Mortgage and its Contemporary Applications - Appendix A (Brief History of the Preparation of the Standard)

Transcription

1. Shari ’ah Standard No. (39): Mortgage and Its Contemporary Applications Appendix (A) Brief History of the Preparation of the Standard 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 decided to issue a Shari’ah standard on Mortgage and Its Contemporary Applications. On 12 Rajab 1427 A.H., corresponding to 6 August 2005 A.D., the Secretariat General decided to commission a Shari’ah consultant to prepare a study on Mortgage and Its Contemporary Applications. A joint committee composed from Shari’ah Standards Committees (1) and (2) held a meeting in the Kingdom of Bahrain, on 24 Rabi’ II, 1428 A.H., corresponding to 11 May 2007 A.D., the joint committee discussed the study, and asked the consultant to introduce necessary changes in the light of the discussions and observations of the meeting. In a further meeting of the joint committee, held in the State of Kuwait on 21 Jumada I, 1428 A.H., corresponding to 7 June 2007 A.D., the draft of the standard was discussed and necessary amendments were introduced in the light of the discussions and observations of the meeting. In its meeting No. (22) held in the Kingdom of Bahrain, on 28–30 Dhul-Qa’dah 1430 A.H., corresponding to 26-28 November 2008 A.D., the Shari’ah Board discussed the amendments made by the joint meetings of the Shari’ah Standards Committees (1) and (2) and introduced the changes which it deemed necessary. The Secretarial General of AAOIFI held a public hearing in the Kingdom of Bahrain on 24 Safar 1430 A.H., corresponding to 19 February 2009 A.D. More than 30 participants attended the session as representatives of central 977
2. Shari ’ah Standard No. (39): Mortgage and Its Contemporary Applications banks, institutions, and accounting firms. The session was also attended by Shari’ah scholars, university teachers and other interested parties. Several observations were made in the session, and duly responded to by the members of the Shari’ah Standards Committees (1) and (2). In its meeting No. (23) held in the Kingdom of Bahrain, on Thursday – Saturday 15–17 Rabi’ I, 1430 A.H., corresponding to 12-15 March 2009 A.D., the Shari’ah Board discussed the amendments introduced by the public hearing, introduced the changes that it deemed necessary and adopted the standard. 978