Distribution of Profit in Mudarabah-Based Investment Accounts - Appendix A (Brief History of the Preparation of the Standard)

Transcription

1. Shari ’ah Standard No. (40): Distribution of Profit in Mudarabah-Based Investment Accounts Appendix (A) Brief History of the Preparation of the Standard 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 Al-Munawwarah, Kingdom of Saudi Arabia, the Shari’ah Board decided to issue a Shari’ah Standard on bank deposits and distribution of profits . On 7 Dhul-Hajjah 1424 A.H., corresponding to 29 January 2004 A.D., the Shari’ah Standards Committee (1) decided to commission a Shari’ah consultant to prepare a study on bank deposits and distribution of profits. In its meeting No. (16) held on 8–9 Jumada I, 1426 A.H., corresponding to 15-16 June 2005 A.D., in the Kingdom Of Bahrain, the Shari’ah Standards Committee (1) discussed the draft of the Standard and introduced necessary changes. In its meeting No. (17) held on 8–9 Sha’ban 1426 A.H., corresponding to 8-9 September 2005 A.D., in the Kingdom of Bahrain, the Shari’ah Standard Committee (1) discussed the draft of the Standard and introduced necessary changes. In its meeting No. (15) held on 22 Sha’ban 1426 A.H., corresponding to 30 September 2005 A.D., in Makkah Al-Mukarramah, the Shari’ah Board discussed the draft of the Standard, and decided, in the light of the discussions and observations of the meeting, to send the draft of the Standard to Shari’ah Standards Committee (1) for study. In a meeting held in the Kingdom of Bahrain, on 1 Safar 1427 A.H., corresponding to 1 March 2006 A.D., the Shari’ah Standards Committees (1) and (2) discussed the draft of the Standard and introduced necessary changes in the light of the observations of the meeting. 1006
2. Shari ’ah Standard No. (40): Distribution of Profit in Mudarabah-Based Investment Accounts In its meeting No. (17) held in Makkah Al-Mukarramah, on 26 Shawwal 1427 A.H., corresponding to 18 November 2006 A.D., the Shari’ah Board discussed the amendments suggested by the Shari’ah Standards Committees (1) and (2) and introduced necessary changes. In its meeting No. (22) held in the Kingdom of Bahrain, on 28–30 Dhul-Qa’dah 1430 A.H., corresponding to 26-28 November 2008 A.D., the Shari’ah Board discussed the draft of the Standard and introduced necessary changes. The Secretarial General of AAOIFI held a public hearing in the Kingdom of Bahrain on 6 Rabi’ II, 1430 A.H., corresponding to 2 April 2009 A.D. More than 30 participants attended the public hearing as representatives of central banks, institutions, and accounting firms. The public hearing was also attended by Shari’ah scholars, university teachers and other interested parties. Several observations were made in the public hearing, 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 15–17 Rabi’ I, 1430 A.H., corresponding to 12-15 March 2009 A.D., the Shari’ah Board discussed the draft of the Standard and introduced necessary changes. In its meeting No. (24) held in Al-Madinah Al-Munawwarah, on 25–26 Jumada II, 1430 A.H., corresponding to 18-19 June 2009 A.D., the Shari’ah Board discussed the draft of the Standard, introduced necessary changes and adopted the Standard. 1007