Partnerships

Q: My bother passed away and his five kids and widow are in my supervision. Even though I am a lady but Alhamdulillah I did my best. Alhamdulillah now my brothers property problem is also solved and Alhamdulillah they received some money. They are not capable of handling this amount. No one in relatives are responsible enough to keep this Amanath for them. And may Allah Ta'ala forgive me I don't trust anyone for their money. I don't want to keep it in the bank and collect interest on their money. So with several god fearing peoples advise I invested their money in a certain brothers clothes store. He said for every 1 Lakh Rs he will give 1 thousand as profit. He said he can give more than that because he is saving lot more in interest. He said he will fix this minimum amount. And Allah forbid if in case he has loss in his business he will sell his house and give the money back to us. I got everything in writing for my brothers widow and her children's name. Alhamdulillah this brother himself is a very pious person. And spends lots of his time besides business in Dawah work. So mufti sahib please advise me if I did it right?

Q: I am opening a business with a friend. He will buy a vending machine and I will provide the chocolates and confectionery for the vending machine. Is this permissible and is the money made halaal for me?

Q: Two brothers are partners in a property which generates monthly rentals. The one partner passed away recently (may Allah Ta'ala forgive him). Now that the one partner has passed away, does it mean that the living partner and the heirs of the deceased partner automatically become joint partners? How should the property be distributed now? Can the one party purchase the 50% share from the other party? The living partner wishes to give his 50% share in the property to his three daughters. Can he do this? If yes, does he require consent from the heirs of the deceased partner? Also, how should he actually carry out this transfer? If he merely has a document drawn up wherein, he wilfully transfers ownership of his share (gifts it) to his daughters and has an independent person sign on his behalf, or merely verbally mentions this in the presence of two witnesses, will this be in order?

Q: I want to know that I am going to plan to have a Muslim restaurant in a non-Muslim country in partnership with another non-Muslim person. Wine and beer is common to drink. Can my partner can sell on his behalf in that restaurant which we both own? (the profit from wine and beer will belong to him only).

Q: We are two partners in a business. The one partner works in the business and takes a salary. When there is profit-sharing, how do we divide our profits?

Q: I have been offered a business proposal to be a shareholder in a new company by a businessman who is going to be the financier of the business. The offer is as follows:

(1) Better my current salary where I am currently working.

(2) 30% shares of the business.

He is also basing this decision on my knowledge and contacts that I have on the nature of this business. We have both agreed to have everything in writing at the right authorities. Please advise on how I should go about doing it.

Q: There are four equal partners in a building. One partner is renting a premises within this building. This partner does not want the annual increase in rental to apply to him as it applies to all the other tenants. Is it permissible for this partner to enjoy this advantage over the other partners and the other tenants?

Q: Two shareholders in a company came to an agreement to buy each other’s share in the company at the death of either one of the shareholders at an agreed price. This is to ensure the future of the company and also to guarantee a purchase price and a buyer for the shares. Funding of the purchase is by means of life assurance by the shareholders on each other’s lives. Both shareholders are Muslim and their wills are Shariah compliant. Is the buy and sell agreement between the two shareholders acceptable within the Shariah principles?

Q: I wanted to buy a sewing machine for R5500. I paid R500 and my husband paid the remaining R5000. Who does the machine belong to?

Q: I am to start a goat farm project in partnership that requires 57 lakh rupees and 120 sqmt piece of land. The land is of my grandfathers. 53 lakh rupees the bank is giving a loan and the remaining 4 lakh are devided in 4 partners as 2.5 lakh myself, and 50000 each by 3 partners. Net Profit will start from 3rd year after deducting all expenses. If the profit  is 100 rupee then my questions are:

1) How much (%) share of profit will be between partners.

2) How much share will be the land owners as the market value of the land is 3 lakh?

3) Land owner that is my grand father is expired so can that share be devided among 16 members of  his family?