussed by Sami
Al-Suwailem in his paper entitled "Towards an Objective Measure of
Gharar in Exchange. The objective of his paper was develop an
objective criterion to identify and measure gharar in exchange by
formulating it according to basic axioms of expected theory and game
theory, and in consistence with Shari'ah rules and maxims. He was of
the view that this measure would help economist view gharar as an
integrated theory of risk, which could then be easily communicated with
non-Muslim economists while providing a quantitative measure of
gharar that can potentially be applied to innovative risky transactions. 

The subject on Waqf was again discussed in Abul Hassan M Sadeq's
paper entitled "Socio-economic Development Role of Waqf in the 21st
Century and Restructuring of its Administration with Special Reference
to Bangladesh". Sadeq began his paper in similar tones with Boudjellai
by explaining the role of Waqf historically. He then went on to explain
the socio-economic developmental role the institution of waqf could
and should play in the context of a resource scarce in developing
countries. Sadeq was of the view that an organised institutional system
of waqf was possible in order to provide facilities badly needed in
developing countries such as educational, medical and infrastructure
facilities. In suggesting this, he gave examples of how such a system is
workable and needed in Bangladesh. 

This was followed by a paper entitled "The Performance of the
Institution of Zakah in Theory and Practice" by Monzer Kahf of IRTI.
In his paper, Kahf looked at the performance of the Zakah institution in
contemporary Muslim societies while comparing it to Zakah at the time
of the Prophet Muhammad. 

The final session of the day was a discussion on the "Islamisation of
Economics: Agenda for the 21st Century" by two panelists, namely,
Jomo K.S. from the University of Malaya and Muhammad Ahmad
Sakar from the Islamic University in Palestine. 

Day Two 

The second day of the conference proceeded as scheduled with the
first presenter, Professor Dr. M. Sultan Abou-Ali, delivering the first
keynote address of the conference entitled "Economic Cooperation
among Muslim Countries in the 21st Century." The chairperson for this
session was Professor Dr. Kamal Hasan, Rector of the International
Islamic University Malaysia (IIUM). 

Prof. Abou, the first speaker for the day, is currently a professor of
Economics at the Faculty of Commerce in Zagazig University in Egypt.
Prof. Abou, who is an eminent scholar in the field of economics, has
vast advisory experiences. He had served as an advisor to the Council
of Arab Economic Unity (Cairo), the Deputy Prime Minister for
Services and the Governor of Central Bank of Egypt, the World Bank,
African Development Bank and Kuwait Fund for Development. He has
also contributed enormously to publications, authoring various books,
articles and reports. Some of his notable books include Economic
Planning and Its Techniques (Arabic), 1972 and Lectures on Money,
Banking and Financial Institutions (Arabic), 1994. 

The theme of Prof. Abou's paper is the importance of economic
cooperation among the Muslim countries as ordained by God
Almighty. He said, quoting a number of Quranic verses that God has
created and made us into nations and tribes in order that we
understand each other. However, the best among us are the righteous
ones. (Ref: Surah Al-Hujurat, Verse 13). Focussing on this verse, he
said it was important for the Muslims to respect all people and strive
hard to achieve "power". Power, as he puts it, includes a combination
of military, economic and political strengths, which he says cannot be
acquired unless the society possesses a lead in science and technology.
"Although mankind seeks cooperation, the world is generally
characterized by confrontation among nations, civilizations, cultures etc.
This confrontation is not always harmful. It could be one of the main
driving forces for progress, inventions and new discoveries," he said,
quoting a Quranic verse that refers to this point. 

"Had it not been for cooperation among people endowed to them by
the power of Allah, the world would have been destroyed." (Surah
Al-Baqarah, Verse 251) 

The speaker thus urges the Muslims to strive to become strong nations.
As at present, economic power is the most important element of
strength, he calls on all Muslim countries to strive to achieve this
power. According to him, being stable economically would not only
make us stronger nations but also contribute towards the protection of
our religion. Economic power, he says, should be aimed at achieving
three ultimate goals, which are: 

      to preserve the Islamic Ummah; 
      to give a good and strong example which is the foundation for
      the perfection of Islam as way of life, and 
      for the benefit of the whole human society, since Islam is the
      model which realizes the balance between material needs and
      spiritual satisfaction. 

