Premium
ISLAMIC FINANCE AS A PROGENITOR OF VENTURE CAPITAL
Author(s) -
Koehler Benedikt
Publication year - 2009
Publication title -
economic affairs
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.24
H-Index - 18
eISSN - 1468-0270
pISSN - 0265-0665
DOI - 10.1111/j.1468-0270.2009.01956.x
Subject(s) - venture capital , islam , general partnership , islamic finance , social venture capital , business , limited liability , capital (architecture) , limited partnership , joint venture , entrepreneurial finance , finance , commerce , ancient history , geography , archaeology , history
The antecedents of corporate limited liability are commonly seen to emerge amongst medieval Italian merchant bankers in so‐called commendas , commercial arrangements combining investors and entrepreneurs. Italian merchants trading with the Levant may have adapted the Islamic concept of a risk‐sharing partnership, the qirâd , as a model. Western corporations thus may owe their origins to the influence of Islam's entrepreneurial founder, Mohammed.