together with a specification of the special conditions governing that particular issuance, provided that all such conditions accord with Sharīʿah rulings.

Element Three:
The muḍārabah certificates must be tradable once the subscription period has ended, such negotiability being deemed an authorization granted by the muḍārib at the moment the certificates are issued, subject to the following controls:
(a) If, after the close of subscriptions but before operations commence, the muḍārabah capital is still held in cash, trading the certificates constitutes an exchange of cash for cash and is therefore subject to the rules of currency exchange.
(b) If the muḍārabah capital has been converted into debts, the rules governing the transfer of debts apply to any trading of the certificates.
(c) If the muḍārabah capital consists of a mixture of cash, debts, tangible assets, and usufructs, the certificates may be traded at any mutually agreed price, provided that tangible assets and usufructs predominate. Should cash or debts form the majority, trading must comply with the Sharīʿah rulings that will be detailed in an explanatory directive to be prepared and presented to the Academy at its next session.
In all cases, transfers must be duly recorded in the issuer’s official registers.

Element Four:
The party who receives the subscription proceeds in order to invest them and establish the project is the muḍārib—that is, the active partner in the muḍārabah. He owns no part of the project except to the extent that he himself may purchase some of the certificates; for that portion he is a rabb al-māl (capital contributor). In addition, once profits have been realized, the muḍārib shares in them according to the percentage allotted to him in the prospectus.