In his speech, he also discussed the reasons why previous attempts for
cooperation among the developing countries, Muslim countries in
particular, have not been successful. He also gave an extensive
explanation on the trends that were expected to prevail in the 21st
century, concentrating specifically on the trends that have direct
relevance to the topic of economic cooperation. 

Prof. Abou concluded his speech by proposing a number of
recommendations to heighten economic cooperation amongst the
Muslim countries. Since the trends anticipated in the 21st century call
for closer economic cooperation in all fields, which include trade, aid,
technology and production, he urged the Muslim countries to look into
alternatives and strive to achieve the goal soon. He referred to the
European Union as an example, saying that it was not an overnight
effort to consolidate and work as a united power. "It takes years for
these countries to come to terms and work as an alliance. I recommend
the Muslim countries to start now, as otherwise our vision of achieving
this goal would just be buried off," he said, adding that however small
our efforts maybe now, will finally see the fruit of our efforts in times to
come. 

Among the recommendations proposed in his paper to further enhance
economic cooperation among Muslim countries are as stated below: 

      Stronger political commitment on behalf of the Muslim countries
      needs to be established. 
      The existing cooperative institutions in the Muslim countries
      should be provided with necessary authority and responsibilities,
      instead of creating unnecessary new regional institutions. 
      Serious steps should be taken toward establishing Muslim
      Multinational Companies (MNCs) in specific sectors and
      production of goods and services should be encouraged. 
      Plan or layout agreements and treaties such as customs union
      (10 years), free trade area (5 years) and single market (10
      years) to realize gradual economic integration. 
      With the spread of privatization and the mounting role of the
      private sector, give businessmen in the Muslim countries greater
      roles to play. 
      The concept of regionalism should be established. As Muslim
      countries are spread over three continents, regional
      sub-groupings, according to Prof. Abou, is a necessity. Closer
      relationships and ties should be encouraged between the
      sub-groupings to facilitate and strengthen economic cooperation
      within the Islamic World. 

"The world is changing very fast. Distances and time have greatly
diminished. Muslim countries should match this change. Great causes
push nations to heights that would not otherwise be achieved. Closer
economic cooperation and integration among Muslim countries is such
a cause, shall we strive to fulfill it," he said, ending his well-documented
speech. 

The second presenter for the day was Mr. M. Iqbal Anjum, a lecturer
and research officer at the International Institute of Islamic Economy,
International Islamic University, Pakistan. The chairperson for this
session was Dr. Abdul Rashid Moten, the Deputy Dean of the
Department of Political Science at the International Islamic University,
Malaysia. 

Mr. Anjum presented a paper entitled "Sub-regional Economic
Integration for Convergence and Development in the Islamic World."
He should certainly be given credit for his efforts in producing this
paper. It was greatly appreciated by the participants, discussants,
chairperson and other speakers. It was clear from Mr. Anjum's
presentation that he had undertaken great pains to come up with such
informative piece of work. The information provided in the paper was
complete with statistical data and graphs. 

Mr. Anjum's paper comprises five major topics that are divided further
into sub-topics. He began the presentation of his paper by describing
what the "received doctrine" means. According to him, the "received
doctrine" is the doctrine of free trade that has been received and
advocated by economists, who view free trade as an engine of growth
and development, as an ideal trade policy. He said the movement in the
direction of free trade has culminated into a world-level movement
called globalization, which means liberalization of international trade in
goods and services as well as the application of the World Trade
Organization (WTO) rules and the Basle regulatory standards in the
whole world. 

Globalization, he says, is now a fashionable economic issue in the entire
world. "Now the whole world, especially the western world, seem to
herald the movement of globalization, which considers the whole world
a global village, and aims at economic integration through the fast
growth of multilateral trade of all the countries for ensuring economic
convergence and development," he said. 

According to him, multilateralism–based globalization is a golden
opportunity for improving the welfare of the developing countries as
well as the developed countries in the long run. In contrast to the global
optimism associated with the practice of this doctrine, he says it is an
empirical fact that free international trade and related process of
integration affect countries unevenly and enhances international
disparities. Moreover, he says, numerous actions of the capitalist
proponents of globalization have clearly negated their announced
agenda of globalization and implied that they are more interested in
regionalism than in globalization. Offering valid evidence for this
conclusion, he continued by saying that the world is now simultaneously
experiencing trends of globalization and regionalism. He is also of the
view that the "capitalist champions of globalization are camouflaging
their regionalist designs under their propaganda of globalization." 

