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🌙Takadao Shariah Board Meeting Report 1

Date: 27 August 2023 / 14:00 PM KSA / GMEET


Record of Attendance: Sharene, Reza, Hamid, Hamid


1. Shariah Board constitution

Meeting Summary

In the meeting, the participants discussed recording the meeting and obtained consent. The goal of having a monthly Shariah Board meeting and related documents and procedures were discussed. The constitution of the Shariah board its roles and responsibilities was also discussed. The second version of the Shariah paper for Takaturn v2 was discussed, as well as sharing the technical paper with Hany for review. The transition from Slack to Discord as the communication platform was discussed. The need for Hany to review the Takasure Sharia paper and Takaturn 2.0 paper was mentioned.

1. Monthly Shariah Board Meeting

  • Hamid Irsane created a form in the document to allow the team to make requests regarding any sharia issues they may have in the field.

  • We plan on incorporating Mufti Billal in the structure in the long term, but it is not yet defined.

2. Version 2 of Takaturn Shariah Paper

  • We are partnering with another startup that has already had a Shariah audit and using their protocol for yield generation. This will also be the basis for yield generation in Takaturn v2 later on. We are currently talking to a patent lawyer to patent the underwriting model for Takasure.

  • We are discussing yield generation, which is how we make money off of money.

3. Transition to Discord

  • Takadao Workplace officially moved from Slack to Discord

4. Reviewing Documents

  • Hany Helmy expressed that he prefers having a deadline for submitting his comments as he works well with deadlines, and believes it will help move the discussion forward efficiently.

  • The anticipated launch for Takaturn 2.0 is scheduled for the first week of October, and before that, any Shariah issues need to be resolved to ensure a smooth launch.

  • Next month, the team plans to have a proof of concept (POC) ready for Takasure, specifically for the underwriting part. This POC will be at the prototype level and will serve as a starting point for discussing Takasure.

Action Items

  • Hamid Irsane is responsible for sharing the link to the document with the team

  • Hamid needs to share all the information about Mufti Billal with Dr Hany.

  • Hamid needs to provide the link for Hany to join the weekly meeting with Mufti Billal on Monday at 11 KSA.

  • Hamid needs to share the standard and procedure for the SOP document with Dr Hany.

  • Hamid Irsane should share the documents again for review.

  • Dr Hany will review the papers and provide comments by next week.

  • Reza will send the document to Dr Hany's email.

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