Similarly, on page 81, Mufti Taqi Saheb says:

"The second speciality of the company, viz., its limited liability, is worthy of Shar'i consideration."

Mufti Sahib presents the Mudhaarib and the Rabbul Maal as an analogy. This is an erroneous presentation. In so far as the company is concerned, the issue of Mudhaarabat is unrelated with the company.In fact, he himself has designated this issue (of the company)'Shirkat-e-Musaahamah' on page 62.

Furthermore, this too is his personalterminology which he has fabricated. For the Sake of Allah Ta'ala, do not fabricate terminologies to ruin the People (of Islam). Informthem unequivocally that the transactions of the stock exchangeare improper (i.e. not permissible). They should not become involvedin such dealings, for Islam has prohibited this capitalist system.Page 13 You (i.e. Mufti Taqi Sahib) have made the innovation of terminologiesthe basis in your (capitalist) conception. Both the analogies and the terminologies are your personal inventions. Is this the way ofprotection? (i.e. protection of the Shariah).The question now is: Who should point out these (erroneous) issuest o you?

I should clarify to you that on one occasion you and I had aconfrontation on the occasion when you had invited the Muftis of Pakistan. You had then presented interpretations for legalizing bankinterest. The discussions proceeded until the evening, and these interpretationswere rebuffed (by the Muftis of Pakistan). You thus didnot attain the aim for which you had invited the honourable Muftis.Again, I had discussed with you on a second occasion when fourMuftis of your institution, Darul Uloom Karachi, had issued the erroneousfatwa on the issue of Waqf on the baseless assumption of itbeing Wasiyyat. After the discussion with me, you perused my Fatwa and accepted my viewpoint.

You had in fact presented your acceptancein written form. You thus conceded that a Waqf is a Waqf (notWasiyyat). Even the (Muftis) of (Daarul Uloom Newtown andJaamiah Faruqiyyah) had accepted my viewpoint.I presented myself on a third occasion to discuss a mas'alah pertainingto Nikah. But your Muftis refused to discuss. I am now, therefore,constrained to present my refutation in writing. I am embarkingon this measure solely to close the avenue for the introduction of innovationsin the Deen, and to endeavour to drive you and us to followthe Law which has come to us down the corridor of 14 centuries—that Law in which there is no scope for either capitalism or socialism.