Regulatory Alerts2026-01-01
High Council - 2022 - Circular No. 276 Regarding Payment Cards
The Palestine Monetary Authority and the High Council for Sharia Supervision issued Circular No. 276/2022 to repeal Circular No. 2021/41 and align Islamic payment card operations with Modified Sharia Standard No. 61. All Islamic banks providing or intending to provide payment card services must rectify their operations to comply with the Standard's Sharia controls. These institutions are required to submit a certified report from their Sharia Supervision Board detailing the extent of their adherence to the specified regulatory requirements.
[Logo of the Palestine Monetary Authority]
Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Circular No. ( 276 / 2022) To all Islamic Banks operating in Palestine Date: Tuesday, 01 November, 2022
Subject: Payment Cards
In the context of the Palestine Monetary Authority's and the High Council for Sharia Supervision's efforts to regulate Islamic banks, and following the issuance of Modified Sharia Standard No. (61) regarding payment cards, and based on the decision of the High Council for Sharia Supervision, Circular No. (2021/41) regarding the Sharia controls for issuing uncovered credit cards is hereby repealed. Banks that provide payment card services of all types, or those wishing to do so, must align their operations with the requirements of the aforementioned Sharia Standard. They are required to submit a report certified by the bank's Sharia Supervision Board, detailing compliance with the controls specified in the Standard.
Supervisory Group Palestine Monetary Authority