• A mixed unit containing liquid and non-liquid assets is not sold as one combined unit under the traditional Shafi‘i view discussed here.
• The non-liquid part should be separated.
• That tangible portion may then be sold independently.
Keeping the legal roles clear prevents the arrangement from being treated like a fixed-return loan. Capital, management, ownership and profit entitlement should each follow the role actually undertaken.
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Securitization of partnership (مشاركة)
• A mixed unit containing liquid and non-liquid assets is not sold as one combined unit under the traditional Shafi‘i view discussed here.
• The non-liquid part should be separated.
• That tangible portion may then be sold independently.
Keeping the legal roles clear prevents the arrangement from being treated like a fixed-return loan. Capital, management, ownership and profit entitlement should each follow the role actually undertaken.