Arabic (خلطة) for mixing (pooling) of a number of shari’ah-compliant asset classes in securitization (tasnid/ taskik) or capital structure. Examples of khultah in securitization include pooling of real estate property, equity, and debt. Khultah in capital structure involves combination of equity and debt financing. In either case, from a shari’ah point of view, the maximum limit of sales receivables (zhimam madinah), in sukuk structures, or the total percentage of debt/ dayn to market capitalization should not exceed 1/3 (one third) or 33.33%.

In broad terms, khultah is the commingling of funds (or other forms of wealth/ mal) from different sources or contributors in a manner similar to sharikah/ shirkah (khultah is subject to the same Shari’ah rulings or ahkam of sharikah). The commingled funds are treated as if contributed by one source.

Khultah has also a specific meaning in the context of zakah/ zakat: it is the commingling or combination of two stakes of ownership or more so that nisab for payment of zakah is consolidated: adding up two nisabs or more (minimum threshold of wealth for zakah, beyond which it becomes payable) for particular types of mal/ wealth, specifically livestock (camels and camels, cows and cows, but neither cows and sheep nor camels and cows), which are attained by two owners or more, so that zakah can be paid out only by one owner (provided that all other conditions for zakah payment are met).