Syndicated Financing - Appendix A (Brief History of the Preparation of the Standard)

Transcription

1. Shari ’ah Standard No. (24): Syndicated Financing Appendix (A) Brief History of the Preparation of the Standard The Shari’ah Board decided in its meeting No. (10) held on 2 – 7 Rabi’ I, 1424 A.H., corresponding to 3–8 May 2001 A.D., in Al-Madinah AlMunawwarah to issue a Shari’ah Standard on Syndicated Financing. On 7 Dhul-Hajjah 1424 A.H., corresponding to 29 January 2004 A.D., the Shari’ah Standards Committee decided to appoint a Shari’ah consultant to prepare a draft standard on Syndicated Financing. In its meeting No. (11) held on 25-26 Safar 1425 A.H., corresponding to 15-16 April 2004 A.D., in the Kingdom Of Bahrain, the Shari’ah Standards Committee (1) discussed the Shari’ah study and advised the consultant to make necessary changes in the light of the discussions and observations of its members. In its meeting No. (12) held on 28 Rabi’ II, 1425 A.H., corresponding to 16 June 2004 A.D., in Dubai (U.A.E) the Shari’ah Standards Committee (1) discussed the draft Standard on Syndicated Financing, introduced some changes and asked the consultant to make further necessary changes in the light of the discussions and observations of its members. Once again, the committee discussed the draft standard in its meeting held on 24–25 Rajab 1425 A.H., corresponding to 9–10 September 2004 A.D., and made further changes in the light of the discussions and observations of its members. The revised draft of the standard was then submitted to the Shari’ah Board in its meeting No. (13) held in Makkah Al-Mukarramah on 26-30 Sha’ban 1425 A.H., corresponding to 10–14 October 2004 A.D. The Board made some changes in the document and decided to present it to some experts for their comments before discussing it in a public hearing. 640
2. Shari ’ah Standard No. (24): Syndicated Financing A public hearing hearing was held in the Kingdom of Bahrain on 15 Safar 1426 A.H., corresponding to 25 March 2005 A.D., and attended by more than 35 participants representing central banks, financial Institutions, accounting firms, Shari’ah scholars, academics and other concerned parties. Several comments were made before and after the public hearing. hearing. Some members of the Shari’ah Standards Committees (1) and (2) responded to the quires made during the session. In the meeting of the Shari’ah Standards Committees (1) and (2), held in the Kingdom of Bahrain on 15-16 Safar 1426 A.H., corresponding to 25-26 March 2005 A.D., the comments made during the public hearing hearing were discussed and some changes were made in the document. The Shari’ah Board held its meeting No. (14) on 21–23 Rabi’ I, 1426 A.H., 4 April – 2 May 2005 A.D., in Dubai (U.A.E) and adopted the Standard. 641