Agency and the Act of an Uncommissioned Agent (Fodooli): Appendix A - Brief History of the Preparation of the Standard

Transcription

1. Shari ’ah Standard No. (23): Agency and the Act of an Uncommissioned Agent (Fodooli) Appendix (A) Brief History of the Preparation of the Standard The Shari’ah Board decided in its meeting No. (10), held on 2–7 Rabi’ I, 1424 A.H., corresponding to 3–8 May 2001 A.D., in Al-Madinah AlMunawwarah to issue a Shari’ah Standard on Agency and the Act of Uncommissioned Agent. On 17 Sha’ban 1423 A.H., corresponding to 13 October 2002 A.D., the Shari’ah Standards Committee decided to commission a Shari’ah consultant to prepare a draft standard on Agency and the Act of Uncommissioned Agent. In its meeting No. (10) held on Friday and Saturday 26-27 Safar 1425 A.H., corrsponding to 16-17 April 2004A.D., in the Kingdom Of Bahrain, the Shari’ah Standards Committee (2) discussed the Shari’ah study and advised the consultant to make necessary changes in light of the discussions and observations of its members. In its meeting No. (11) held on Wednesday 28 Rabi’ II, 1425 A.H., corrsponding to 16 June 2004 A.D., in Dubai (U.A.E), the Shari’ah Standards Committee (2) discussed the draft Standard on Agency and the Act of Uncommissioned Agent (Fodooli) and introduced some changes thereto in light of the discussions and observations of the members. Once again, the committee discussed the draft standard in its meeting held on 24–25 Rajab 1425 A.H., corresponding to 9-10 September 2004 A.D., and made further changes in light of the discussions and observations of its members. The revised draft of the standard was then submitted to the Shari’ah Board in its meeting No. (13) held in Makkah Al-Mukarramah on 26-30 622
2. Shari ’ah Standard No. (23): Agency and the Act of an Uncommissioned Agent (Fodooli) Sha’ban 1425 A.H., corresponding to 10–14 October 2004 A.D. The Board made some changes in the document and decided to send the amended document to a number of experts for their comments before discussing it in a public hearing. A public hearing was held in the Kingdom of Bahrain on 15 Safar 1426 A.H., cooresponding to 25 March 2005 A.D., and attended by more than 35 participants representing central banks, financial Institutions, accounting firms, Shari’ah scholars, academics and other concerned parties. Several comments were made before and after the public hearing. Some members of the Shari’ah Standards Committees (1) and (2) responded to the quires made during the session. In the meeting of the Shari’ah Standards Committees (1) and (2), held in the Kingdom of Bahrain on 15-16 Safar 1426 A.H., corresponding to 2526 March 2005 A.D., the comments made during the public hearing were discussed and some changes were made to the document. The Shari’ah Board convened its meeting No. (14) on 21–23 Rabi’ I, 1426 A.H., corresponding to 30 April - 2 May 2005 A.D., held in Dubai (U.A.E) and adopted the Standard. 623