Explanation of Article 562
The article refers to the termination of the Mudaraba contract by the withdrawal of a contracting party, and the provisions related to this reason do not differ from the provisions for the termination of a partnership contract by the withdrawal of a partner as stipulated in Article (545); due to the similarity between the two contracts. What was said in the explanation of that article also applies to the Mudaraba contract, except for the requirement of written notification to the other contracting party about the withdrawal in an indefinite Mudaraba contract. It is not required for this notification to be in writing as is the case in an indefinite partnership contract, due to the multiplicity of contracting parties in a partnership contract and the impact of this withdrawal on the rights of the remaining partners, which necessitates strictness in proving the withdrawal of a partner from it.
Related To
Article 562
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If the term of the mudaraba contract is not specified, a contracting party may withdraw therefrom at any time, provided that he notifies the other party of his intention to withdraw within a reasonable period of time and provided that his withdrawal is not an act of fraud or made at an inappropriate time.
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If the term of the mudaraba contract is specified, a contracting party may not withdraw therefrom prior to the expiration of such term. Said party may petition the court for withdrawal upon providing acceptable justification, provided that he compensates the other party for any harm he sustains as a result of the withdrawal.