Appendix C - Brief History Of The Preparation Of The Standard

Transcription

1. Shari ’ah Standard No. (8): Murabahah Appendix (C) Brief History of the Preparation of the Standard In its meeting No. (1) held on 11 Dhul-Hajjah 1419 A.H., corresponding to 27 February 1999 A.D., the Shari’ah Board decided to give priority to the preparation of a Standard setting out the Shari’ah rules for Murabahah. On Tuesday 13 Dhul-Hajjah 1419 A.H., corresponding to 30 March 1999 A.D., the Fatwa and Arbitration Committee recommended to the Shari’ah Board the commissioning of a Shari’ah consultant to prepare a juristic study and an exposure draft of the Shari’ah Rules for Murabahah. In its meeting held on 13-14 Rajab 1420 A.H., corresponding to 2223 October 1999 A.D., the Fatwa and Arbitration Committee discussed the exposure draft of the Shari’ah Rules for Murabahah, and asked the consultant to make the amendments in light of the comments made by the members. The revised exposure draft of the Shari’ah Rules was presented to the Shari’ah Board in its meeting No. (2) held in Mecca on 10-15 Ramadan 1420 A.H., corresponding to 18-22 December 1999 A.D. The Shari’ah Board made further amendments to the exposure draft of the Shari’ah Rules and decided that it should be distributed to specialists and interested parties in order to obtain their comments in order to discuss them in a public hearing. A public hearing was held in Bahrain on 29–30 Dhul-Hajjah 1421 A.H., corresponding to 4-5 April 2000 A.D. The public hearing was attended by more than 30 participants representing central banks, institutions, accounting firms, Shari’ah scholars, academics and others who are interested in this field. The members responded to the written comments that were 218
2. Shari ’ah Standard No. (8): Murabahah sent prior to the public hearing as well as to the oral comments that were expressed in the public hearing. The Shari’ah Studies Committee and the Fatwa and Arbitration Committee held a joint meeting on 21-23 Muharram 1421 A.H., corresponding to 26-28 April 2000 A.D., to discuss the comments made about the exposure draft of the Shari’ah Rules. The joint meeting made the necessary amendments, which it deemed necessary in light of the discussions that took place in the public hearing. The Shari’ah Board in its meeting No. (4) held on 25–27 Safar 1421 A.H., corresponding to 29–31 May 2000 A.D., in Al-Madinah Al-Munawwarah discussed the amendments made by the Shari’ah Studies Committee and the Fatwa and Arbitration Committee, and made the necessary amendments, which it deemed necessary. The standard was adopted with the name of “Shari’ah Rules for the Murabahah”. Some paragraphs were adopted by the unanimous vote of the members of the Shari’ah Board, while the other paragraphs were adopted by the majority vote of the members, as recorded in the minutes of the Shari’ah Board. The Shari’ah Board decided in its meeting No. (7) held in Makkah AlMukarramah on 9-13 Ramadan 1422 A.H., corresponding 24-28 November 2001 A.D., to pass a resolution to reformat all Shari’ah rules in a form of standards and a committee was formed for this purpose. In its meeting No. (8) held in Al-Madinah Al-Munawwarah on 28 Safar - 4 Rabi’ I, 1423 A.H., corresponding to 11-16 May 2002 A.D., the Shari’ah Board adopted the reformatting of the Shari’ah Rules for Investment and Financing No. (1) on Murabahah with the name of Shari’ah Standard No. (8) on Murabahah. The Shari’ah Standards Review Committee reviewed the standard in its meeting held in Rabi’ II, 1433 A.H., corresponding to March 2012 A.D., in the State of Qatar, and proposed after deliberation a set of amendments (additions, deletions, and rephrasing) as deemed necessary, and then submitted the proposed amendments to the Shari’ah Board for approval as it deemed necessary. 219
3. Shari ’ah Standard No. (8): Murabahah 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 proposed amendments submitted by the Shari’ah Standards Review Committee. After deliberation, the Shari’ah Board approved the necessary amendments, and the standard was adopted in its current amended version. 220