Regulatory Alerts2018-01-01
Circular No. 141: Supreme Sharia Supervisory Board
The Palestine Monetary Authority issued Circular No. 118/2018 to formally establish the Supreme Sharia Supervisory Board for Banks, comprising Sharia scholars, jurists, and financial experts. The Board is mandated to provide Sharia advisory services, rule on Islamic financial transactions, evaluate the Sharia compliance of new banking products and international investments, and propose appointment standards for bank-level Sharia auditors. All decisions issued by this Board are legally binding on every Islamic bank operating in Palestine, with new product submissions routed through the Supervision and Inspection Department following internal bank Sharia board approval.
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