• partnership (مشاركة) certificates represent ownership, not merely debt.
• If a certificate represents only cash, it cannot be traded like a tangible asset share.
• Once substantial tangible assets exist, it represents ownership in those assets.
• Mixed portfolios contain both liquid and non-liquid components.
• Traditional Shafi‘i treatment separates the non-liquid part before sale.
• Hanafi treatment allows mixed-unit trading when price exceeds the liquid component.
• Hanafi law does not impose a fixed 50% threshold; many contemporary scholars use more than 50% for broader acceptability.
Trading follows the real substance behind the certificate: money, tangible assets, or a mixture of both.