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By Masudul Alam Choudhury

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This is deliberately done by the corporation so as to limit effective control of decision-making in it to the preferred group of decision-makers. The sole interest of these decision-makers is to maximise the value of the common stocks. MUDARABAH STOCKS AND SHARES In this comparative perspective of preferred and common stock financing we can now introduce the Islamic idea of mudarabah stocks and shares. We shall first explain the idea of mudarabah and its role in the financial statements of a firm.

In Chapter 6 the analytics of the workings of mudarabah, the Islamic profitsharing system, is developed. The principle of mudarabah is shown to play an important role in risk diversification. The principles of zakah taxation and mudarabah constitute the central instruments of resource allocation in Islamic microeconomic theory. In Chapter 7 the concept of utility and welfare maximisation in the Islamic perspective, developed in Chapter 6, is further developed and extended to a broader spectrum of decision processes - that of the firm, the organisation and the state.

Net income shown in the income statement would equal net operating income less dividends on mudarabah shares. Therefore, net income is the same as the retained earnings for the firm in an Islamic economy. After this accounting step zakah is levied on the retained earnings. Other taxes may also be levied at this pdint. This system of post-retained earnings taxation in the Islamic economy as opposed to pre-retained earnings taxation in a conventional economy is found to yield a higher increase in dividends.

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