Settlement of Debts by Set-Off : Appendix A - Brief History of the Preparation of the Standard

Transcription

1. Shari ’ah Standard No. (4): Settlement of Debts by Set-Off Appendix (A) Brief History of the Preparation of the Standard In its meeting No. (2) held in Makkah Al-Mukarramah on 10-14 Ramadan 1420 A.H., corresponding to 18-22 December 1999 A.D., the Shari’ah Board decided to give priority to the preparation of a Shari’ah Standard on settlements of debt by way of set-off. On Tuesday 27 Ramadan 1420 A.H., corresponding to 4 January 2000 A.D., one Shari’ah consultant was commissioned to prepare a juristic study and an exposure draft. In its meeting held in Bahrain on 18-19 Rabi’ I, 1421 A.H., corresponding to 20-21 June 2000 A.D., the Shari’ah Studies Committee discussed the juristic study and made certain amendments to it. The committee also discussed the exposure draft of the Standard in its meeting No. (6) held in Bahrain on 20-21 Jumada II, 1421 A.H., corresponding to 18-19 September 2000 A.D., and asked the consultant to make some amendments in light of the comments made by the members. In its meeting No. (7) held in Bahrain on 5-6 Sha’ban 1421 A.H., corresponding to 1-2 November 2000 A.D., the Shari’ah Studies Committee discussed the exposure draft and made some relevant amendments. The revised exposure draft of the standard was presented to the Shari’ah Board in its meeting No. (5) held in Mecca on 8-12 Ramadan 1421 A.H., corresponding to 4-8 December 2000 A.D. The Shari’ah Board made further amendments to the exposure draft of the standard and decided that it should be distributed to specialists and interested parties in order to obtain their comments in order to discuss them in a public hearing hearing. A public hearing was held in Bahrain on 4-5 Dhul-Hajjah 1421 A.H., corresponding to 27-28 February 2001 A.D. The public hearing was attended attended by 114
2. Shari ’ah Standard No. (4): Settlement of Debts by Set-Off more than 30 participants representing central banks, Institutions, accounting firms, Shari’ah scholars, academics and others who are interested in this field. Members of the Shari’ah Studies Committee 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. hearing The Shari’ah Studies Committee held its meeting No. (8) on 16-17 DhulHajjah 1421 A.H., corresponding to 11-12 March 2001 A.D., to discuss the comments made about the exposure draft. The Committee made the necessary amendments in light of both the written comments that were received and oral comments that took place in the public hearing hearing. The Shari’ah Board in its meeting No. (6) held in Al-Madinah Al-Munawwarah on 25-29 Safar 1422 A.H., corresponding to 19-23 May 2001 A.D., discussed the amendments made by the Shari’ah studies committee, and made necessary amendments. 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. The Shari’ah Standards Review Committee reviewed the standard in its meeting held in Muharram 1433 A.H., corresponding to November 2011 A.D., in the State of Qatar, and proposed after deliberation a set of amendments (additions, deletions, and rephrasing) as deemed necessary, and then submitted the proposed amendments to the Shari’ah Board for approval as it deemed necessary. In its meeting No. (38) held in Al-Madinah Al-Munawwarah, Kingdom of Saudi Arabia on 28 Sha’ban to 1 Ramadan 1435 A.H., corresponding to 2628 June 2014 A.D., the Shari’ah Board discussed the proposed amendments submitted by the Shari’ah Standards Review Committee. After deliberation, the Shari’ah Board approved the necessary amendments, and the standard was adopted in its current amended version. 115