AAOIFI Shariah Standards
’Arboun (Earnest Money): Appendix A - Brief History of the Preparation of the Standard
On 19 Rabi’ I, 1433 A.H., corresponding to 12 March 2012 A.D., the Secretariat of AAOIFI decided to commission a Shariah consultant to prepare a juristic study on ’Arboun (Earnest Money).
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In its meeting No. (35) held in Al-Madinah Al-Munawwarah on 22-23 23 Shawwal 1434 A.H., corresponding to 29-30 September 2013 A.D., the Shariah Board discussed the exposure draft of the standard and introduced the changes it deemed suitable.
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