🌙Takadao Shariah Board Meeting Report 5

Date: 10 December 2023 / 14:00 PM KSA / GMEET

ATTENDEES

Record of Attendance: Reza, Hamid, Akram, Sharene

AGENDA

- Discuss AAOIFI Standards

- Concept of Jualla

Meeting Summary

They discussed implementing Tabarru' in the DAO, including giving back surplus to the community and providing rewards and incentives. The participants discussed using AAOIFI standards and a hybrid model in the Middle East. They also discussed the concept of Jualla and the process of contributions and voting, including the use of Taka tokens and NFTs. Concerns were raised about the complexity of the current model and the lack of surplus to distribute. The decision was made to adopt a DAO fund model and manage governance based on token holdings. The participants also discussed adhering to AAOIFI accounting standards and the payment and reward structure, with a goal of having a clear strategy by Wednesday.

1. Meeting with Mufti Billal

• The participants mention that they have a meeting scheduled for tomorrow morning with Mufti Billal. They also mention that Sander will join the meeting at 10.30.

• The participants express their interest in hearing Sander's feedback during the meeting with Mufti Billal. They mention that it will be helpful for their project. They briefly discuss the main contract and secondary contract for the project.

2. Implementing Tabarru' in the DAO

• The participants discuss the implementation of Tabarru' in the DAO. They mention that the management wants to give back to the community the surplus. They discuss the idea of providing rewards and incentives for involvement in the DAO. They mention that this approach will make it easier in the Shariah context. They also discuss the importance of creativity and the flexibility of operating like a normal crypto project.

• The participants discuss a teacher who is involved in research and auditing. They mention the possibility of involving her in the House of Wisdom and suggest putting Shariah in touch with her.

3. Discussion on the hybrid model and AAOIFI standards

• The participants discussed using AAOIFI standards and a hybrid model in the Middle East, which was approved by the Shariah Bureau.

• They mentioned that the hybrid model would encourage people to engage and take an active role in the community.

4. Discussion on the concept of Jualla

• The participants discussed the concept of Jualla, which is based on a hadith and involves rewarding people who are involved in the community.

• They mentioned that the concept of Jualla would encourage voting and proposal-making.

5. Discussion on the process of contributions and voting

• The participants discussed the process of contributions, voting, and the use of Taka tokens. They mentioned the idea of using NFTs as a better instrument for recording contributions.

6. Governance and Token Utilities

• Sharene expresses concerns about the complexity of the current model and suggests simplifying it. She mentions that many people may not understand or participate in the process of earning back tokens, leading to misunderstandings.

• Sharene suggests adopting a DAO fund model where surplus distribution is at the discretion of the fund. The decision is to follow this approach.

• Hamid raises a concern about the lack of surplus to distribute and questions how the fund will reward participants in such cases.

• Reza asks about the management of governance in the DAO fund.

• Sharene explains that tokens act as a receipt and the fund can make decisions based on token holdings. The decision is to proceed with this approach.

7. Accounting Standards for Salary and Finance

• The discussion revolves around adhering to accounting standards for salary and finance, particularly the AAOIFI standards. There is also mention of AAOIFI standards and the readiness of parties in the subcontinent and Africa to adopt them.

8. Payment and Reward Structure

• The discussion focuses on meeting with Mufti Billal to gather suggestions and insights on tokenization and the payment and reward structure. The goal is to have a clear strategy and a write-up by Wednesday