Conversion of a Conventional Bank to an Islamic Bank - Appendix A(Brief History of the Preparation of the Standard)

Transcription

1. Shari ’ah Standard No. (6): Conversion of a Conventional Bank to an Islamic Bank Appendix (A) Brief History of the Preparation of the Standard In its meeting No. (5) held in Makkah Al-Mukarramah on 8-12 Ramadan 1421 A.H., corresponding to 4-8 December 2000 A.D., the Shari’ah Board decided to give priority to the preparation of a Shari’ah Standard on Conversion of a Conventional bank to an Islamic Bank. On Monday 29 Ramadan 1421 A.H., corresponding to 25 December 2000 A.D., a Shari’ah consultant was commissioned to prepare a juristic study and an exposure draft. In its meeting held in Bahrain on 15-16 Safar 1422 A.H., corresponding to 9-10 May 2001 A.D., the Shari’ah Studies Committee discussed the juristic study and made certain amendments to it. The committee also discussed the exposure draft of the Standard in its meeting No. (10) held in Bahrain on 14 Rabi’ I, 1422 A.H., corresponding to 6 June 2001 A.D., and asked the consultant to make some amendments in light of the comments made by the members. In its meeting No. (11) held in Jordan on 17 Jumada II, 1422 A.H., corresponding to 5 September 2001 A.D., the Shari’ah Studies Committee discussed the exposure draft and made some relevant amendments. The revised exposure draft of the standard was presented to the Shari’ah Board in its meeting No. (7) held in Makkah Al-Mukarramah on 9-13 Ramadan 1422 A.H., corresponding to 24-28 November 2001 A.D. The Shari’ah Board made further amendments to the exposure draft of the standard and decided that it should be distributed to specialists and interested parties in order to obtain their comments and discuss them in a public hearing. 162
2. Shari ’ah Standard No. (6): Conversion of a Conventional Bank to an Islamic Bank A public hearing was held in Bahrain on 29 –20 Dhul-Hajjah 1422 A.H., corresponding to 2-3 February 2002 A.D.. The public hearing was attended by more than 30 participants representing central Institutions, Institutions, accounting firms, Shari’ah scholars, academics and others who are interested in this field. The members 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 Committee in its meeting held on 21-22 DhulHajjah1422 A.H., corresponding to 6-7 March 2002 A.D., in the Kingdom of Bahrain discussed the comments made about the exposure draft. The Committee made the necessary amendments, which it deemed necessary in light of both the discussions that took place in the public hearing, and the written comments that were received. The Shari’ah Board in its meeting No. (8) held on 28 Safar – 4 Rabi’ I, 1423 A.H., corresponding to 11-16 May 2002 A.D, in Al-Madinah AlMunawwarah discussed the amendments made by the Shari’ah Standards Committee, and made the necessary amendments, which it deemed necessary. Some paragraphs of the standard were adopted by the unanimous vote of the members of the Shari’ah Board, while the other paragraphs were adopted by the majority vote of the members, as recorded in the minutes of the Shari’ah Board. 163