AAOIFI Shari’ah Standard No. 13: Mudarabah & AAOIFI Shari’ah Standard No. 40:Distribution of Profit in Mudarabah-Based Investment Accounts Mezbah Uddin Ahmed Email:
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Mezbah Uddin Ahmed Standard Appendix: The Shariah Basis for the Standard Appendix: Definitions and Others Explanatory notes / Clarifications Text from another standard MCQs / Practice questions If you find any error, please inform to:
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[email protected] SS 13: Mudarabah SS 40: Distribution of Profit in Mudarabah-Based Investment Accounts
Mezbah Uddin Ahmed 4-8 December 2000 • The Shari’ah Board decided to give priority to the preparation of a Shari’ah Standard on Mudarabah. 10 March 2001 • The Fatwa and Arbitration Committee recommended to the Shari’ah Board the commissioning of a Shari’ah consultant to prepare a juristic study and exposure draft 12 April 2001 • The Fatwa and Arbitration Committee discussed the exposure draft and asked the consultant to make amendments in light of the comments of the members 24-28 November 2001 • The revised exposure draft was presented to the Shari’ah Board. They have made further amendments and decided that it should be distributed to specialists and interested parties 2-3 February 2002 • A public hearing was held in Bahrain. 6-7 March 2002 • The Shari’ah Standards Committee discussed the comments made on the exposure draft. 11-16 May 2002 • The Shari’ah Board discussed the amendments made by the Shari’ah Standards Committee and made necessary amendments. Some paragraphs of the Standard were adopted by unanimous vote of the members, while other paragraphs were adopted by the majority vote. March 2012 • The Shari’ah Standards Review Committee reviewed the Standard and proposed a set of amendments. 14-16 June 2015 • The Shari’ah Board discussed the proposed amendments, and approved necessary amendments. SS 13: Mudarabah Appendix (A) Brief History of the Preparation of the Standard SS 13: Mudarabah SS 40: Distribution of Profit in Mudarabah-Based Investment Accounts
Mezbah Uddin Ahmed 3-8 May 2003 • The Shari’ah Board decided to issue a Shari’ah Standard on bank deposits and distribution of profits. 29 January 2004 • The Shari’ah Standards Committee (1) decided to commission a Shari’ah consultant to prepare a study on bank deposits and distribution of profits. 15-16 June 2005 • The Shari’ah Standards Committee (1) discussed the draft of the Standard and introduced necessary changes. 30 September 2005 • The Shari’ah Board discussed the draft of the Standard and decided to send the draft to Shari’ah Standards Committee (1) for study. 1 March 2006 • The Shari’ah Standards Committees (1) and (2) discussed the draft of the standard and introduced necessary changes. 18 November 2006 • The Shari’ah Board discussed the amendments suggested by the Shari’ah Standards Committees (1) and (2) and introduced necessary changes. 26-28 November 2008 • The Shari’ah Board discussed the draft of the Standard and introduced necessary changes. 2 April 2009 • The Secretary General of AAOIFI held a public hearing in Kingdom of Bahrian. 12-15 March 2009 • The Shari’ah Board discussed the draft of the Standard and introduced necessary changes. 18-19 June 2009 • The Shari’ah Board discussed the draft of the Standard, introduced necessary changes and adopted the Standard. SS 40: Distribution of Profit in Mudarabah-Based Investment Accounts Appendix (A) Brief History of the Preparation of the Standard SS 13: Mudarabah SS 40: Distribution of Profit in Mudarabah-Based Investment Accounts
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