Continuing his discussion, Mr. Anjum moved on to various other
topics, which he discussed at great length. Among the topics he
touched on besides the free trade doctrine are as stated below: 

      Multilateralism Vs Regionalism: Conflict or Complimentary 
      Convergence among OIC Countries and Its Role In Their
      Economic Integration 
      Mechanisms and Strategies For The OIC Countries' Integration 
      A Comparative Study of ECO, GCC and D-8 

In concluding his speech, Mr. Anjum offered a number of constructive
policy recommendations for the Muslims to follow in their efforts to
accomplish greater economic cooperation, especially in the framework
of regional and sub-regional economic integration. One of his most
significant suggestions was to urge the Muslim countries to come up
with an Islamic monetary union that administers a common central
Islamic bank currency. "It is important to note that sub-regional
economic integration of the Islamic countries is merely a short-term
objective. After the accomplishment of this short-term objective, the
efforts should be directed towards the achievement of the long term
Islamic objective of ultimately establishing a universal Islamic Common
Market in view of realizing the Islamic ideals of universal human
development," he said as his closing remark. The discussant for Mr.
Anjum's paper was Dr. Syed Nawab Haider Naqwi, Rector and
Professor at the Kausar University of Sciences in Pakistan. Dr. Naqwi,
who assessed Mr. Anjum's paper, made some useful remarks about his
work, suggesting there were both weaknesses as well as strengths in
his paper. The bottom line was that both of them agreed that realization
of economic cooperation and integration is not an easy task and
requires a lot of effort. However, "overcoming these challenges with a
positive attitude and creative mind would certainly contribute to the
realization of this goal", they acknowledged. 

The third speaker for the morning session was Dr. Farda M. Assadov,
Head of Arabian Countries History and Economics Department at the
Azerbaijan Institute of Oriental Studies in Azerbaijan. His paper
entitled "Caspian Oil Region: Economic and Political Determinants of
the Development in the 21st Century," looked mainly at the challenges
of oil industry development in post-communist Muslim states. Offering
in depth explanation on this topic, Dr. Assadov discussed various
issues and problems facing these countries and their struggle in
overcoming them. The discussant for this paper was Dr.Amer Roubai,
Professor at the International Institute of Islamic Thought & Civilization,
Malaysia. 

The last speaker for the morning session was Mohammed Solaiman,
Professor of Marketing at the University of Chittagong, Bangladesh.
He presented a paper called "Services Marketing: Ethical Issues and
Challenges (Case Study of Islamic Banking Services in Bangladesh)."
In his paper, Dr. Solaiman, discussed the status of Islamic banks in
Bangladesh and how they are faring in terms of activities directed at
generating, disseminating and responding to market intelligence. In
concluding his paper, he gave a number of suggestions to encourage
and accelerate the process of ethical Islamic marketing system in both
Bangladesh and other Muslim countries. The discussant for this paper
was Dr. Syed Abdul Hamid al-Junid, Deputy President and Professor
at the Tun Abdul Razak University, Malaysia. 

The afternoon session proceeded with Dr. M.A. Hamid, a Professor at
the Rajshahi University, Bangladesh, presenting a paper entitled
"Islamic Banking in Bangladesh: Expectations and Realities." Dr.
Hamid's paper, complete with statistical facts and graphs, provides
insight into what has been happening in the Islamic banking scenario in
Bangladesh with special reference to Islamic Bank Bangladesh Ltd.
(IBBL). The discussant for this paper was Dr. AbulHassan M.Sadeq,
a Professor at the Department of Economics, International Islamic
University Malaysia. 

The sixth speaker for the day was Sayed Ali Asghar Hedayati, a
faculty member at the Iran Banking Institute, Central Bank of Islamic
Republic of Iran. His paper, entitled "Islamic Banking: As Experienced
in the Islamic Republic of Iran", looks at the steps and efforts being
undertaken for the Islamization of the banking system in Iran following
the Islamic Revolution in 1979. The paper discussed in great details the
methods of Islamic banking, the monetary policy in Iran, impact of
Islamic banking system on International banking system, basic
problems and suggestions, and analysis of interest free banking system
in Iran after 15 years of operation. The discussant for this paper was
Dr. Kazem Sader from the Department of Economics, Shahid Behesti
University, Iran. 

