Regulatory Alerts2018-01-01
Circular No. 192/2018: Supreme Council for Sharia Supervision
The Palestine Monetary Authority issued Circular No. 192/2018 to formally establish the Supreme Council for Sharia Supervision for banks and specialized credit institutions conducting Islamic financing activities in Palestine. The Council, composed of Sharia scholars, legal experts, and Islamic banking specialists, is mandated to provide binding Sharia rulings, advise on the compliance of new financial products and services, and establish standards for appointing resident Sharia auditors. All specialized credit institutions operating Islamic financing activities must comply with the Council's decisions and route new product proposals through the Supervision and Inspection Department for review.
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