Arabic (ملكية) for ownership; an owner or co-owner has a certain right (or set of rights) over the underlying property/ assets, as per the type of ownership (complete or incomplete ownership, milkiyyah kamilah/ tammah or milkiyyah naqisah). Depending on the specific type of ownership, the owner may fully  or partially controls the property/ assets and any economic benefits that would arise therefrom, including either the corpus (raqabah), or part thereof, or the usufruct (manfaah), or part thereof.

Under shari’ah, milkiyyah (ownership) refers to the legal relationship established between a person (or a group of persons) and property that renders the property specifically attached to the person(s)- in which case, the owner(s). By virtue of this relationship, the owner has specific rights in that property in the absence of a legal impediment to a specific action or transaction. Specifically, milkiyyah involves three different aspects of right (haq) to a varying degree: the right to dispose (tasarruf, haq al-tasarruf), the right to use and the right to receive any benefits that may arise from such ownership. If any of the three types of haq lacks or does not exist (or is not provided for under an arrangement/ situation), then ownership is said to be “milkiyyah naqisah”. Otherwise, it is milkiyyah tammah (milkiyyah kamilah).