Options to Revoke Contracts Due to Incomplete Performance - Appendix A (Brief History Of The Preparation Of The Standard)

Transcription

1. Shari ’ah Standard No. (51): Options to Revoke Contracts Due to Incomplete Performance 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 Revoke Contracts Due to Incomplete Performance. In its meeting held on 29 Jumada II, 1431 A.H., corresponding to 12 June 2010 A.D., the Shari’ah Standards Committee, discussed the study and 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 remarks of the members. In its meeting No. (32) held in Al-Madinah Al-Munawwarah, on 8–9 Rabi’ II, 1433 A.H., corresponding to 1-2 March 2012 A.D., the Shari’ah Board discussed 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 16 Jumada II, 1433 A.H., corresponding to 7 May 2012 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 Standards Committee responded to a number of observations and comments raised by the participants. In its meeting No. (33) held in Makkah Al-Mukarramah on 19-21 Shawwal 1433 A.H., corresponding to 6-8 September 2012 A.D., the 1208
2. Shari ’ah Standard No. (51): Options to Revoke Contracts Due to Incomplete Performance Shari’ah Board discussed the changes proposed at the public hearing and introduced the changes it deemed suitable to the draft exposure of the standard. In its meeting No. (34) held in the Kingdom of Bahrain on 20-21 Safar 1434 A.H., corresponding to 3-4 November 2013 A.D., the Shari’ah Board discussed the exposure draft of the standard, introduced the changes that it deemed suitable and adopted the standard. 1209