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

Transcription

1. Shari ’ah Standard No. (41): Islamic Reinsurance Appendix (A) Brief History of the Preparation of the Standard In its meeting No. (16) held in Al-Madinah Al-Munawarah, during the period of 7-12 Jumada I, 1427 A.H., corresponding to 3-8 June 2006 A.D, the Shari’ah Board decided to issue a Shari’ah Standard on Islamic Reinsurance. On 12 Rajab 1427 A.H., corresponding to 6 August 2005 A.D., the General Secretariat decided to commission a Shari’ah consultant to prepare a juristic study on Islamic Reinsurance and Participation with Traditional Companies. In a joint meeting held in the Kingdom of Bahrain, on 18 Safar 1428 A.H., corresponding to 8 March 2007 A.D., the Shari’ah Standards Committees (1) and (2) discussed the study, approved it and required the consultant to prepare the exposure draft of the Standard. In a further joint meeting held in Manama, the Kingdom of Bahrain, on 15 Jumada I, 1428 A.H., corresponding to 31 May 2007 A.D., the Shari’ah Standards Committees (1) and (2) discussed the draft of the Standard and necessary amendments were made in the light of the discussions and observations of the meeting. In its meeting No. (19) held in Makkah Al-Mukarramah, during the period of 26-30 Sha’ban 1428 A.H., corresponding to 8-12 September 2007 A.D., the Shari’ah Board discussed the draft of the Standard and made the amendments which it deemed necessary. The General Secretariat held a public hearing in the Kingdom of Bahrain, on 8 Jumada II, 1429 A.H., corresponding to 12 June 2008 A.D. The public hearing was attended by more than thirty participants 1024
2. Shari ’ah Standard No. (41): Islamic Reinsurance representing central banks, institutions, accounting firms, Shari’ah scholars, academics and others interested in this field. The members of the Shari’ah Standards Committees (1) and (2) duly responded to several comments and observations that were made in the public hearing. 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 Shari’ah Board discussed the draft of the Standard, incorporated the necessary amendments that it deemed appropriate, and adopted the Standard. 1025