It is stipulated that the capital must consist of minted gold or silver currency, even if slightly adulterated, and that they stipulate for each of them a known, undivided share of the profit . . .
His statement, “It is stipulated,” means in addition to the previous conditions: that they both be owners, or possess the right of disposal, and that the capital be known.
His statement, “that the capital must consist of minted gold or silver currency”: this is the third condition—namely, that the capital invested in the partnership consist of the two monetary metals, gold and silver, “minted,” that is, dirhams and dinars. Minted currency is that which has been stamped and made into legal tender; in other words, made into dirhams and dinars. Thus, if each of them brought a pouch of gold and entered into a partnership, it would not be valid, because it is not minted. Likewise, if each brought one hundred bundles of ten-note banknotes, it would not be valid, because they are not the two monetary metals. And if each brought twenty cars, it would not be valid, because that is not of the two monetary metals. If they were to conduct business, then the profit from each person’s capital would belong to him, and the other would have no right to it, because the partnership is invalid. This is the madhhab.
His statement, “of the two monetary metals,” includes the case in which one of them brings dinars and the other brings dirhams. For example, one brings ten dinars and the other one hundred dirhams; this is valid.
However, this applied in the time of the earlier scholars, when dirhams and dinars did not fluctuate—meaning, twelve dirhams equaled one dinar. As for our present time, their values vary: sometimes gold rises and sometimes it falls. Accordingly, we say that the currency must be of one type only: either gold or silver.
This is the view adopted by the author, may Allah have mercy on him: the capital must consist of minted gold or silver currency.