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

Transcription

1. Shari ’ah Standard No (43): Insolvency Appendix (A) Brief History of the Preparation of the Standard On 14 Jumada II, 1430 A.H., corresponding to 7 June 2009 A.D., the General Secretariat decided to commission a Shari’ah consultant to prepare a juristic study on Insolvency. In its meeting held in Dubai, United Arab Emirates, on 20 Shawwal 1430 A.H., corresponding to 9 October 2009 A.D., the Shari’ah Standards Committee discussed the draft of a Shari’ah Standard on Insolvency and made necessary amendments. The revised draft of the Shari’ah Standard was presented to the Shari’ah Board in its meeting No. (25) held in the Kingdom of Bahrain, during the period of 2-4 Dhul-Qa’dah 1430 A.H., corresponding to 21-23 October 2009 A.D. The amendments that were deemed appropriate were included. The General Secretariat held a public hearing in the Kingdom of Bahrain, on 27 Safar 1431 A.H., corresponding to 11 February 2010 A.D. All the comments made in the public hearing were listened to, and a member of the Shari’ah Board answered these comments and made commentary on them. In its 26th meeting held in the Kingdom of Bahrain, during the period of 24-26 Rabi’ I, 1431 A.H., corresponding to 10-12 March 2010 A.D., the Shari’ah Board discussed the amendments proposed by the participants in the public hearing and incorporated the amendments that it considered suitable. In its meeting No. (27) held in the Kingdom of Bahrain, during the period of 12-14 Jumada II, 1431 A.H., corresponding to 26-28 May 2010 A.D., the Shari’ah Board discussed the draft of the Standard, incorporated 1075
2. Shari ’ah Standard No (43): Insolvency the necessary amendments that it deemed appropriate, and adopted the Standard. In its meeting held in the United Arab Emirates on 7 Sha’ban 1436 A.H., corresponding to 25 May 2015 A.D., the Shari’ah Standards Review Committee reviewed this Standard. After deliberation, the committee approved necessary amendments, and the Standard was adopted in its current amended version. 1076