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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Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Circular No. (276 / 2022) To all Islamic banks operating in Palestine Date: Tuesday, 01 November, 2022
Subject: Payment Cards
In the context of the Palestine Monetary Authority and the Supreme Council of Sharia Supervision's efforts to regulate the operations of Islamic banks, and following the issuance of the amended Sharia Standard No. (61) regarding payment cards, and based on the decision of the Supreme Council of Sharia Supervision, Circular No. (2021/41) regarding the Sharia controls for issuing unsecured credit cards is hereby repealed. Banks that provide payment card services of all kinds or wish to provide them must rectify their status to comply with the requirements of the aforementioned Sharia Standard. They must provide us with a certified report from the bank's Sharia Supervision Board detailing the extent of compliance with the controls specified in the Standard.
Supervisory Group Palestine Monetary Authority