Impact of Contingent Incidents on Commitments - Appendix A (Brief History of the Preparation of the Standard)

Transcription

1. Shari ’ah Standard No. (36): Impact of Contingent Incidents on Commitments 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 Impact of Contingent Incidents on Commitments. On 29 Jumada I, 1426 A.H., corresponding to 6 July 2005 A.D., the Shari’ah Standards Committee decided to commission a consultant to prepare a study on Impact of Contingent Incidents on Commitments. The study was discussed in a joint meeting of the Shari’ah Standards Committees (1) and (2), held in Makkah Al-Mukarramah on 8–9 Rabi’ I, 1427 A.H., corresponding to 6-7 April 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 Thursday 21 Sha’ban 1427 A.H., corresponding to 14 September 2006 A.D. The consultant was again advised to introduce changes in the Standard as per the discussions and observations of the meeting. In its meeting No. (20) held in the Kingdom of Bahrain, on 4-8 Safar 1429 A.H., corresponding to 11-15 February 2008 A.D., the Shari’ah Board discussed the Changes in the Standard which had been made by the joint meeting of Shari’ah Standards Committees (1) and (2), and introduced changes that it deemed necessary. The Secretarial General of AAOIFI held a public hearing in the Kingdom of Bahrain on 24 Safar 1430 A.H., corresponding to 19 February 2009 A.D. 915
2. Shari ’ah Standard No. (36): Impact of Contingent Incidents on Commitments More than 30 participants attended the session as representatives of central banks, Institutions, and accounting firms. The session was also attended by Shari’ah scholars, university teachers and other interested parties. Several observations were made in the session, 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 that it deemed necessary and adopted the Standard. 916