Regulatory Alerts2024-01-01
Circular No. 106/2024: Rental Benefit Adjustment on Ijarah Muntahia Bittamlik Financing
The Palestine Monetary Authority issued Circular No. 106/2024 to instruct all Islamic banks operating in Palestine to refrain from increasing rental benefits on existing Ijarah Muntahia Bittamlik financing facilities. This directive, effective as of November 4, 2024, is based on a decision by the Supreme Board of Sharia Supervision dated October 24, 2024, and considers current economic circumstances. The suspension on increases is temporary and will be reviewed immediately once the underlying reasons cease to exist, subject to a subsequent decision by the Supreme Board of Sharia Supervision.
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