Islamic law developed the waqf’s juristic personality but refused limited liability companies

Evidence

As a legal institution and instrument, the waqf acquired an abstract juristic personality, acting as such in judicial claims and litigation. Thus a waqf, qua waqf, may sue for damages or recovery of rent of its own property (which was often the income that sustained the operation and maintenance of the waqf itself). Yet, when economic developments imposed requirements on the legal system, the Shariʿa, even though it succeeded in developing complex forms of trade, investment, and commercial partnerships (complex by any standard, including the modern), refused to grant commercial and financial enterprises the same concepts of juristic personality, stopping, as it did, at the limits of individual responsibility and personal liability. In other words, despite the complexity of legal instruments it had developed, the Shariʿa held itself short of developing any concept of limited liability. — Wael Hallaq, Restating Orientalism, 157

Categorization

• QUESTION: Why did the waqf merit juristic personality when commercial enterprises did not — what made the difference institutionally?
• XREF: Connects to the diamond-trade chapters on extralegal contracting regimes and how legal systems draw the line on liability and personality.