If one of the partners dies, how does the partnership continue?

Death does not automatically terminate the partnership or transfer all obligations to a single individual.

Steps

1. The ownership documents, contract, takaful coverage, and inheritance procedures must be reviewed.

2. Then, the bank and the heirs will determine whether the partnership continues, the share is purchased, or a settlement is reached.

3. In this case, the legal document is more important than any general answer.

Source

• AAOIFI — Sharia Standards