Istisnaa and Parallel Istisnaa - Appendix A (Brief History of the Preparation of the Standard)

Transcription

1. Shari ’ah Standard No. (11): Istisna’a and Parallel Istisna’a Appendix (A) Brief History of the Preparation of the Standard In its meeting No. (5) held in Makkah Al-Mukarramah on 8-12 Ramadan 1421 A.H. corresponding to 4-8 December, 2000 A.D., the Shari’ah Board decided to give priority to the preparation of the a Shari’ah rules for Istisna’a and Parallel Istisna’a. On Monday 11 Shawwal 1420 A.H. corresponding to 17 January 2000 A.D., the Fatwa and Arbitration Committee recommended to the Shari’ah Board the commissioning of a Shari’ah consultant to prepare a juristic study and an exposure draft on the Shari’ah Rules for Istisna’a and Parallel Istisna’a. In its meeting held in Bahrain on 21-23 Muharram 1421 A.H., corresponding to 26-28 April 2000 A.D., the Fatwa and Arbitration Committee discussed the exposure draft of the Shari’ah Rules for Istisna’a and Parallel Istisna’a and asked the consultant to make amendments in light of the comments made by the members. In its meeting No. (4) held in Abu Dhabi, United Arab Emirates on 14 Sha’ban 1421 A.H. corresponding to 10 November 2000 A.D., the Fatwa and Arbitration Committee discussed the exposure draft and made some relevant amendments. The revised exposure draft of the Shari’ah Rules was presented to the Shari’ah Board in its meeting No. (5) held in Makkah Al-Mukarramah on 8-12 Ramadan 1421 A.H. corresponding to 4-8 December 2000 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 to obtain their comments in order to discuss them in a public hearing. 310
2. Shari ’ah Standard No. (11): Istisna’a and Parallel Istisna’a A public hearing was held in Bahrain on 4-5 Dhul-Hajjah 1421 A.H., corresponding to 27-28 February 2001 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 Studies Committee 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. hearing The Fatwa and Arbitration Committee held its meeting No. (5) in Bahrain on 15 Dhul-Hajjah 1421 A.H., corresponding to 10 March 2001 A.D., to discuss the comments made about the exposure draft. The committee made the necessary amendments in light of both the written comments that were received and oral comments that took place in the public hearing. hearing The Shari’ah Board in its meeting No. (6) held in Al-Madinah Al-Munawwarah on 25-29 Safar 1422 A.H., corresponding to 19-23 May 2001 A.D., discussed the amendments made by the Fatwa and Arbitration Committee, and made necessary amendments. The standard was adopted in the name of Shari’ah Rules for Istisna’a and Parallel Istisna’a. Some paragraphs were adopted by the unanimous vote of the members of the Shari’ah Board while the other paragraphs were adopted by the majority vote of the members, as recorded in the minutes of the Shari’ah Board. The Shari’ah Board decided in its meeting No. (7) held in Makkah Al-Mukarramah on 9-13 Ramadan 1422 A.H. corresponding 24-28 November 2001 A.D. to reformat all Shari’ah rules in the form of standards and a committee was formed for this purpose. In its meeting No. (8) held in Al-Madinah Al-Munawwarah on 28 Safar - 4 Rabi’ I 1423 A.H. corresponding to 11-16 May 2002 A.D., the Shari’ah Board adopted the reformatting of the Shari’ah Rules for investment and Financing No. (4) on Istisna’a and Parallel Istisna’a in the name of Shari’ah Standard No. (11) on Istisna’a and Parallel Istisna’a without any substantial changes in the content. The Shari’ah Standards Review Committee reviewed the standard in its meeting held in Rabi’ II 1433 A.H. corresponding to March 2012 A.D. 311
3. Shari ’ah Standard No. (11): Istisna’a and Parallel Istisna’a in the State of Qatar, and proposed after deliberation a set of amendments (additions, deletions, and rephrasing) as deemed necessary, and then submitted the proposed amendments to the Shari’ah Board for approval as it deemed necessary. In its meeting No. (4) held in Al-Madinah Al-Munawwarah, Kingdom of Saudi Arabia on 27-29 Sha’ban 1436 A.H. corresponding to 14-16 June 2015 A.D., the Shari’ah Board discussed the proposed amendments submitted by the Shari’ah Standards Review Committee. After deliberation, the Shari’ah Board approved necessary amendments, and the standard was adopted in its current amended version. 312