Financial Paper (Shares and Bonds) - Appendix A (Brief History of the Preparation of the Standard)

Transcription

1. Shari ’ah Standard No. (21): Financial Paper (Shares and Bonds) Appendix (A) Brief History of the Preparation of the Standard The Shari’ah Board in its meeting No. (7) held at Makkah Al-Mukarramah from 9-13 Ramadan 1422 A.H., corresponding to 24-28 November 2001 A.D., decided to issue the Shari’ah standard on financial paper (Shares and Bonds). On 25 Rajab 1423 A.H., corresponding to 2 October 2002 A.D., the Shari’ah Standards Committee decided to commission a Shari’ah consultant for the preparation of an exposure draft on the Shari’ah Standard on Financial Paper (Shares and Bonds). In meeting No. (6) of the Shari’ah Standards Committee (2) held from 14-15 Muharram 1424 A.H., corresponding to 17-18 March 2003 A.D., in the Kingdom of Bahrain, the Committee discussed the Shari’ah standard and required the consultant to incorporate necessary amendments in the light of the discussion and observations of the members. In meeting No. (7) of the Shari’ah Standards Committee (1) held from 14-15 Safar 1424 A.H., corresponding to 16-17 April 2003 A.D., in the Kingdom of Bahrain, the Committee discussed the exposure draft of the Shari’ah Standard on Financial Paper (Shares and Bonds) and made necessary amendments, just as the Committee discussed the exposure draft of the Standard in its meeting held from 25-26 Rabi’ II, 1424 A.H., corresponding to 25-26 June 2003 A.D., and made necessary amendments in the light of the discussion and observations of the members. In its meeting No. (9) held from 23-24 Jumada I, 1424 A.H., corresponding to 23-24 July 2003 A.D., at Amman, the Hashimite Kingdom of Jordan, the Committee discussed the exposure draft of the Standard and made necessary amendments in the light of the discussion and observations of the members. 570
2. Shari ’ah Standard No. (21): Financial Paper (Shares and Bonds) The revised exposure draft of the Shari’ah standard was presented to the Shari’ah Board in its meeting No. (11) held in Makkah Al-Mukarramah from 2-8 Ramadan 1424 A.H., corresponding to 27 October - 2 November 2003 A.D. The Shari’ah Board made further amendments to the 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 the discussion of the standard in a public hearing. A public hearing was held in the Kingdom of Bahrain on 29 Dhul-Qa’dah 1424 A.H., corresponding to 21 January 2004 A.D. The public hearing was attended by more than 50 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) in a joint meeting in the Kingdom of Bahrain on 30 Dhul-Qa’dah 1424 A.H., corresponding to 22 January 2004 A.D., discussed the comments that were made during the public hearing as well as the observations received in writing. The Committees made amendments that were deemed suitable. The amended exposure draft was presented to the Drafting Committee in its meeting held in the Kingdom of Bahrain on 25 Safar 1425 A.H., corresponding to 15 April 2004 A.D. The Shari’ah Board in its meeting No. (12) held at Al-Madinah AlMunawwarah during the period 26-30 Rabi’ I, 1425 A.H., corresponding to 15-20 May 2004 A.D., discussed the amendments suggested by the Shari’ah Standards Committee and the Drafting Committee, and incorporated the amendments deemed suitable. The Shari’ah Board unanimously adopted some of the items of the standard and some items were adopted by the majority vote of the members of the Shari’ah Board, as recorded in the minutes of the meetings of the Shari’ah Board. 571