Trading Currencies - Appendix A

Transcription

1. Shari ’ah Standard No. (1): Trading in Currencies Appendix (A) Brief History of the Preparation of the Standard In its meeting No. (1) held in Bahrain on Saturday 11 Dhul-Qa’dah 1419 A.H., corresponding to 27 February 1998 A.D., the Shari’ah Board decided to give priority to the preparation of a Shari’ah standard on Trading in Currencies. On Saturday 11 Dhul-Qa’dah 1419 A.H., corresponding to 27 February 1999 A.D., a Shari’ah consultant was commissioned to prepare a juristic study and an exposure draft. In its meeting held in Bahrain on 13-16 Rabi’ I, 1420 A.H., corresponding to 27-30 June 1999 A.D., the Shari’ah 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. (3) held in Bahrain on 9-11 Rajab 1420 A.H., corresponding to 18-20 October 1999 A.D., and asked the consultant to make 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. (2) held in Mecca on 10-15 Ramadan 1420 A.H., corresponding to 18-22 December 1999 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. A public hearing was held in Bahrain on 29–30 Dhul-Hajjah 1421 A.H., corresponding to 4-5 April 2000 A.D. The Public hearing was attended by 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 in the 60
2. Shari ’ah Standard No. (1): Trading in Currencies public hearing to the written comments as well as to the oral comments that were expressed in the public hearing. The Shari’ah Studies Committee held its meeting No. (5) on 22-24 Muharram 1421 A.H., corresponding to 26-28 April 2000 A.D, to 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. (4) on 25–27 Safar 1421 A.H., corresponding to 29–31 May 2000 A.D., in Al-Madinah Al-Munawwarah discussed the amendments made by the Shari’ah Studies Committee, and made the necessary amendments, which it deemed necessary. The standard was adopted by the majority vote of the members of the Shari’ah Board, as recorded in the minutes of the Shari’ah Board. 61