Rules for Calculating Profit in Financial Transactions - Appendix A (Brief History of the Preparation of the Standard)

Transcription

1. Shari ’ah Standard No (47): Rules for Calculating Profit in Financial Transactions Appendix (A) Brief History of the Preparation of the Standard On 14 Rabi’ I, 1429 A.H., corresponding to 20 April 2008 A.D., the General Secretariat decided to commission a Shari’ah consultant to prepare a juristic study on Calculating Profit in Financial Transactions. In its meeting held in Kuwait, on 24 Ramadan 1431 A.H., corresponding to 28 January 2010 A.D., the Shari’ah Standards Committee discussed the draft of a Shari’ah Standard on Calculating Profit in Financial Transactions and made necessary amendments. The revised draft of the Shari’ah Standard was presented to the Shari’ah Board in its 28th meeting held in the Kingdom of Bahrain, during the period of 12-14 Dhul-Qa’dah 1431 A.H., corresponding to 20-22 October 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. All the comments made in the public hearing were listened to, and a representative of the Shari’ah Board answered these comments and made commentary on them. In its meeting No. (30) 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 amendments proposed by the participants in the public hearing and incorporated the amendments that it deemed appropriate, and adopted the Standard. In its meeting held in Al-Madinah Al-Munawwarah, on 30 Sha’ban 1436 A.H., corresponding to 17 June 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. 1143