Indices - Appendix A (Brief History of the Preparation of the Standard)

Transcription

1. Shari ’ah Standard No. (27): Indices Appendix (A) Brief History of the Preparation of the Standard The Shari’ah board decided in its meeting No. (8) held on 28 Safar – 4 Rabi’ I, 1423 A.H., corresponding to 11-16 May 2002 A.D., in Makkah Al-Mukarramah, to issue a Shari’ah Standard on Indices. On 12 Jumada I, 1424 A.H., corresponding to 12 July 2003 A.D., the Shari’ah Standards Committee decided to commission a Shari’ah consultant to prepare a draft Standard on Indices. The Committee (2) discussed the draft Standard in its meeting No. (15) held in Manama, Kingdom of Bahrain, on 8 Jumada I, 1426 A.H., corresponding to 15 June 2005 A.D., and made necessary changes thereto in the light of the discussions and comments of its members. The Committee (2) once again discussed the draft Standard in its meeting No. (16) held in Manama, Kingdom of Bahrain, on 4–5 Sha’ban 1426 A.H., corresponding to 8-9 September 2005 A.D., and incorporated necessary changes therein in the light of the discussions and observations of the meeting. The revised draft of the Standard was submitted to the Shari’ah Board in its meeting No. (15) held in Makkah Al-Mukarramah on 22–26 Sha’ban 1426 A.H., corresponding to 26-30 September 2005 A.D. The Shari’ah Board decided to send the draft Standard to specialized experts for review and comments before discussing it in a public hearing. AAOIFI held a public hearing in the Kingdom of Bahrain, on 1 Safar 1427 A.H., corresponding to 1 March 2006 A.D. More than 30 participants representing central banks, Institutions, accounting firms, Shari’ah scholars, academics and other interested parties attended the public hearing. Several 712
2. Shari ’ah Standard No. (27): Indices observations were made in the session to which members of the Shari’ah Standards Committees (1) and (2) duly responded. The draft Standard was presented to the Drafting Committee in a meeting held in Kingdom of Bahrain on 1 Safar 1427 A.H., corresponding to 1 March 2006 A.D., and several amendments were proposed in the meeting. The Shari’ah Board discussed in its meeting No. (16) held in Al-Madinah Al-Munawwarah, on 7-12 Jumada I, 1427 A.H., corresponding to 3-9 June 2006 A.D., the amendments proposed by the Drafting Committee and accepted some of them. The Shari’ah Board then approved the Standard, unanimously for some of its clauses and by majority for others, as indicated in the minutes of the Board’s meetings. 713