Is the speculator's percentage calculated from the profit after compensating for the previous loss, or from the total profit realized before covering the loss?

The profit that the mudarib (managing partner) is entitled to is what exceeds the principal capital after covering any losses. Thus, the profit obtained after a loss is what makes up for the principal capital, and what remains thereafter is the profit. For example, if the principal capital was one million, and it lost one hundred thousand, then gained two hundred thousand, the profit is only one hundred thousand, because the second hundred thousand compensated for the deficit in the principal capital. Therefore, the mudarib is not entitled to take any profit until the principal capital is returned to its owner. Whenever there is a loss and a profit in the capital, the deficit is covered by the profit, whether the loss and profit occurred at the same time, or in different transactions or ventures.