Regulatory Alerts2019-01-01
Instructions No. 15 of 2019 on the Shariah Supervisory Board
The Palestine Monetary Authority issued Instructions No. 15 of 2019 to formally regulate the Shariah Supervisory Board and Supreme Shariah Supervisory Board within licensed Islamic banks in Palestine. The directives require the Shariah Supervisory Board to issue pre-approval Shariah opinions for new products, integrate compliance reports into periodic and annual submissions, and strictly adhere to AAOIFI standards. Additionally, the instructions define the Shariah Auditor's verification role, mandate bank management compliance with Supreme Board rulings and fatwas, establish formal application mechanisms for regulatory approval, and repeal conflicting prior circulars.
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