Section: The ruling regarding silver bullion (nuqra) is the same as the ruling regarding commodities; because its value increases and decreases, so it is like commodities. The same applies to the ruling on debased currency (maghshush), whether the debasement is little or much. This is the view of al-Shafi'i. Abu Hanifa said: If the debasement is less than half, it is permissible; if it is more, it is not permissible; because the consideration is given to the dominant factor in many of the foundational principles. Our evidence is that it is debased, so it resembles the case where the debasement is greater, and because its value increases and decreases, it resembles commodities. Their argument that 'the consideration is given to the dominant factor' is not correct; for if silver is the lesser amount, its legal ruling regarding Zakat does not lapse, and likewise with gold. Unless, however, the debasement is very slight for the purpose of the currency's utility, such as a tiny amount of silver in a dinar, like a grain and its like; then it is not taken into consideration because it cannot be avoided, and it does not affect usury (riba) nor anything else.

Section: Partnership using fulus (base metal coins) is not valid. This is the view of Abu Hanifa, al-Shafi'i, and Ibn al-Qasim, a companion of Malik. Permissibility is derived (as a possible view) if they are widely circulated; for Ahmad said: I do not deem Salam (forward sale) permissible in fulus; because it resembles Sarf (currency exchange). This is the position of Muhammad ibn al-Hasan and Abu Thawr; because they are currency (thaman), so partnership with them is permissible, just like dirhams and dinars. It is possible that partnership with them is permissible in all cases, whether they are widely circulated or not, based on the permissibility of partnership with commodities. The aspect of the first view is that they circulate at one time and become stagnant at another, so they resemble commodities. Thus, if we say that partnership with them is valid, then if they are circulating, the capital is their equivalent, and if they are stagnant, their value is like commodities.

Section: It is not permissible for the partnership capital to be unknown or estimated (juzaf); because there must be a return to it at the time of dissolution, and that is not possible with ignorance or estimation. It is not permissible with absent capital, nor with a debt; because it is not possible to dispose of it immediately, which is the objective of the partnership.

Section: For the validity of the partnership, it is not required that the two capitals agree in genus, rather it is permissible for one of them to bring