Regulatory Alerts2018-01-01
Circular No. 232 on Illicit Gains
The Palestine Monetary Authority issued Circular No. 232 to enforce strict compliance with Sharia principles regarding the handling of illicit gains by Islamic banks operating in Palestine. The directive prohibits banks from spending any illicit gains that actually belong to the institution and mandates that all accumulated illicit gains be disposed of through channels of public benefit in accordance with Islamic Sharia. Islamic banks are required to submit their approved internal policies for managing illicit gains to the Authority no later than December 15, 2018.
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