Diminishing Musharakahpartnership PREPARED BY MOULANA SHOAYB JOOSUB 1

Diminishing Musharakah(partnership) PREPARED BY MOULANA SHOAYB JOOSUB 1

Basis of Diminishing Partnership l Create Joint Ownership l Rent l Promise l Actual Purchase l Adjustment of the rental PREPARED BY MOULANA SHOAYB JOOSUB 2

NO PRE-CONDITION l One-sided Promise may be concluded PREPARED BY MOULANA SHOAYB JOOSUB 3

Shirkatul Milk l Joint Purchase l Bond Take-Over l Freehold Property, etc l Commences when assets of the partners are combined, eg PREPARED BY MOULANA SHOAYB JOOSUB 4

Leasing the property l Lease l To Third Party (Differences of Opinion) l To the Partner (Unanimous on permissibility) PREPARED BY MOULANA SHOAYB JOOSUB 5

Promise to Purchase l Client’s Promise l Courts to enforce IF : üOne-sided Promise üPromise Incurred Liability PREPARED BY MOULANA SHOAYB JOOSUB 6

Purchase of Units from ABL Partner purchases the Units l Actual Offer & Acceptance l § Basic Rules § § § § Existence Ownership of Seller Actual or Constructive Possession Instant and Absolute Value Un-Islamic Purpose Specifically known & identified PREPARED BY MOULANA SHOAYB JOOSUB Continued. . . 7

§ § § Delivery must be certain Certainty of Price Unconditional The adjustment of the lease amount PREPARED BY MOULANA SHOAYB JOOSUB 8

Jazakallahu Khairan ! Prepared by Moulana Shoayb Joosub PREPARED BY MOULANA SHOAYB JOOSUB 9