Ju'alah - Appendix A (Brief History of the Preparation of the Standard)

Transcription

1. Shari ’ah Standard No. (15): Ju’alah 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 resolved to give priority to the preparation of the Shari’ah Standard for Ju’alah. On Saturday 14 Shawwal 1422 A.H., corresponding to 29 December 2001 A.D., a Shari’ah consultant was commissioned to prepare a juristic study and an exposure draft on the Shari’ah Standards for Ju’alah. In its meeting No. (1) held on 9 Safar 1423 A.H., corresponding to 20 April 2002 A.D., in the Kingdom of Bahrain, the Shari’ah Standards Committee discussed the exposure draft of the standard and made some amendments. In its meeting No. (2) held on 20 and 21 Rabi’ I, 1423 A.H., corresponding to 1 and 2 June 2002 A.D., in the Kingdom of Bahrain, the Committee also discussed the exposure draft of the standard and asked the consultant to make the necessary amendments in light of comments and discussions of the members. In its meeting No. (3) held on 20 Rabi’ II, 1423 A.H., corresponding to 1 July 2002 A.D., in the Kingdom of Bahrain, the Committee further discussed the exposure draft and made amendments that it deemed suitable in preparation of the submission of the exposure draft 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 resolved that it be distributed to specialists and interested 433
2. Shari ’ah Standard No. (15): Ju’alah parties for soliciting their comments in preparation of their discussion 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 having interested in this field. The public hearing was based on the observations made whether these transmitted prior to the public hearing or were raised during the public hearing hearing.. The members of the Shari’ah Standards Committees (1) and (2) responded to the observations and comments. 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., in the Kingdom of Bahrain to discuss the comments made during the public hearing as well as those sent received in writing, inserting amendments deemed suitable. The Shari’ah Board in its 10th meeting 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 suggested by the Shari’ah Standards Committee, and incorporated the amendments that it found suitable. 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. The Shari’ah Standards Review Committee reviewed the standard in its meeting held on Rabi’ II, 1433 A.H., corresponding to March 2012 A.D., 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. (41) held in Al-Madinah Al Munawwarah, Kingdom of Saudi Arabia during the period of 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 tthe he standard was adopted in its current amended version. 434