The process of mixing, and adding together, a number of shari’ah-compliant asset classes in securitization (tasnid/ taskik) or capital structure. Examples of pooling (khultah) in securitization include pooling of real estate property, equity, and debt.

Pooling/ khultah in relation to 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.