Arbitration - Appendix A (Brief History of the Preparation of the Standard)

Transcription

1. Shari ’ah Standard No. (32): Arbitration Appendix (A) Brief History of the Preparation of the Standard On 12 Rajab 1427 A.H., corresponding to 6 August 2006 A.D., the Shari’ah Board decided to issue a standard on Arbitration. On 21 Sha’ban 1427 A.H., corresponding to 14 September 2006 A.D., a joint meeting of the Shari’ah Standards Committees (1) and (2) was held in the Kingdom of Bahrain, and discussed the study. The meeting requested the consultant to introduce necessary amendments in the light of the discussions and observations of the joint committee members. The meeting discussed also the Standard on Arbitration which was ready in the same session, and introduced necessary changes in it, in the light of the discussions that took place. 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. 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). 804
2. Shari ’ah Standard No. (32): Arbitration In its meeting No. (19) held in Makkah Al-Mukarramah, on 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. 805