Concession Contracts: Appendix A - Brief History of the Preparation of the Standard

Transcription

1. Shari ’ah Standard No. (22): Concession Contracts Appendix (A) Brief History of the Preparation of the Standard The Shari’ah Board decided in its meeting No. (7) held on 9–13 Ramadan 1422 A.H., corresponding to 24–28 November 2001 A.D., in Makkah Al -Mukarramah to issue a Shari’ah Standard on Concession Contracts. On 12 Jumada I 1423 A.H., corresponding to 22 July 2002 A.D., the Shari’ah Standards Committee decided to commission a Shari’ah consultant to prepare a draft standard on concession contracts. In its meeting No. (5) the Shari’ah Standards Committee (2) held on 1 Rajab 1423 A.H., corresponding to 8 September 2002 A.D., in the Kingdom of Bahrain, the committee discussed the Shari’ah study and advised the consultant to introduce the necessary amendments, in light of the discussions and observations of its members. In the joint meeting of the Shari’ah Standards Committees (1) and (2) on 21 January 2004 A.D., held for discussing the observations made in the public hearing that had been convened on the same day in the Kingdom of Bahrain, the committee discussed the draft standard on concession contracts and introduced necessary changes. The committee also requested the consultant to review the document in light of the discussion and comments of its members. The committee once again discussed the draft standard in its meeting in Dubai on 28 Rabi’ I, 1425 A.H., corresponding to 16 June 2004 A.D., and made further changes therein. The revised draft of the standard was then submitted to the Shari’ah Board in its meeting No. (3) held in Makkah Al-Mukarramah on 26-30 Sha’ban 1425 A.H., corresponding to 10–14 October 2004 A.D. The Board 599
2. Shari ’ah Standard No. (22): Concession Contracts made some changes on the document and decided to present it to some experts for their comments before discussing it later in the public hearing. A public hearing was held in the Kingdom of Bahrain on 15 Safar 1426 A.H., corresponding to 25 March 2005 A.D. and attended by more than 35 participants representing central banks, Institutions, accounting firms, Shari’ah scholars academics and other concerned parties. Several comments were made before and after the public hearing. Some members of the Shari’ah Standards Committees (1) and (2) responded to the queries raised during the session. In the meeting of the Shari’ah Standards Committees (1) and (2), held in the Kingdom of Bahrain on 15-16 Safar 1426 A.H., corresponding to 25-26 March 2005 A.D., the comments made during the public hearing were discussed and some appropriate changes were made. The Shari’ah Board convened its meeting No. (14) on 21–23 Rabi’ I, 1426 A.H., corresponding to 30 April – 2 May 2005 A.D., in Dubai (U. A. E) and adopted the Standard. 600