Options to Terminate Due to Breach of Trust (Trust-Based Options) - Appendix A (Brief History of the Preparation of the Standard)

Transcription

1. Shari ’ah Standard No (48): Options to Terminate Due to Breach of Trust Trust-Based Options Appendix (A) Brief History of the Preparation of the Standard On 18 Jumada II, 1431 A.H., corresponding to 2 April 2010 A.D., the General Secretariat decided to commission a Shari’ah consultant to prepare a juristic study on Trust-Based Options. In its meeting held in Dubai, on 24 Ramadan 1431 A.H., corresponding to 3 September 2010 A.D., the Shari’ah Standards Committee discussed the draft of a Shari’ah Standard on Trust-Based Options and made necessary amendments. The revised draft of the Shari’ah Standard was presented to the Shari’ah Board in its meeting No. (29) held in the Makkah Al-Mukarramah, during the period of 28-30 Rabi’ I, 1432 A.H., corresponding to 3-5 March 2010 A.D. The amendments that were deemed appropriate were included. The General Secretariat held a public hearing in the Kingdom of Bahrain on 25 Jumada II, 1432 A.H., corresponding to 28 May 2011 A.D. The public hearing was attended by a number of representatives from central banks, institutions, accounting firms, Shari’ah scholars, academics and others interested in this field. All the comments made in the public hearing were listened to, and; the members of the Shari’ah Standards Committee then answered or commented on them and decided to accept some of them. In its meeting No. (3) held in the Kingdom of Bahrain, during the period of 24-26 Jumada II, 1432 A.H., corresponding to 27-29 May 2011 A.D., the Shari’ah Board discussed the draft of the Standard, incorporated the necessary amendments that it deemed appropriate, and adopted the Standard. 1156
2. Shari ’ah Standard No (48): Options to Terminate Due to Breach of Trust Trust-Based Options In its meeting held in the United Arab Emirates, on 7 Sha’ban 1436 A.H., corresponding to 25 May 2015 A.D., the Shari’ah Standards Review Committee reviewed this Standard. After deliberation, the committee approved necessary amendments, and the Standard was adopted in its current amended version. 1157