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