This article examines the possibility of corporatisation of Islamic form of business organisations and their functioning under Islamic Law. It analyses, in comparative perspective, the Islamic form of business organisations with western form of business organisations. It further analyses the possibility of functioning of Islamic business organisations under the capitalist financial system. This article concludes that the Islamic form of business organisations, with some exceptions, can be equated with western form of business organisation in its contents and functioning to fulfil the needs of modern financial system for the world in general and Muslim world in particular.