Financial Rights and How They Are Exercised and Transferred - Appendix A (Brief History of the Preparation of the Standard)

Transcription

1. Shari ’ah Standard No (42): Financial Rights and How They Are Exercised and Transferred Appendix (A) Brief History of the Preparation of the Standard On 13 Shawwal 1425 A.H., corresponding to 25 November 2004 A.D., the General Secretariat decided to commission a Shari’ah consultant to prepare a juristic study on Financial Rights and How They Are Exercised and Transferred. In its meeting held on 4 Sha’ban 1426 A.H., corresponding to 8 September 2005 A.D., the Shari’ah Standards Committee discussed the draft of a Shari’ah Standard on on Financial Rights and How They Are Exercised and Transferred and made necessary amendments. The revised draft of the Shari’ah Standard was presented to the Shari’ah Board in its meeting No. (16) held in Al-Madinah Al-Munawwarah, Kingdom of Saudi Arabia, during the period of 7-12 Jumada I, 1427 A.H., corresponding to 3-9 June 2006 A.D. It became clear that the issue needed further study to deal with some Shari’ah aspects. The General Secretariat commissioned a Shari’ah consultant to prepare a juristic study on Financial Rights and Their Disposition (to be presented) on 14 Jumada II, 1430 A.H., corresponding to 7 June 2009 A.D. The General Secretariat held a public hearing, and all the comments made in the public hearing were listened to, and the members of the Shari’ah Board answered these comments and made commentary on them. In its meeting No. (25) held in Bahrain during the period of 2-4 DhulQa’dah 1430 A.H., corresponding to 21-23 October 2009 A.D., the Shari’ah Board discussed the draft of the Standard, incorporated the necessary amendments that it deemed appropriate, and adopted the Standard. 1053