The conference took a short break before moving on to the final
discussion or panel discussion called "Islamic Economic Cooperation:
Agenda for the 21st Century." Dr. Syed Nawab Haider Naqvi and Dr.
Mohammed Ariff, Executive Director at the Malaysian Institute of
Economic Research, Malaysia headed the discussion. 

This session was the most controversial as Dr. Ariff's thoughts and
suggestions were greeted with contention from the participants and
academics. The speech however was admirable as it carried substantial
facts and reflected the actual economic conditions of the Muslims
today. His suggestions too seemed practical and realistic. What he
actually said was that Muslims were unrealistic in their aims and goals
to achieve better economic conditions. "After years of meetings and
establishment of regional groupings, nothing has transpired. Our
conditions are still the same. The core problems have not been solved,"
he strongly pointed out, thus suggesting that we take informal steps or
adopt loosely structured economic policies rather than radical ones to
solve the current economic problems. 

It was at this juncture that many from the audience stood up against
him, saying that his suggestions, if followed, would crush the dream of
the Muslims to unite economically. Many were of the opinion that
Muslim countries had to take drastic actions now as we were running
out of time. Dr.Ariff's "take it slow but make it work" concept was cast
out. Although a number of participants boldly lashed out at him, Dr.
Ariff appeared fairly composed. He maintained that the audience
misunderstood him, as his intention was to suggest that realistic
measures be taken instead of visionary but inapplicable ones. "It may
seem like I am wrong now but it is better to make small efforts now
and see that our dreams are realized later than dreaming now and not
seeing anything at all in the future," he said ending the final session of
the conference. 

Day Three 

The third day saw further discussions on Islamic economics with Datuk
Syed Othman Al-Habshi of IIUM starting the morning session with his
paper entitled "Islamic Economics in the 21st Century". 

Consequently, M. Shaukat Ali of the Ministry of Planning and
Development in Pakistan took a closer look at the finance side of
Islamic economics by presenting his paper entitled "Creation of Money
and the Role of Central Bank in an Islamic Framework: simulation for
Pakistan". 

Once again, money was the main issue in a paper presented by
Usamah A. Uthman of King Fahd University of Petroleum and
Minerals in Saudi Arabia entitled "Money, interest and an Alternative
Macroeconomic System". 

The final paper for the morning, "On the Design and Effects of
Monetary Policy in the Middle East" was presented by Magda Kandil
of the University of Wisconsin-Milwaukee, USA. 

The first paper for the afternoon session was entitled the "Role of
Supreme Audit Institutions in Shaping the Islamic Economy in the 21st
Century" by Muhammad Akram Khan of the Ministry of Economic
Affairs in Pakistan. 

The last paper for the day, "Financial Performance and Distribution
Policy of Islamic Financial Institutions" was presented by Syed Musa
Al-Habshi from the Accounting Department of IIUM. 

Day Four 

On the final day, Dr. Mabid Ali, Director of Islamic Research and
Training Institute, IDB, presented a keynote paper in the morning
entitled "Islamic Banking and Finance in 21st Century". The paper
reviewed the challenges facing the researchers in the Islamic banking
and insurance sector. The speaker outlined the essential steps to be
taken in order to succeed in the field of research. He named five
reasons for research failures: firstly, the lack of expertise in economic
analysis, secondly, the lack of tools to make a good research paper,
thirdly, the inability to pick out important topics worthy of research,
fourthly, the misunderstanding of Shari'ah and finally, the lack of
knowledge regarding past research. 

Following that, the speaker reviewed the success and failure of Islamic
economics, mentioning the many efforts that were made in the early
sixties, and finally Islamic economics developed by employing the tools
of profession. Nevertheless, Islamic economic remains a fertile land for
economic research. 

Dr. Mabid shed light on the many areas for research by raising the
following questions as area of research: 

      Should the central bank invest newly issued money or hand it
      over to the government? 
      Should there be a government deficit and how should it be
      financed? 
      Should we allow indexation of future monetary obligations? 
      The IDB research center will multiply and produce quality
      specialists and academicians necessary for guiding Muslims into
      the next decade. 

Further, he talked about the two approaches of banks in the industrial
countries, the commercial bank and universal bank where he suggested
a research be done to show the differences that exist between the
Islamic and universal banks. 

