circulated as currency, because in reality it has become like trade goods, and it is not valid for it to serve as the capital of a partnership.

Adulteration in the two monetary metals is of two types:

The first is slight adulteration intended to harden the two metals. They said that gold and silver are generally not free of this, because if they were not hardened, they would become soft. There is nothing wrong with this, because it serves their benefit.

The second is that which is intended for cheating and deception. It is not permissible to deal in such currency, and the ruler must prohibit its circulation, because it is fraudulent. Nor is it valid for it to serve as the capital of a partnership. This is the qualification indicated by his statement: “even if they are lightly adulterated.”

It has already been mentioned that the partnership capital is not required to consist of the two monetary metals. However, at the time the partnership is concluded, each partner’s contribution must be appraised in terms of the two monetary metals, using whichever of them is more widely circulated.

His statement, “that they stipulate for each of them a known undivided share of the profit,” is the fourth condition. For example, they may say: “We have entered into partnership with this capital, and each of us is entitled to half of the profit.” This is valid.

Another example: “We have entered into partnership with this capital; Zayd, you are entitled to one thousand of the profit, and the remainder is mine.” This is not valid, because it is not an undivided share. A fixed, non-undivided allocation may consume the entire profit, leaving the other partner with no profit at all.

Another example: he says, “You have part of it, and I have part of it.” This is not valid, because “part” is unknown. It must be known and undivided, as indicated by his statement: “a known undivided share of the profit.”