An Investigative Review of The Shariah And Historical Status Of Bankruptcy (Taflīs)

دیوالیہ (تفلیس) کی شرعی و تاریخی حیثیت کا تخقیقی جائزہ

Abstract

The name of a person who has become bankrupt or poor is Tiflis, which is remembered by different names, just as the ruler announced the bankruptcy of someone and made him famous among the people. A bankrupt is a person who has debts and his expenses are more than his income. According to the jurists, a bankrupt is one who has the rights of his servants to such an extent that they cannot be paid from his wealth and the ruler imposes restrictions on his disposal. As if all the wealth of the debtor has been lost and he has nothing left to pay the debt and his remaining wealth is insufficient to pay the debt, then in this situation the Ghurma would approach the Qazi or Hakim. And he decides to bankrupt him. Historically, the bankruptcy system passed through different periods and reached Rome and Italy. In these countries, the debtor was mistreated in such a way that whatever property he owned was sold to recover his debt, and if he had anything If it was not, then the debtor would be made a slave and made to serve him, and if he was not able to do this, he would be sold like a slave. Thus, the Tiflis system was divided into three different periods. In the Qur'an, Allah revealed laws and regulations, established equality in justice and fairness between people, and not only the followers of the religion of Islam, but the entire humanity got rights and protection, then determined the rights and duties of creditors and debtors in such a way that There is no oppression on the creditor and there is no oppression on the debtor.