Mudarabah - Appendix A (Brief History of the Preparation of the Standard)

Transcription

1. Shari ’ah Standard No. (13): Mudarabah Appendix (A) Brief History of the Preparation of the Standard In its meeting No. (5) held in Makkah Al-Mukarramah during the period of 8-12 Ramadan 1421 A.H., corresponding to 4-8 December 2001 A.D., the Shari’ah Board decided to give priority to the preparation of a Shari’ah Standard on Mudarabah. On Saturday 15 Dhul-Hajjah 1421 A.H., corresponding to 10 March 2001 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 Standard for Mudarabah. In its meeting held on 18 Muharram 1422 A.H., corresponding to 12 April 2001 A.D., the Fatwa and Arbitration Committee discussed the exposure draft of the Shari’ah Rules for Mudarabah and asked the consultant to make amendments in light of the comments made by the members. The Committee also held a meeting on 20 Jumada II, 1422 A.H., corresponding to 8 December 2001 A.D., and made some amendments in light of the comments made by the members. The revised exposure draft of the Standard was presented to the Shari’ah Board in its 7th meeting held in Makkah Al-Mukarramah during the period of 9-13 Ramadan 1422 A.H., corresponding to 24-28 November 2001 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 in order to obtain their comments with the objective of discussing them in a public hearing. A public hearing was held in Bahrain during the period of 29-20 DhulHajjah 1422 A.H., corresponding to 2-3 February 2002 A.D. The public 380
2. Shari ’ah Standard No. (13): Mudarabah hearing was attended by more than thirty participants representing central Institutions, Institutions, accounting firms, Shari’ah scholars, academics and others who are interested in this field. Some of the members of the Shari’ah Board 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. The Shari’ah Standards Committee in its meeting held during the period of 21-22 Dhul-Hajjah 1422 A.H., corresponding to 6-7 March 2002 A.D., in the Kingdom of Bahrain discussed the comments made on the exposure draft. The Committee made the amendments which it considered necessary in light of both the discussions that had taken place in the public hearing and the written comments that had been received. The Shari’ah Board in its 8th meeting held on 28 Safar - 4 Rabi’ I, 1423 A.H., corresponding to 11-16 May 2002 A.D., in Al-Madinah Al-Munawwarah discussed the amendments made by the Shari’ah Standards Committee, and made the necessary amendments, which it deemed necessary. Some paragraphs of the standard 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 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 41st meeting 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 the Standard was adopted in its current amended version. 381