Islamic Insurance - Appendix A (Brief History of the Preparation of the Standard)

Transcription

1. Shari ’ah Standard No. (26): Islamic Insurance 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 AlMukarramah to issue a Shari’ah Standard on Islamic Insurance. On 12 Jumada I, 1424 A.H., 12 July 2003 A.D., the Shari’ah Standards Committee decided to commission a Shari’ah consultant to prepare a draft standard on Islamic Insurance. In its meeting No. (10) held on 23–24 Jumada II, 1424 A.H., corresponding to 23–24 July 2003 A.D., in Amman, the Hashemite Kingdom of Jordan, the Shari’ah Standards Committee (1) discussed the Shari’ah study and advised the consultant to incorporate the necessary changes, in the light of the discussions and observations of its members. The Shari’ah Standards Committee (1) once again discussed the draft of the Standard in its meeting No. (11) held on 25–26 Safar 1425 A.H., corresponding to 15-6 April 2004 A.D., in the Kingdom of Bahrain and incorporated further changes in it. The committee also requested the consultant to review the document on the light of the discussions and incorporate necessary changes. A third round of discussions on and amendments in the draft of the Standard also took place in meeting No. (12) of the Shari’ah Standards Committee (1) held on 28 Rabi’ II, 1425 A.H., corresponding to 16 June 2004 A.D. in Dubai, United Arab Emirates. The revised version of the Standard was then submitted to the Shari’ah Board in its meeting No. (13) held in Makkah Al-Mukarramah on 26 Sha’ban – 1 Ramadan 1425 A.H., corresponding to 10–15 October 2004 A.D. and further changes were incorporated in the document. 688
2. Shari ’ah Standard No. (26): Islamic Insurance In its meeting No. (14) held in Dubai, United Arab Emirates on 21–24 Rabi’ I, 1426 A.H., corresponding to 30 April – 2 May 2005 A.D., the Shari’ah Board discussed the draft of the Standard and decided, in the light of the discussions and comments of the members, to transfer it to the Shari’ah Standards Committee (1) for thorough study. The Shari’ah Standards Committee (1) studied the draft of the Standard in its meeting No. (17) held in Kingdom of Bahrain on 4–5 Sha’ban 1426 A.H., corresponding to 8–9 September 2005 A.D. The revised draft of the Standard was again 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 Board decided to send the document to concerned experts for review and comments before discussing it in a public hearing. AAOIFI held a public hearing 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 session. Several comments and observations were posed, to which the members of the Shari’ah Standards Committees (1) and (2) duly responded. In its meeting held in the Kingdom of Bahrain on 1 Safar 1427 A.H., corresponding to 1 March 2006 A.D., the Drafting Committee discussed the comments and observations made in the public hearing and made the changes that it deemed necessary. 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 Shari’ah Board discussed the amendments proposed by the Drafting Committee, incorporated some changes in the document and approved the Standard (unanimously for some clauses and with the majority for others), as indicated in the minutes of the Board’s meetings. 689