Combination of Contracts - Appendix A (Brief History of the Preparation of the Standard)

Transcription

1. Shari ’ah Standard No. (25): Combination of Contracts 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 Combination of Contracts. On 17 Sha’ban 1423 A.H., corresponding to 13 October 2003 A.D., the Shari’ah Standards Committee decided to commission a Shari’ah consultant to prepare a draft standard on combination of contracts. In meeting No. (10) of the Shari’ah Standards Committee (2) held on Friday and Saturday 27-28 Safar 1425 A.H., corresponding 16-17 April 2004 A.D., in the Kingdom of Bahrain, the committee discussed the Shari’ah study and advised the consultant to incorporate the necessary changes, in the light of the discussions and observations of the meeting. In meeting No. (11) of the Shari’ah Standard Committee (2) held on Wednesday 28 Rabi’ II, 1425 A.H., 16 June 2004 A.D., held in Dubai (U.A.E) the Committee discussed the draft standard on combination of contracts and introduced necessary changes in it in the light of discussions and comments of the meeting. The revised version of the Standard was submitted to the Shari’ah Board in its meeting No. (13) held in Makkah Al-Mukarramah on 30 Sha’ban 1426 A.H., 14 October 2004 A.D., and further changes were incorporated in the document. The Board then decided to send the document to concerned experts for review and comments before discussing it in a public hearing. AAOIFI held public hearing in the Kingdom of Bahrain on 15 Safar 1426 A.H., corresponding to 25 March 2005 A.D. More than 35 participants representing central banks, institutions, accounting firms, Shari’ah scholars, 659
2. Shari ’ah Standard No. (25): Combination of Contracts university teachers and other interested parties attended the public hearing. Several observations were made in the public hearing to which members of the Shari’ah Standards Committees (1) and (2) duly responded. In a meeting held in the Kingdom of Bahrain on 15-16 Safar 1426 A.H., corresponding to 25-26 March 2005 A.D., the Shari’ah Standards Committees (1) and (2) discussed the comments and observations made during the public hearing, and incorporated necessary changes in the document. The Shari’ah Board discussed the draft standard in its meeting No. (14) held in Dubai (U.A.E) on 21-23 Rabi’ I, 1426 A.H., corresponding to 30 April – 2 May 2005 A.D. and decided, in the light of the comments and observations of the meeting, to send the draft standard to the Shari’ah Standards Committee (2) for study. In its meeting No. (15) held on 22–25 Sha’ban 1426 A.H., corresponding to 26-29 September 2005 A.D., in Makkah Al-Mukarramah, the Shari’ah Board discussed the amendments proposed by the Shari’ah Standards Committee and the Drafting Committee and made the changes in the draft Standard, where it deemed necessary. Consequently, the Shari’ah Board approved the Standard (unanimously for some clauses and with the majority for others), as indicated in the minutes of the Board’s meetings. 660