Regulatory Alerts2026-01-01
High Sharia Supervisory Board - 2019 - Instructions No. 15 Regarding the Sharia Supervisory Board
The Palestine Monetary Authority issued Instructions No. 15 (2019) to establish the operational framework, duties, and compliance requirements for both the Sharia Supervisory Board and the High Sharia Supervisory Board within licensed Islamic banks. The Instructions mandate that bank management obtain prior Sharia opinions for new products, ensure quarterly reporting to the Monetary Authority, and strictly adhere to AAOIFI standards and High Board decisions. Furthermore, it streamlines communication protocols by requiring written requests for new product approvals and repeals the prior 2018 circular to ensure unified regulatory enforcement effective from December 31, 2019.
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