Certificate of Musharakah
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Definition of "Certificate of Musharakah"
An Islamic financial instrument approved by the Corporate Law Authority of Pakistan in April 1995. The mudarabah companies, which had the permission to issue these certificates, could do so to collect funds from general public for subsequent investment. These certificates could be purchased over the counter (OTC) from the issuing companies as well from stock exchange. The Corporate Law Authority has published regulations to oversee the operations of the issuing companies.