Credit Agreement - Appendix A (Brief History of the Preparation of the Standard)

Transcription

1. Shari ’ah Standard No. (37): Credit Agreement Appendix (A) Brief History of the Preparation of the Standard In its meeting No. (14) held on 21–23 Rabi’ I, 1426 A.H., corresponding to 30 April – 2 May 2005 A.D., in Dubai (U. A. E.), the Shari’ah Board decided to issue a Shari’ah Standard on Credit Agreement. On 24 Jumada I, 1427 A.H., corresponding to 20 June 2006 A.D., the Secretariat General decided to commission a consultant to prepare a study on Credit Agreement. The study was discussed in a joint meeting of the Shari’ah Standards Committees (1) and (2), held in the Kingdom of Bahrain, on 19 Shawwal 1427 A.H., corresponding to 10 November 2006 A.D. The Joint Committee then advised the consultant to introduce the necessary changes in the Standard, in the light of the discussions and observations of the meeting. The revised draft of the Standard was discussed in another joint meeting of the Shari’ah Standards Committees (1) and (2), held in the Kingdom of Bahrain, on 15 Jumada I, 1428 A.H., corresponding to 31 May 2007 A.D. The consultant was again advised to introduce changes in the standard as per the discussions and observations of the meeting. The draft of the standard was discussed once again in a joint meeting of the Shari’ah Standards Committees (1) and (2), held in the State of Kuwait, on 21 Jumada I, 1428 A.H., corresponding to 7 June 2007 A.D. Further changes were introduced in the document in the light of the discussions and observations of the meeting. In its meeting No. (19) held in Makkah Al-Mukarramah, on 2630 Sha’ban 1428 A.H., corresponding to 8-12 September 2007 A.D., the Shari’ah Board discussed the changes in the standard which had been made by the consultant and introduced changes that it deemed necessary. 936
2. Shari ’ah Standard No. (37): Credit Agreement In its meeting No. (20), held in the Kingdom of Bahrain, on 4-8 Safar 1429 A.H., correponding to 11-15 February 2008 A.D., the Shari’ah Board discussed the changes introduced by the joint meeting of the Shari’ah Standard Committees (1) and (2), and introduced the changes which it deemed necessary. The Secretarial General of AAOIFI held a public hearing in the Kingdom of Bahrain on 34 Safar 1430 A.H., corresponding to 19 February 2009 A.D. More than 30 participants attended the session as representatives of central banks, institutions, and accounting firms. Shari’ah scholars, university teachers and other interested parties also attended the session. Several observations were made and duly responded to by the members of the Shari’ah Standards Committees (1) and (2). In its meeting No. (23) held in the Kingdom of Bahrain, on Thursday – Saturday 15–17 Rabi’ I, 1430 A.H., corresponding to 12-15 March 2009 A.D., the Shari’ah Board discussed the amendments that had been suggested in the public hearing, introduced changes which it deemed necessary and adopted the Standard. 937