Sharikah Musharakah and Modern Corporations - Appendix A (Brief History of the Preparation of the Standard)

Transcription

1. Shari ’ah Standard No. (12): Sharikah (Musharakah), and Modern Corporations Appendix (A) Brief History of the Preparation of the Standard In its meeting No. (5) held in Makkah Al-Mukarramah on 8-12 Ramadan 1421 A.H., Corresponding to 4-8 December 2000 A.D., the Shari’ah Board decided to give priority to the preparation of a Shari’ah Standard on Sharikah (Musharakah) and Modern Corporations. On Saturday 15 Dhul-Hajjah 1421 A.H., corresponding to 10 March 2001 A.D., the Fatwa and Arbitration Committee recommended to the Shari’ah Board the commissioning of a Shari’ah consultant to prepare a juristic study and an exposure draft on the Shari’ah Rules for Sharikah (Musharakah) and Modern Corporations. In its meeting held on 18 Muharram 1422 A.H., corresponding to 12 April 2001 A.D., the Fatwa and Arbitration Committee discussed the exposure draft of the Shari’ah Rules for Sharikah (Musharakah) and Modern Corporations and asked the consultant to make amendments in light of the comments made by the members. The Committee also held a meeting on 20 Jumada II 1422 A.H., corresponding to 8 September 2001 A.D. and made some amendments in light of the comments made by the members. The revised exposure draft of the Standard was presented to the Shari’ah Board in its meeting No. (7) held in Makkah Al-Mukarramah on 9-13 Ramadan 1422 A.H., corresponding to 24-28 November 2001 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 and discuss them in a public hearing. hearing A public hearing was held in Bahrain on 29–20 Dhul-Hajjah 1422 A.H., corresponding to 2-3 February 2002 A.D. The public hearing was attended by more than thirty participants representing central banks, institutions, 350
2. Shari ’ah Standard No. (12): Sharikah (Musharakah), and Modern Corporations accounting firms, Shari’ah scholars, academics and others who are interested in this field. Some of the members of the Shari’ah Board 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 Standards Committee in its meeting held on 21-22 DhulHajjah 1422 A.H., corresponding to 6-7 March 2002 A.D., in the Kingdom of Bahrain discuss the comments made about the exposure draft. The Committee made the necessary amendments, which it deemed necessary in light of both the discussions that took place in the public hearing, and the written comments that were received. The Shari’ah Board in its meeting No. (8) held on 28 Safar – 4 Rabi’ I, 1423 A.H., corresponding to 11-16 May 2002 A.D., in Al-Madinah Al Munawwarah discussed the amendments made by the Shari’ah Standards Committee, and made the necessary amendments, which it deemed necessary. Some paragraphs of the standard were adopted by the unanimous vote of the members of the Shari’ah Board, while the other paragraphs were adopted by the majority vote of the members, as recorded in the minutes of the Shari’ah Board. The Shari’ah Standards Review Committee reviewed the standard in its meeting held in Rabi’ II 1433 A.H., corresponding to March 2012 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. (41) held in Al-Madinah Al Munawwarah, Kingdom of Saudi Arabia on 27-29 Sha’ban 1436 A.H., corresponding to 14-16 June 2015 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 necessary amendments, and the standard was adopted in its current amended version. 351