What is the ruling on issuing an Islamic Mudarabah Sukuk, with the following conditions: paying a cash value to obtain a percentage of the total return or profits without bearing any of the losses or a part thereof, with the possibility of recovering the principal capital, but with the right of the managing entity to refuse this in some cases, and the Mudarib not having any real or administrative right in the activity? And does the ruling differ if the activity is already established versus being under construction?

Musharaka Sukuk (definition) are documents representing projects managed on a Mudarabah (definition) (profit-sharing) basis, where the subscribers are the capital providers, and the proceeds of the subscription constitute the Mudarabah capital. For the Mudarabah to be valid, it is stipulated that the investment field must be permissible, the capital must not be guaranteed, and a known percentage of the profit, not of the gross return, must be agreed upon. The aforementioned contract must be corrected so that it does not include a guarantee of capital except in cases of transgression or negligence on the part of the Mudarib (manager), and that the Mudaribun (capital providers) possess real rights in what is purchased with their funds, and that the repayment of the capital is not refused at the end of the financial period.