Q: Please assist with query below:
Ismail and Ishaaq are partners in purchasing properties. They have 10 properties that are owned jointly by their company. Both of them own a 50% share. Ishaaq wants to give his two daughters a 25% share each of his 50% share (which is effectively 12.5 % of the entire company to each daughter).
1. Will Ishaaq need Ismail's permission to do this?
2. Will an ordinary offer and acceptance of this gifting be valid? Considering it is spread over few properties and jointly owned, how can he otherwise pass on ownership?
3. If he sells the share to them at a minimal price instead of gifting it, will it be valid e.g. the share is worth R1 million, and he sells it to them for R1000, will this be valid?
A: The Shar'ee ruling in regards to things that are divisible (e.g. a land) is that if it is gifted to two or more people, in order for the gifting to be valid one should first divide the land and thereafter gift it to the people one wishes to gift it to.
Hence, if he gifts a portion of his ownership to them, the gifting will not be valid. He should rather sell a portion of his shares to them for a minimal amount.
He does not require the consent of his partner for this sale to be valid.
And Allah Ta'ala (الله تعالى) knows best.
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