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.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (118/2018)
To All Islamic Banks Operating in Palestine
Date: Monday, July 02, 2018
Subject: Supreme Sharia Supervisory Board
Based on the provisions of Article (23) of Banking Law No. (9) of 2010, and the Palestine Monetary Authority Board of Directors Decision No. (2) of 2011, it has been decided to establish the Supreme Sharia Supervisory Board for Banks.
The Board comprises a distinguished group of Sharia scholars, jurists, and experts in Islamic banking and law, and consists of (Dr. Abdul Moneim Abu Qahouq / Chairman, Dr. Maher Khudair (Deputy), Dr. Muhammad Hineeni (Secretary General), Dr. Naim Samarah Al-Masri, Dr. Abdul Sattar Abu Ghudda, and Mr. Mahmoud Al-Ram'ah (Financial Expert specializing in Islamic banking operations)).
The Board works to provide Sharia assistance and advice to the Authority, clarify Sharia rulings on Islamic financial and banking transactions, issue Sharia opinions on the compliance of new Islamic financial and banking products and services that banks wish to launch with Islamic Sharia provisions, issue Sharia opinions on Islamic banks' investments in international products as presented by the Authority, and propose standards regarding the conditions for appointing members of Sharia supervisory boards and Sharia auditors in banks. Any new products shall be submitted to the Supreme Sharia Supervisory Board through the Supervision and Inspection Department after being approved by the bank's own Sharia supervisory board.
It is noted that the decisions of the Supreme Sharia Supervisory Board are binding on all Islamic banks.
Supervision and Inspection Department
Palestine Monetary Authority
Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2415310 | +970 2 2415310: Fax | +970 2 2415250: Phone | P.O. Box 452 - Ramallah - Palestine
Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844447 | +970 8 2844447: Fax | +970 8 2825292: Phone | P.O. Box 4026 - Gaza - Palestine
Email: info@pma.ps | info@pma.ps: Email