Revocation of Contracts by Exercise of a Cooling-Off Option - Appendix A (Brief History of the Preparation of the Standard)

Transcription

1. Shari ’ah Standard No. (54): Revocation of Contracts by Exercise of a Cooling-Off Option Appendix (A) Brief History of the Preparation of the Standard On 1 Sha’ban 1431 A.H., corresponding to 13 July 2010 A.D., the Secretariat of AAOIFI decided to commission a Shari’ah consultant to prepare a juristic study on Revocation of Contracts by Exercise of a Cooling-Off Option. In its meeting held on 9 May 2012 A.D., the Shari’ah Standards Committee discussed the study and the exposure draft of the standard and introduced the changes it deemed suitable in the light of the comments and observations of the members. In its meeting No. (34) held in the Kingdom of Bahrain on 20-21 Safar 1434 A.H., corresponding to 3-4 January 2013 A.D., the Shari’ah Board discussed the exposure draft of the standard, and introduced the changes it deemed suitable. In its meeting No. (35) held in Al-Madinah Al-Munwwarah on 2223 Shawwal 1434 A.H., corresponding to 29-30 September 2013 A.D., the Shari’ah Board continued its discussions on the exposure draft of the standard, and introduced the changes it deemed suitable. In its meeting No. (37) held in the Kingdom of Bahrain on 19-21 Jumada I, 1435 A.H., corresponding to 20-22 March 2013 A.D., the Shari’ah Board continued its discussions on the exposure draft of the standard, and introduced the changes it deemed suitable. The Secretariat of AAOIFI held a public hearing in the Kingdom of Bahrain on 6 Jumada II, 1434 A.H., corresponding to 16 April 2013 A.D. The public hearing was attended by representatives of central banks, institutions, auditing firms, Shari’ah scholars, academics and others interested in this field. The members of the Shari’ah Board and the Shari’ah Standards Committee responded to a number of observations raised by the participants. 1255
2. Shari ’ah Standard No. (54): Revocation of Contracts by Exercise of a Cooling-Off Option In its meeting No. (38) held in the Kingdom of Bahrain on 28 Sha’ban 1 Ramadan 1435 A.H., corresponding to 26-28 June 2014 A.D., the Shari’ah Board discussed the changes proposed at the public hearing, and introduced the changes it deemed suitable to the exposure draft of the standard, and adopted the standard. In its meeting No. (39) held in the Kingdom of Bahrain on 13-15 Muharram 1435 A.H., corresponding to 6-8 November 2014 A.D., the Shari’ah Board discussed the exposure draft of the standard and introduced the changes it deemed suitable, and adopted the standard. 1256