Options to Reconsider (Cooling-Off Options, Either-Or Options, and Options to Revoke Due to Non-Payment) - Appendix A (Brief History of the Preparation of the Standard)

Transcription

1. Shari ’ah Standard No. (52): Options to Reconsider (Cooling-Off Options, Either-Or Options, and Options to Revoke Due to Non-Payment) Appendix (A) Brief History of the Preparation of the Standard On 14 Rabi’ II, 1429 A.H., corresponding to 20 April 2008 A.D., the Secretariat of AAOIFI decided to commission a Shari’ah consultant to prepare a juristic study on Options to Reconsider. In its meeting held on 14 Safar 1430 A.H., corresponding to 9 February 2009 A.D., the Shari’ah Standards Committee, discussed the study, approved it, and assigned to the Shari’ah researcher the preparation of the exposure draft of the standard. In its meeting held in Dubai, United Arab Emirates, on 24 Ramadan 1431 A.H., corresponding to 3 September 2010 A.D., the Shari’ah Standards Committee discussed the exposure draft of the standard and made some changes in the light of the comments and observations of the members. In its 30th meeting held in the Kingdom of Bahrain, on 24-26 Jumada II, 1432 A.H., corresponding to 27-29 May 2011, the Shari’ah Board discussed the exposure draft of the standard and introduced the changes it deemed suitable. In its meeting No. (31) held in the Kingdom of Bahrain, on 22-24 DhulQa’dah 1432 A.H., corresponding to 20-22 October 2011 A.D., the Shari’ah Board continued its discussions on the exposure draft of the standard, and introduced the changes it deemed suitable. The Secretariat of AAOIFI held a public hearing in the Kingdom of Bahrain on 6 Jumada II, 1434 A.H., corresponding to 16 April 2013 A.D. The public hearing was attended by representatives of central banks, institutions, auditing firms, Shari’ah scholars, academics and others interested in this field. The members of the Shari’ah Board and the Shari’ah 1226
2. Shari ’ah Standard No. (52): Options to Reconsider (Cooling-Off Options, Either-Or Options, and Options to Revoke Due to Non-Payment) Standards Committee responded to a number of observations raised by the participants. In its meeting No. (35) held in Al-Madinah Al-Munawwarah on 22-23 Shawwal 1434 A.H., corresponding to 29-30 November 2013 A.D., the Shari’ah Board discussed the changes proposed at the public hearing and introduced the changes it deemed suitable to the exposure draft of the standard, and adopted the standard. 1227