In a rare gathering of the Orthodox Jewish Great Court, the Chief Rabbis of Israel, Rabbi Lau, President of the Court, and Head Rabbi Yosef, along with the senior religious jurist Rabbi Michael Amos, gathered on Monday morning for a unique discussion at the Great Court and drew up the Prozbul bill towards the end of the Shmita (Sabbatical) year.
This year – 5782 -is the Sabbatical year on the Jewish calendar and it will end at sundown on Sunday, September 25 when Rosh Hashanah – the Jewish new year – begins.
Prozbul is a halachic regulation designed to allow the collection of loans that were made during the Sabbatical year, after that year has ended. The Torah requires that any loan made during that year that goes uncollected before its end be forgiven.
This led to people refusing to loan money during the Sabbatical year. So, because of this, the Prozbul was established by the elder Hillel at the end of the Second Temple period, which allows people to lend money during the Sabbatical year and still be repaid after the year ends.
The Prozbul is still used in modern times. The meeting was held to seal the official Prozbul that was issued at the start of the year.
The chief rabbis called on everyone to hurry up and sign the Prozbul deed for himself and his family members before Rosh Hashanah and thus avoid any financial loss.