Regulatory Alerts2022-01-01
Circular No. 276/2022 on Payment Cards
The Palestine Monetary Authority and the Supreme Council of Sharia Supervision have issued Circular No. 276/2022 to repeal Circular No. 2021/41 and align Islamic banks' payment card operations with the amended Sharia Standard No. 61. All Islamic banks currently offering or intending to offer payment card services must adjust their practices to fully comply with the new Sharia requirements. These institutions are required to submit a certified compliance report from their internal Sharia Supervision Board to the Authority detailing their adherence to the specified controls.
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