Explanation of Article 554
The article specifies another obligation on the part of the mudarib, which is to provide the capital owner with information related to the mudaraba activities and to present an account of those activities at the end of the mudaraba period if the mudaraba contract is for a specified duration. However, if the contract is not for a specified duration, the mudarib is obligated to provide information and accounts of the mudaraba activities at the end of each year.
The purpose of this obligation is to safeguard the rights of the capital owner, as the money is in the hands of the mudarib, and to reduce the likelihood of disputes between the parties. Additionally, the money remains the property of the capital owner, and it is his right to be informed about his money and its status. Furthermore, this is required by the usual care in managing and disposing of the money.
The information related to the mudaraba activities refers to anything that affects the course of work and its results.
The provisions stipulated in the article are not of public order; therefore, the contracting parties may agree otherwise, whether this agreement is explicit or implicit. An implicit agreement can occur if the custom or usual practice between the contracting parties differs from what is mentioned, and it must be adhered to.
Related To
Article 554
A mudaraba agent shall provide the capital owner with information related to the mudaraba and with an account thereof upon expiration of its term; if the term of the contract is not specified, said information shall be provided at the end of each year, unless agreed otherwise.