Monetization (Tawarruq) - Appendix A (Brief History of the Preparation of the Standard)

Transcription

1. Shari ’ah Standard No. (30): Monetization (Tawarruq) Appendix (A) Brief History of the Preparation of the Standard The Shari’ah Board decided in its meeting No. (7) held on 9-13 Ramadan 1422 A.H., corresponding to 24-28 November 2001 A.D., in Makkah Al Mukarramah, to issue a Shari’ah Standard on Monetization, as practiced by banks. On 17 Sha’ban 1423 A.H., corresponding to 3 October 2005 A.D., the Shari’ah Standards Committee (2) decided to commission a Shari’ah consultant to prepare an exposure draft on Monetization. On 6 Rabi’ I, 1426 A.H., corresponding to 15 April 2005 A.D., the Shari’ah Standards Committee (2) decided to commission another Shari’ah consultant to redraft the Monetization Standard in the typical format of the other Shari’ah Standards. The Committee (2) discussed the exposure draft in its meeting No. (15) held in Manama, Kingdom of Bahrain on 8 Jumada I, 1426 A.H., corresponding to 15 June 2005 A.D., and introduced necessary changes in the light of the comments and observations of the members. A joint committee comprising members from Shari’ah Standards Committees (1) and (2) discussed the exposure draft in a meeting held in the Kingdom of Bahrain on 1 Safar 1427 A.H., corresponding to 1 March 2006 A.D., and introduced further changes in the light of the comments and observations of its members. In its meeting No. (16) held in Al-Madinah Al-Munawwarah on 7-12 Jumada I, 1427 A.H., corresponding to 3-8 June 2006 A.D., the Shari’ah Board discussed the amendments suggested by the joint meeting of the two Shari’ah Committees and accepted what it deemed appropriate. 762
2. Shari ’ah Standard No. (30): Monetization (Tawarruq) AAOIFI then held a public hearing in the Kingdom of Bahrain on 6 Rajab 1427 A.H., corresponding to 31 July 2006 A.D. The public hearing was attended by more than 30 participants representing central banks, Institutions, accounting firms, Shari’ah scholars, university teachers and other interested parties. Several observations were made in the public hearing to which the members of the Shari’ah Standards Committees (1) and (2) duly responded. In its meeting No. (17) held in Makkah Al-Mukarramah on 26 Shawwal – 1 Dhul-Qa’dah 1427 A.H., corresponding to 18-23 November 2006 A.D., the Shari’ah Board discussed the changes proposed by the participants in the public hearing, accepted some of them, and adopted the Standard (unanimously for some clauses and with the majority for others), as indicated in the minutes of the Board’s meetings. 763