Replying to Question related to a business problem

assalam: ya shaykhnal faadhil,

I hope this message reaches when you are in the best of eman and happiness. Shaykh a few months ago, I was approached by a brother who asked me to invest in a business project, where I, he and one other brother would have equal shares of ownership, or distribution of invested capital. Likewise we decided once the business starts operating, the profit will be equally shared based upon our investments. What happened latter was that when the assets were ordered, the money/investment of this brother,  who purposed this business initially, never materialized, and me and this third brother had to cover his portion with our additional money, which he promised that latter on when his money would be ready, he would  pay us for that. However once we acquired these assets, unfortunately this brother proved himself very unmanly with him playing around/vandalizing some of the assets, and then latter claiming his full withdrawl from the business, leaving me and this third brother with assets hanging from our necks.  Since we had no expertise in this business, and this person was the main backbone, and the main brain, with all the ideas and knowledge of its practical methods, we couldnt pursue this business on our own, and so the business never went into operation, and we had to sell the assets at a huge loss from the inital price we had them acquired.

I would like to know respected Shaykh, from the Shari3ah perspective, do we have the right to claim from this  brother the loss we had incurred in the assets after we sold them back , as well as ask from him to pay for his share which he never bothered to pay and avoided, and which we had to cover from our own money. I would greatly appreciate your help in this regards, jazakumullahu alf khair…

 :wasalam:
[/quote]
 :assalam:
 :bismillah:
 If it was an agreed upon matter that each will contribute a certain amount of capital , then that amount will be payable by him. As for the losses it will be proportionate to your shares which will be then equally borne by all shareholders. In simple words he owes you’ll  the share in the loss which is his loss amount. For eg: If the initial amount was 50 000 agreed upon as initial investment, then that will be compulsory. If the loss sustained was 30 000 then each will lose 10 000 as per agreement. He cannot be held responsible for the total loss amount. Since the other amount has been recovered by the sale , the amount which was his share in the loss is the amount payable by him.
And Allah knows best..
[/quote]

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Create a free website or blog at WordPress.com.

Up ↑

%d bloggers like this: