Regulatory Alerts2007-01-01
Circular No. 111: Disposal of Illicit Gains
The Palestine Monetary Authority issued Circular No. 111/2007 to mandate that all Islamic banks operating in Palestine must fully dispose of illicit gains balances through charitable distributions and public benefit projects within the current fiscal year. The directive explicitly prohibits banks from retaining, carrying forward, or offsetting these funds against operational costs, marketing, training, or any other expenses that would directly or indirectly benefit the institution. Full compliance with these disposal mechanisms is mandatory effective immediately upon the circular's issuance date of August 1, 2007.
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