Dr. Mabid also discussed the issue of the lack of regulations for Islamic
banks and the need of setting up an appropriate institution for Islamic
economics. 

Finally, Dr. Mabud put forward that the following be established: 

      A new breed of economists that are sophisticated and have
      undergone rigorous training in economics while at the same
      understanding Shari'ah. 
      A close tie between economics and Islamic economics. 
      The practice of Islamic banking and finance to cover 75% of
      Muslim financial resources. 
      The countries interested to structure their economy based on
      Shari'ah will rise. 
      The IDB research center will multiply and produce quality
      specialists and academicians necessary for guiding Muslims into
      the next decade. 

In the second session two papers were presented. The first paper,
entitled "The Islamic Financial landscape in Malaysia" was presented
by Awang Adek Husin of Bank Negara Malaysia (the Central Bank of
Malaysia). The paper revolved around the Islamic banking system in
Malaysia. Husin informed the delegates that there are one Islamic bank,
24 commercial banks, 18 finance companies, 5 merchant banks and 7
discount houses active in Islamic banking. In addition, there are 2
Takaful companies, 3 saving institutions and 3 development institutions
operating as non-bank Islamic financial intermediaries. 

A number of statistic were provided such as the total assets, deposits
and the financing of Islamic banks as at the end of 1993 and at the end
of May 1999. The statistics showed that the total assets of the Islamic
banking system have grown from only RM2.4 billion in 1993 to
RM29.9 billion as at end May 1999. 

The second paper, entitled "Islamic Fund Management", was presented
by Rodney Wilson of Durham University in the UK. The paper was
basically a survey of Islamic investment funds, especially those
managed outside the UK and other European banking entities. 

The topic on managing and structuring Islamic equity funds took up a
considerable part of the paper, where both equity and trade funds are
covered. However, the bulk of the paper focused on the evaluation of
a number of existing Islamic investment funds in Saudi Arabia. 

In the last session of the conference, three papers were presented. The
first paper was entitled "Risk Sharing and Management in Infrastructure
Financing: An Islamic Evaluation", by Mohammed Obaidullah of Xavier
Institute of Management, India. The paper reviewed the financing
modes for investing in infrastructure projects in developing countries
with emphasis made on the important role of the private sector in this
area. The main objectives of the paper was: 

      The introduction of suitable Islamic modes at different phases
      and hierarchies of private infrastructure project finance. 
      Initiating a discussion on managing the risks of these modes in
      such projects. 

The session proceeded with Dr. Muhammed Shahid Ebrahim of the
University of Brunei Darussalam presenting his paper entitled "Optimal
Consumption Asset Financing: an Islamic Perspective". The paper was
theoretical in nature and used simulation methods to find optimal
consumption asset financing using Islamic instruments. Instruments
considered were the Bai' Bithaman Ajil (BBA), Ijara wa Iqtina and
decreasing Mudharabah. 

The third paper was delivered by Adiwarman A. Karim of Bank
Muamalat in Indonesia entitled "Optimal Contract for Islamic Banking:
A survey of literature". The paper explained the economic behavior in a
free market, with the speaker providing a summary of many papers
which was useful as a quick reference eventhough no critical evaluation
was provided. The paper concluded by stating that mark up financing is
similar to debt financing and thus share similar optimality properties. 

The last paper entitled "Size and Profitability of Islamic Financial
Institutions with a special reference to management and control issues"
was delivered by Dr. Humayon Dar and John Presley of
Loughborough University in UK. The speakers felt that the portfolio of
Islamic Financial Institutions (IFI) are geared towards the credit
facilities of Bai' Murabahah/Bai' Mua'jjal (markup), and Ijara
(leasing)/Ijara wal- 'Iqtina (lease-purchase). The speakers attributed
this to the theory of Corporate Control advanced by Grossman and
Hart (1982), Harris and Raviv (1988). The basic idea behind the
theory is that optimal stakeholders of a firm are equity (who control it)
and non-voting debt (who are content with a fixed return). As the 
bulk
of financing activities of Islamic banks are concentrated towards 
quasi
debt facilities, the speakers rationalize this to the theory of 
corporate
control, where corporate entities are reluctant to use
Mudharabah/Musharakah as that would relinquish their authority 
over
their firm. 

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