Regulatory Alerts2018-01-01
Palestine Monetary Authority Circular No. 192/2018: Supreme Sharia Supervisory Board
The Palestine Monetary Authority issued Circular No. 192/2018 to formally establish the Supreme Sharia Supervisory Board for banks and specialized lending institutions conducting Islamic financing activities in Palestine. Composed of Sharia scholars, Islamic banking experts, and legal professionals, the Board is mandated to provide Sharia advisory services, rule on Islamic financial transactions, assess the Sharia compliance of new banking products, and set standards for appointing resident Sharia supervisors. All decisions issued by this Board are legally binding on the aforementioned institutions, and any new products must be submitted to the Board via the Supervision and Inspection Department following internal Sharia supervisor approval.