Concept assets is part and parcel of structured society of this modern age. How the concept of property is examined, the character of the community. This copy rights are well-known phenomenon in this age of modernization and great impotence.
Intellectual property is defined as a specific legal rights to the property with the result of the intellectual efforts of people, for example, patents, trademarks, industrial designs and copy rights. It is the intangible asset or the intangible nature.
In Western intellectual property laws has significant importance and is well-received concept and it comes under the domain of personal property. But in Islamic law the concept of intellectual property is shared.
In Islamic law this concept of intellectual property is that not much has been done and jurists on the dispute. Some of them believe that the property and others do not. The main reason for the dispute is the nature of intellectual property that is intangible, and has no physical existence.
Different Islamic schools thoughts spokesman opinion of acceptance and non-acceptance in other ways. The Hanf school of thought do not agree that intellectual property but Shafi consider it as an asset because they believe that the right to use and benefit too as the hotel while Hanif is only consider the physical property as an asset.
Modern lawyer the intellectual property under the category Haqooq-e-Urfiya (traditional rights) and these are rights under Mulan Taqi Usman, the nature of which there is no evidence in the Sharia and the only basis for its approval is the implementation of these rights.
This is the time when this very concept of intellectual property needs to be defined and approved. The importance of this very concept is inexorable at this stage of globalization. It is a challenge for Muslims to resolve this dispute of acceptance and non-acceptance of intellectual property. Muslim jurists are really in need of ijtihad and ijma recognition of this idea undisputedly.