Is it permissible to invest in a real estate company that guarantees monthly profits at a predetermined rate and provides a check for the capital that can only be cashed after one year, knowing that the contract does not stipulate a guarantee of the principal?

Mudarabah (profit-sharing partnership) is permissible. Contributing to a Mudarabah company is permissible if the funds are invested in non-prohibited activities, and provided that the capital is not guaranteed. The company issuing a check to the participant may imply a guarantee of capital, which is impermissible. Furthermore, there is a difference of opinion regarding setting a fixed term for Mudarabah, with the preponderant view being permissibility. As for distributing profits at a fixed monthly percentage, this is known as constructive liquidation (al-tanḍīd al-ḥukmī) and is permissible. Therefore, there is no objection to subscribing to the aforementioned company if the check is replaced with an official document, and the company fulfills the mentioned conditions.