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.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (192/2018)
To all specialized lending institutions conducting Islamic financing activities operating in Palestine
Date: Monday, July 02, 2018
Subject: Supreme Sharia Supervisory Board
Based on the provisions of Article (23) of Banking Law No. (9) of 2010, and the Palestine Monetary Authority Board of Directors Decision No. (2) of 2011, it has been decided to establish the Supreme Sharia Supervisory Board for Banks and specialized lending institutions conducting Islamic financing activities.
The Board comprises a distinguished group of Sharia and jurisprudence scholars, as well as experts in Islamic banking and law, and consists of (Dr. Abdul Moneim Abu Qamouq / Chairman, Dr. Maher Khudair (Deputy), Dr. Muhammad Hunaini (Secretary General), Dr. Naim Samara Al-Masri, Dr. Abdul Sattar Abu Ghudda, and Mr. Mahmoud Al-Ram'ah (Financial Expert specializing in Islamic banking activities)).
The Board works to provide Sharia assistance and advice to the Authority, clarify Sharia rulings on Islamic financial and banking transactions, and issue Sharia opinions on the compliance of new Islamic financial and banking products and services that specialized lending institutions wish to launch with Islamic Sharia provisions. It also proposes standards regarding the conditions for appointing resident Sharia supervisors in specialized lending institutions conducting Islamic financing activities, with the requirement that any new products be presented to the Supreme Sharia Supervisory Board through the Supervision and Inspection Department after being approved by the institution's resident Sharia supervisor.
It is noted that the decisions of the Supreme Sharia Supervisory Board are binding on all specialized lending institutions conducting Islamic financing activities.
Supervision and Inspection Department Palestine Monetary Authority
Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2415310 | Fax: +970 2 2415310 | Tel: +970 2 2415250 | P.O. Box 452 - Ramallah - Palestine Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487 | Fax: +970 8 2844487 | Tel: +970 8 2825292 | P.O. Box 4026 - Gaza - Palestine Email: info@pma.ps | Email: info@pma.ps