Securitization of partnership (مشاركة)

Read-only question overview. Answers and scoring remain inside authenticated learner attempts.

• What does a partnership (مشاركة) certificate fundamentally represent?
• If a certificate still represents only Rs. 1,000,000 cash, how should it be treated?
• Once a certificate represents substantial tangible assets, it may be sold at a mutually agreed price.
• A certificate represents Rs. 60 liquid and Rs. 40 non-liquid assets. Which price fits the Hanafi formula discussed here?
• The Hanafi view requires more than 50% non-liquid assets before mixed certificates may be traded.
• What threshold do many contemporary scholars use for broader acceptability?