Shirkat al-milk (co-ownership)
Co-ownership of an asset by two or more parties, whether by choice, as in a joint purchase, or by circumstance, as in inheritance.
Shirkat al-milk is partnership in ownership: two or more parties jointly own an asset, voluntarily or involuntarily, as when heirs inherit together. The IFSB's definition adds that profit and loss sharing follows each partner's equity. It is distinguished from shirkat al-aqd, a contractual partnership formed to do business, and co-ownership of this kind is the starting point for diminishing musharakah.
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This entry explains a term; it is not a Shariah ruling. Approving a product is for each institution's own Shariah board and regulator.