Circular No. 276/2022 on Payment Cards

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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Sharia Supervision, Circular No. (2021/41) regarding the Sharia controls for issuing unsecured credit cards is hereby repealed.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

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