Commercial Papers - Appendix A (Brief History of the Preparation of the Standard)

Transcription

1. Shari ’ah Standard No. (16): Commercial Papers Appendix (A) Brief History of the Preparation of the Standard In its meeting No. (7) held in Makkah Al-Mukarramah during the period of 9-13 Ramadan 1422 A.H., corresponding to 24-28 November 2001 A.D., the Shari’ah Board decided to issue the Shari’ah standard for Commercial Papers and to appoint a Shari’ah consultant for the preparation of the exposure draft of the Shari’ah standard for commercial papers. On Saturday 14 Shawwal 1422 A.H., corresponding to 29 December 2001 A.D., a Shari’ah consultant was commissioned to prepare a juristic study and an exposure draft on the Shari’ah standards for commercial papers. In its meeting held in the Kingdom of Bahrain on 4-5 Safar 1423 A.H., corresponding to 17-18 April 2002 A.D., the Shari’ah Standard Committee discussed the exposure draft of the Shari’ah standard on commercial papers and asked the consultant to make necessary amendments to reflect the comments and observations made by the members of the Committee. The Committee discussed the exposure draft of the standard in its meeting held in the Kingdom of Bahrain on 6-7 Rabi’ II, 1423 A.H., corresponding to 17-18 June 2002 A.D., and introduced necessary amendments as per observations and comments of the members. The exposure draft of the standard was also discussed by the Committee in its meeting held in Amman, the Hashemite Kingdom of Jordan on 17 Rabi’ II, 1423 A.H., corresponding to 28 June 2002 A.D., and further amendments were incorporated in the standard. The revised exposure draft of the Shari’ah standard was presented to the Shari’ah Board in its 9th meeting held in Makkah Al-Mukarramah during the period of 11-16 Ramadan 1423 A.H., corresponding to 16-21 November 2002 AD. The Shari’ah Board made further amendments to the 450
2. Shari ’ah Standard No. (16): Commercial Papers exposure draft of the standard and decided that it be sent to specialists and interested parties in order to obtain their comments in preparation for its discussion in a listenig session. A public hearing was held in Bahrain on 18 Dhul-Hajjah 1423 A.H., corresponding to 19 February 2003 A.D. The public hearing was attended by more than thirty participants representing central banks, institutions, accounting firms, Shari’ah scholars, academics and others interested in the field. The members of the Shari’ah Standards Committees (1) and (2) responded to the written comments that were sent prior to the public hearing as well as to the oral comments that were expressed in the public hearing. The Shari’ah Standards Committees (1) and (2) held a joint meeting on 2 Muharram 1424 A.H., corresponding to 5 March 2003 A.D., to discuss the comments made during the public hearing as well as comments received in writing. The two Committees made the amendments considered necessary. The Shari’ah Board in its meeting No. (10) held in Al-Madinah AlMunawwarah during the period of 2-7 Rabi’ I, 1424 A.H., corresponding to 3-8 May 2003 A.D., discussed the amendments made by the Shari’ah Standards Committee and made amendments considered suitable. The Shari’ah Board unanimously adopted some of the items, while other items were adopted by a predominant majority vote, as recorded in the minutes of the meetings of the Shari’ah Board. The Shari’ah Standards Review Committee reviewed the standard in its meeting held on 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. In its meeting No. (41) held in Al-Madinah Al-Munwwarah, Kingdom of Saudi Arabia during the period of 27-29 Sha’ban 1436 A.H., corresponding to 14-16 June 2015 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 necessary amendments, and the standard was adopted in its current amended version. 451