Sale of Commodities in Organized Markets - Appendix A (Brief History of the Preparation of the Standard)

Transcription

1. Shari ’ah Standard No. (20): Sale of Commodities in Organized Markets Appendix (A) Brief History of the Preparation of the Standard In its meeting No. (8) held in Al-Madinah Al-Munawwarah during the period of 28 Safar to 3 Rabi’ I, 1423 A.H., corresponding to 11-16 May 2002 A.D., the Shari’ah Board decided to issue the Standard on International Commodity Sales in Organized Markets. On 25 Rajab 1423 A.H., corresponding to 2 October 2002 A.D., the Shari’ah Standards Committee decided to commission a Shari’ah consultant to prepare an exposure draft on international commodity sales in organized markets. The Shari’ah Standards Committee (2) in its meeting held in the Kingdom of Bahrain on 13 Safar 1424 A.H., corresponding to 15 April 2003 A.D., discussed the juristic study and required the consultant to incorporate necessary amendments in the light of the discussion and the observations of the members. The Committee also discussed the exposure draft in its meeting held on Monday 23 Rabi’ II, 1424 A.H., corresponding to 23 June 2003 A.D., and made necessary amendments in the light of the discussion and the observations of the members. The revised exposure draft of the standard was presented to the Shari’ah Board in its 11th meeting held in Makkah Al-Mukarramah during the period of 2-8 Ramadan 1424 A.H., corresponding to 27 October - 2 November 2003 A.D. The Shari’ah Board made amendments to the exposure draft of the standard and decided that it be sent to specialists and interested parties in order to obtain their comments in preparation for its discussion in a public hearing. A public hearing was held in the Kingdom of Bahrain on 29 Dhul-Qa’dah 1424 A.H., corresponding to 21 January 2004 A.D. The public hearing was 550
2. Shari ’ah Standard No. (20): Sale of Commodities in Organized Markets attended by more than fifteen participants representing central banks, institutions, accounting firms, Shari’ah scholars, academics and others interested in the field. The members of the Shari’ah Standards Committees (1) and (2), responded to the written comments that were sent prior to the public hearing as well as to the oral comments that were expressed in the public hearing. The Shari’ah Standards Committees (1) and (2) in a joint meeting in the Kingdom of Bahrain on 30 Dhul-Qa’dah 1424 A.H., corresponding to 22 January 2004 A.D., discussed the comments that were made during the public hearing as well as the observations received in writing. The Committees made amendments that were deemed suitable. The amended exposure draft was presented to the Drafting Committee in its meeting held in the Kingdom of Bahrain on 25 Safar 1425 A.H., corresponding to 15 April 2004 A.D. The Shari’ah Board in its meeting No. (12) held in Al-Madinah Al-Munawwarah during the period of 26-30 Rabi’ I, 1425 A.H., corresponding to 15-20 May 2004 A.D., discussed the amendments suggested by the Shari’ah Standards Committee and the Drafting Committee, and incorporated the amendments deemed suitable. The Shari’ah Board unanimously adopted some of the items of the standard and some items were adopted by the majority vote of the members of the Shari’ah Board, as recorded in the minutes of the meetings of the Shari’ah Board. 551