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Islamic Finance As A Progenitor Of Venture Capital

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  • Benedikt Koehler

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.

Suggested Citation

  • Benedikt Koehler, 2009. "Islamic Finance As A Progenitor Of Venture Capital," Economic Affairs, Wiley Blackwell, vol. 29(4), pages 89-91, December.
    • Handle: RePEc:bla:ecaffa:v:29:y:2009:i:4:p:89-91
    DOI: 10.1111/j.1468-0270.2009.01956.x
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    References listed on IDEAS

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    1. Greif, Avner, 1993. "Contract Enforceability and Economic Institutions in Early Trade: the Maghribi Traders' Coalition," American Economic Review, American Economic Association, vol. 83(3), pages 525-548, June.
    2. de Roover, Florence Edler, 1941. "Partnership Accounts in Twelfth Century Genoa," Business History Review, Cambridge University Press, vol. 15(06), pages 87-92, December.
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