What is the ruling on the investment certificates issued by the Egyptian government for the Suez Canal project, knowing that the head of the Egyptian Fatwa Committee has permitted them and considered them a legitimate Mudarabah?

The proportion in a permissible Mudarabah (profit-sharing partnership) must be from the profit, not from the capital. If it is determined based on the capital, the transaction exits the scope of permissible Mudarabah. Scholars have unanimously agreed that the agent (Mudarib) may stipulate a known share of the profit, and they have invalidated the Qirad (Mudarabah) in which either one or both parties stipulate a known sum of money.