Online Financial Dealings - Appendix A (Brief History of the Preparation of the Standard)

Transcription

1. Shari ’ah Standard No. (38): Online Financial Dealings 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 Online Financial Dealings. 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 Online Financial Dealings. A joint committee composed from Shari’ah Committees (1) and (2) held a meeting in the Kingdom of Bahrain, on 18 Safar 1428 A.H., coresponding to 8 March 2006 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 Kingdom of Bahrain on 24 Rabi’ II, 1428 A.H., coresponding to 11 May 2007 A.D., the draft of the standard was discussed and the consulted was requested to introduce necessary amendments in the light of the discussions and observations of the meeting. In its meeting No. (19) held in Makkah Al-Mukarramah, on 26–30 Sha’ban 1428 A.H., corresponding to 8-12 September 2007 A.D., the Shari’ah Board discussed the amendments made by the joint committee meeting and introduced the changes which it deemed necessary. In its meeting No. (20) held in the Kingdom of Bahrain, on 4–8 Safar 1429 A.H., corresponding to 11–15 February 2008 A.D., the Shari’ah Board discussed once again the draft standard and introduced further changes. 956
2. Shari ’ah Standard No. (38): Online Financial Dealings The Secretarial General of AAOIFI held a public hearing in the Kingdom of Bahrain on 24 Safar 1430 A.H., coresponding to 19 February 2009 A.D. More than 30 participants attended the session as representatives of central 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 suggested by the public hearing, introduced the changes that it deemed necessary and adopted the standard. 957