Banking Services In Islamic Banks - Appendix A (Brief History of the Preparation of the Standard)

Transcription

1. Shari ’ah Standard No. (28): Banking Services in Islamic Banks 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 2003 A.D., in Al-Madinah AlMunawwarah to issue a Shari’ah Standard on Banking Services and Facilities in Islamic Banks. On 29 Safar 1425 A.H., corresponding to 19 April 2004 A.D., the Shari’ah Standards Committee (2) decided to commission a Shari’ah consultant to prepare a draft standard on Banking Services and Facilities in Islamic Banks. In the meeting of the Shari’ah Standards Committee (2) on 14-15 Safar 1426 A.H., corresponding to 24-25 March 2005 A.D., in the Kingdom of Bahrain, the committee discussed the study and advised the consultant to incorporate the necessary changes, in the light of the discussions and observations of the Committee members. In the meeting No. (17) of the Shari’ah Standards Committee (1) held on 8-9 Sha’ban 1426 A.H., corresponding to 8-9 September 2005 A.D., in the Kingdom Of Bahrain, the Committee discussed the draft standard and introduced necessary changes therein. The Shari’ah Board discussed, in its meeting No. (15) held on 22–26 Sha’ban 1426 A.H., corresponding to 26-30 September 2005 A.D., in Makkah Al-Mukarramah, the draft of the Standard, and decided, in the light of the discussions and observations of the members, to send it to Shari’ah Standards Committee (1) for review. A joint committee comprising the members of Shari’ah Standards Committees (1) and (2) discussed the Standard in a meeting held on 1 Safar 1427 A.H., corresponding to 1 March 2006 A.D., in the Kingdom of Bahrain, and incorporated necessary changes. 729
2. Shari ’ah Standard No. (28): Banking Services in Islamic Banks The revised draft of the Standard was submitted to the Shari’ah Board in its meeting No. (16) held in Al-Madinah Al-Munawwarah on 7–12 Jumada I, 1427 A.H., corresponding to 3–8 June, 2006 A.D. The Shari’ah Board made further changes in the document and decided to send it to the concerned experts for review and observations before discussing it in a public hearing. AAOIFI then held, in the Kingdom of Bahrain on 6 Rajab 1427 A.H., corresponding to 31 July, 2006, the public hearing which was attended by more than 30 participants representing central banks, Institutions, accounting firms, Shari’ah scholars, university teachers and other interested parties. Several observations were made in the session to which the members of the Shari’ah Standards Committees (1) and (2) duly responded. The Shari’ah Board adopted, in its meeting No. (17) held in Makkah AlMukarramah on 26 Shawwal – 1 Dhul-Qa’dah, 1427 A.H., corresponding to 18–23 November, 2006 A.D., the Standard (unanimously for some clauses and with the majority for others), as indicated in the minutes of the Board’s meetings. 730