Dr. Monzer Kahf, Scholar in Islamic Economics & Financial Expert, states the following: “Shari`ah has something that comes very close to timesharing as follows: one may purchase a common or masha` share in an indivisible (or even divisible with an agreement of all owners to keep it undivided) property, say 2/52 of a resort villa or apartment, the use of this property is then divided between the owners of the property, villa or apartment, in proportion to their shares, this is called in Shari`ah al-muhaya’ah. Does the contract of buying a timeshare give you the right to own , say 2/52 of that property or is it called simply you buy a timeshare? Is the legal interpretation of this kind of ownership, in Spanish law, is such that you own 2/52 of the property? Is it considered a real state ownership? If the answer is yes to these questions, then it is permissible to buy and own, say, 2/52 of such a property.
As for the association agreement and fees and the substitutability of this share with others in other areas in a given year, even with substitution fees, all these are permissible as long as there is no other things that are incompatible with the Shari`ah.”