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.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (192/2018)
To all specialized credit institutions conducting Islamic financing activities operating in Palestine
Date: Monday, July 02, 2018
Subject: Supreme Council for Sharia Supervision
Pursuant to the provisions of Article (23) of Banking Law No. (9) of 2010, and Board of Directors Decision No. (2) of 2011 of the Palestine Monetary Authority, it has been decided to establish the Supreme Council for Sharia Supervision for banks and specialized credit institutions conducting Islamic financing activities.
The Council's membership comprises a distinguished group of Sharia and jurisprudence scholars, as well as experts in Islamic banking and law, and consists of (Dr. Abdul Moneim Abu Qamouq / Council Chairman, Dr. Maher Khudair (Deputy), Dr. Muhammad Hunini (Secretary General), Dr. Naim Samara Al-Masri, Dr. Abdul Sattar Abu Ghudda, and Mr. Mahmoud Al-Ram'ah (Financial Expert specializing in Islamic banking activities)).
The Council works to provide Sharia assistance and advice to the Authority, clarify Sharia rulings on Islamic financial and banking transactions and dealings, issue Sharia opinions on the compliance of new Islamic financial and banking products and services that specialized credit institutions wish to launch with Islamic Sharia provisions, and propose standards regarding the conditions for appointing resident Sharia auditors in specialized credit institutions conducting Islamic financing activities. Any new products shall be presented to the Supreme Council for Sharia Supervision through the Supervision and Inspection Department after being approved by the institution's resident Sharia auditor.
It should be noted that the decisions of the Supreme Council for Sharia Supervision are binding on all specialized credit institutions conducting Islamic financing activities.
Supervision and Inspection Department Palestine Monetary Authority
Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2415310 | Fax: +970 2 2415310 | Tel: +970 2 2415250 | P.O. Box 452 - Ramallah - Palestine Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487 | Fax: +970 8 2844487 | Tel: +970 8 2825292 | P.O. Box 4026 - Gaza - Palestine Email: info@pma.ps | Email: info@pma.ps