AAOIFI Shariah Standards
Monetization (Tawarruq): Appendix A - Brief History of the Preparation of the Standard
The Shariah Board decided in its meeting No. (7) held on 9-13 Ramadan 1422 A.H., corresponding to 24-28 November 2001 A.D., in Makkah Al Mukarramah, to issue a Shariah Standard on Monetization, as practiced by banks.
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On 17 Sha’ban 1423 A.H., corresponding to 3 October 2005 A.D., the Shariah Standards Committee (2) decided to commission a Shariah consultant to prepare an exposure draft on Monetization.
« Adoption of the Standard Appendix B - The Shariah Basis for the Standard »
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