ISLAMIC FINANCE AS A PROGENITOR OF VENTURE CAPITAL

Benedikt Koehler

Economic Affairs, 2009, vol. 29, issue 4, 89-91

Abstract: 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.

Date: 2009
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