Higher Sharia Supervisory Board (HSSB)

About HSSB

The Higher Sharia Supervisory Board has been established according to the provisions of Article (23) of the Banking Law No. (9/2010), regarding the banks and the decisions of the Board of Directors of the Palestine Monetary Authority No. (2/2011) and No. (9/2017), And according to the best international practices and standards issued by The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), with the aim of developing the Islamic banking system in Palestine.

During 2019, And through the joint cooperation between the Palestine Monetary Authority and the Palestine Capital Market Authority to develop the Islamic financial system in Palestine, the Higher Sharia Supervisory Board has been restructured to include, in addition to Islamic banks and finance institutions, Islamic insurance companies (Takaful) and financial leasing companies, which are subject to The supervision of the Palestine Capital Market Authority.

The Higher Sharia Supervisory Board includes seven members; five members specialized in transactional jurisprudence, in addition to a financial expert specializing in the Islamic banks and a financial expert specializing in the Islamic insurance companies.

The Higher Sharia Supervisory Board performs its functions and issues its decisions and rulings on what presented to it based on the standards issued by the Islamic Financial Services Board (IFSB), the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the jurisprudence of its members.

 

Missions and objectives:

The Higher Sharia Supervisory Board is considered a Sharia advisor to the Palestine Monetary Authority and the Palestine Capital Market Authority for the Islamic financial business that it carries out; In addition to providing advice and giving Sharia opinion to regulate the work and control of Islamic banking and non-banking financial institutions, in the field of Islamic finance and banking, and the development of Islamic financial products.

  • Issuing fatwas related to Islamic finance, which are binding to all parties.
  • Adopting general frameworks for the work of Sharia supervisory Boards for Islamic financial institutions.
  • Spreading the Sharia foundations and concepts governing Islamic finance, increasing awareness and education for employees in the Islamic financial sector, and spreading Islamic financial awareness in general.

Members

 
Dr. Abdul Sattar Abu Ghuddah
Chirman
  • PhD. in Comparative Jurisprudence, 1975, Al-Azhar University, Egypt
  • A member of (The International Islamic Fiqh Academy, The Zakat International Shari’ah Board, the Accounting Standards Council and the Shari’ah Council of the Accounting and Auditing Organization for Islamic financial institutions. (AAOIFI).
  • Head of Shari'ah Board & Board of Director of Minhaj Advisory’s, President and General Secretary of the Unified Shari’ah Board of Al-Baraka Banking Group, an executive member of the Shari’ah Board of the Central Bank of Syria, a member of the Shari’ah Committee of the Central Bank of Bahrain, in addition to being a Head or a member of many other Shari’ah Boards
 
Dr. Maher Khudair
Vice - Chirman
  • PhD. In Philosophy (Islamic Jurisprudence), 2007, Cairo University, Egypt
  • A member of (Shari’a High Court, Sharia' Court High Council, The Council of Scholars and Preachers in Al-Quds Al-Sharif, Coordinator of academic relations between the Association of Islamic Universities and Palestinian Universities, Jurisprudence-And-Its-Foundations Committee, Jerusalem Committee,
  • 2003 - 2006 Chairman of the Shari'a Supervisory Board, Palestine Islamic Bank
 
Dr. Sohail Al-Ahmad
Authority Rapporteur
  • Ph.D. in comparative Fiqh (Jurisprudence), 2006, Faculty of Shari’a (Islamic Law) and Law- Al-Azhar University, Cairo, Egypt.
  • Associate Professor of Comparative Fiqh , Faculty of Law, Palestine Ahliya University (PAU)
  • Former Chairman of Islamic Studies Department (PAU).
  • Member of Fatwaa (Legal Opinion) Site, Al-Najah National University.
  • Published several research studies in refereed journals, on comparative Fiqh and contemporary Fiqh Issues
 
Dr. Basel Alshaer
  • Ph.D. in jurisprudence and its principles, 2004, University of Jordan.
  • Ph.D. in law, 2012, OLWA University.
  • Associate Professor, Department of Islamic Banks, University of Jordan.
  • Chairman of the Shari'a Supervisory Board in Libyan Islamic Bank
  • Advisor  of Sharia and banking to a number of Islamic finance companies (Capital for Investment, Al Israa for Islamic Finance and Investment), and consultant in preparing and evaluating Sharia evidence for the banking operations of a number of institutions.
  • Member of the Supreme Steering Committee for Governmental Sukuk Management – Jordan, Member of the Companies Classification Committee at the Amman Stock Exchange.
 
Dr. Jamal Abu Salim
  • PhD. in Islamic Jurisprudence and its Principles/ Financial Transactions (Compensation According to Islamic Jurisprudence Compared to Law) 2005, University of Jordan
  • Assistant Professor at Islamic Jurisprudence and Legislation Department/ Faculty of Da’wa and Principles of Religion and Professor at the Faculty of Higher Studies at Al-Quds University
 
Mr. "Mohammad Bashar" Kilani
Financial expert specializing in Islamic Banking
  • An expert in Islamic Banking, product development, and service quality, with more than 26 years of work and experience in GCC countries. 
  • He is one of the founders of Alinma Bank in the Kingdom of Saudi Arabia and has held several senior management positions there. 
  • He holds several international professional certificates specialized in Islamic Banking, Islamic Finance, project management and other fields.
 

 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Fatwa and other Legislation

Circulars


Instructions

Instructions No. (15/2019): Related to Sharia Supervisory Board


Fatwa:

Events