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🌙Takadao Shariah Board Meeting Report 2

Date: 24 September 2023 / 14:00 PM KSA / GMEET

ATTENDEES

Record of Attendance: Leila, Reza, Hamid, Dr Hany, Akram

AGENDA

  • Discuss Shariah matters in relation to Takaturn V2 yield

  • Discuss Takalabs Nfts

Meeting Summary

In the meeting, there was a discussion about the link between yield generation and fees from decentralized partners. It was noted that if the yield generated is not related to the fees, it can result in a mark-up on the principal amount. Hamid was tasked with sending the agenda to Leila.

The governance of outsourced operations and service level agreements were also discussed, with Shahd being assigned to send the current service level agreement to the responsible person.

The meeting also touched on the Shariah compliance of the outsourcing company, with the team mentioning the use of correlated assets and liquidity provision to Ethereum pools.

The meeting also highlighted upcoming products, Takaturn Version2, Takalabs, and NFTs. The House of Wisdom DAO and NFT distribution were discussed, with the aim of generating revenue for the Dao Treasury and funding Islamic Web3 projects.

Dr Hany shared his background in tokenization and crypto. The purpose and structure of the DAO and NFTs were also discussed, with the intention of using the funds to sponsor Shariah compliant Web3 projects.

1. Yield Generation from Decentralized partners

  • If the yield generated from providing liquidity to decentralized partners is not related to the fees generated from exchange transactions, it will result in a guaranteed mark-up on the principal amount, which is not desirable.

  • We have an agreement in place with Zainfy, who has a certified process and product offering that is halal certified and Shariah compliant.

2. Shariah Compliance

  • The team mentioned that they are using correlated assets and providing liquidity to Ethereum, wrapped Ethereum, and synthetic Ethereum pools, which is the exposure they have. They explained that the only way to generate yield in this setup is through transaction fees..

  • Takaturn V2 and Takalabs are two products that we have been working on and will be launched soon, Insha Allah. We have also been busy working on the NFT product and have had meetings with the design team and Mufti Billal, who provided valuable insights on filtering halal content for the NFTs.

3. House of WisDAO

  • The idea is to generate revenue for the Dao Treasury by using NFTs and reinvesting the capital to provide grant funding for innovative Islamic Web3 projects.

  • The reason we are discussing this topic right now is because it is important for the community's growth and the NFTs will play a role in that. Additionally, it is difficult to explain everything in a linear fashion due to different things happening at different stages simultaneously.

  • The intention of the DAO is to build a community of Muslim innovators and sell some of the NFTs.

  • The money from the NFTs or the contributions will be used to sponsor other Web3 projects that are Shariah compliant, and they are currently looking for the proper Islamic classification.

Next Steps

  • Hamid is responsible for sending the agenda for the call to Leila by email.

  • Shahd needs to send the service level agreement, the current one with Zainfy, to the responsible person. Deadline is not specified.

  • Inform Hany and Leila about the task that will be handled internally.

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