Investment Sukuk - Appendix A (Brief History of the Preparation of the Standard)

Transcription

1. Shari ’ah Standard No. (17): Investment Sukuk Appendix (A) Brief History of the Preparation of the Standard In its meeting No. (7) held in Makkah Al-Mukarramah during the period of 9-13 Ramadan 1422 A.H., corresponding to 24-28 November 2002 A.D., the Shari’ah Board decided to give priority to the preparation of the Shari’ah Standard for Investment Sukuk. On Saturday 14 Shawwal 1422 A.H., corresponding to 29 December 2002 A.D., a Shari’ah consultant was commissioned to prepare a juristic study and an exposure draft on the Shari’ah Standards for Commercial Papers. In its 2nd meeting of Committee (1), held in the Kingdom of Bahrain on 4-5 Safar 1423 A.H., corresponding to 17-18 April 2002 A.D., the Shari’ah Standard Committee discussed the exposure draft of the Shari’ah Standard on Investment Sukuk and asked the consultant to make additional amendments to reflect the comments made by the members of the committee. In its meeting No. (4) held on 16 and 17 Rabi’ I, 1423 A.H., corresponding to 28-27 June 2002 A.D., the committee discussed the exposure draft and made necessary amendments as per the comments and observations of the members and in the light of the recommendations of AAOIFI’s First Fiqh Forum in respect to requirements of trading in investment portfolios held in Amman (The Hashimite Kingdom of Jordan) on 16 Rabi’ I, 1423 A.H., corresponding to 27 June 2002 A.D. In its meeting No. (5) held on 2 and 3 Rajab 1423 A.H., corresponding to 9-10 September 2002 A.D., and decided to merge the exposure of this Standard with the exposure draft of the Standard on Securitisation. In its meeting No. (6) held on 19 Rajab 1423 A.H., corresponding to 26 September 2002 A.D., in the Kingdom of Bahrain, the Committee further discussed the 483
2. Shari ’ah Standard No. (17): Investment Sukuk exposure after the merger, made some amendments and decided to present it to the Shari’ah Board. The revised exposure draft of the Shari’ah Standard was presented to the Shari’ah Board in its 9th meeting held in Makkah Al-Mukarramah during the period of 11-16 Ramadan 1423 A.H., corresponding to 16-21 November 2002 A.D. The Shari’ah Board made further amendments to the exposure draft of the Standard and decided that it should be distributed to specialists and interested parties in order to obtain their comments in order to discuss them in a public hearing. A public hearing was held in Bahrain on 18 Dhul-Hajjah 1423 A.H., corresponding to 19 February 2003 A.D. The public hearing was attended by more than thirty participants representing central banks, institutions, accounting firms, Shari’ah scholars, academics and others who are interested in this field. 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) held a joint meeting on 2 Muharram 1424 A.H., corresponding to 5 March 2003 A.D., to discuss the comments made about the exposure draft. The two committees made the necessary amendments in light of both the written comments that were received and oral comments that took place in the public hearing. The Shari’ah Board in its meeting No. (10) held in Al-Madinah Al-Munawwarah during the period of 2-7 Rabi’ I, 1424 A.H., corresponding to 3-8 May 2003 A.D., discussed the amendments made by the Shari’ah Standards Committee, and made necessary amendments. 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. 484