3. Controls of Gharar in Financial Transaction - Appendix A (Brief History of the Preparation of the Standard)

Transcription

1. Shari ’ah Standard No. (31): Controls on Gharar in Financial Transactions Appendix (A) Brief History of the Preparation of the Standard In its meeting No. (14) held on 21-23 Rabi’ I, 1426 A.H., corresponding to 30 April – 2 May 2005 A.D., in Dubai (U.A.E.), the Shari’ah Board decided to issue a Shari’ah Standard on Controls on Gharar in Financial Transactions. On 20 Jumada II, 1426 A.H., corresponding to 26 July 2005 A.D., the Shari’ah Standards Committee decided to commission a consultant to prepare a study on Controls on Gharar in Financial Transactions. The study was discussed in a joint meeting of the Shari’ah Standards Committees (1) and (2), held in Makkah Al-Mukarramah on 8-9 Rabi’ I, 1427 A.H., corresponding to 6-7 April 2006 A.D. The joint committee then advised the consultant to introduce the necessary changes in the Standard, in the light of the discussions and observations of the meeting. The revised draft of the Standard was discussed in another joint meeting of the Shari’ah Standards Committees (1) and (2), held in Al-Madinah AlMunawarah, on 7-12 Jumadah I, 1427 A.H., corresponding to 3-8 June 2006 A.D. The consultant was again advised to introduce changes in the Standard as per the discussions and observations of the meeting. In its meeting No. (17) held in Makkah Al-Mukarramah, on 27 Shawwal – 1 Dhul-Qa’dah 1427 A.H., corresponding to 18-23 November 2006 A.D., the Shari’ah Board discussed the changes in the Standard which had been made by the joint meeting of Shari’ah Standards Committees (1) and (2), and introduced changes that it deemed necessary. The Secretarial General of AAOIFI held a public hearing in the Kingdom of Bahrain on 18 Safar 1428 A.H., corresponding to 8 March 2007 A.D. 782
2. Shari ’ah Standard No. (31): Controls on Gharar in Financial Transactions More than 30 participants attended the session as representatives of central banks, institutions, and accounting firms. The session was also attended by Shari’ah scholars, university teachers and other interested parties. Several observations were made in the session, and duly responded to by the members of the Shari’ah Standards Committees (1) and (2). In its meeting No. (19) held in Makkah Al-Mukarramah during 26 Sha’ban – 1 Ramadan 1428 A.H., corresponding to 8-12 September 2007 A.D., the Shari’ah Board discussed the amendments that had been suggested in the public hearing, introduced changes that it deemed necessary and adopted the Standard. 783