The High Sharia Supervisory Commission at Palestine Monetary Authority Publishes Islamic Banks’ Credit Cards Issuance Controls
The High Sharia Supervisory Commission at Palestine Monetary Authority has published legal controls concerning the issuance of uncovered credit cards by Islamic banks in accordance with the provisions of Islamic sharia, including the controls and conditions of the issuance of cards, cost calculations and fees and controls for monthly fees on clients.
The issuance of these controls is part of Palestine Monetary Authority's strategy to diversify the services and products of the Palestinian banking sector, especially banks that comply with Islamic sharia and provide alternatives to traditional services and products to meet the needs of Islamic banking clients.
An uncovered credit card is a card that gives a client a credit limit that enables him/her to make regular or online purchases in addition to cash withdrawals, and the client pays the amounts due within a specified period, in return for a fee and commission.
The High Sharia Supervisory Commission at Palestine Monetary Authority was established on the basis of the provisions of Article (23) of the Banking Law No. 9 and the decisions of the Board of Directors of Palestine Monetary Authority. The Commission publishes sharia rulings, unified services and products provided by Islamic banks, issues fatwas related to Islamic finance and in line with the best international practices and standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and serves the development of the Islamic banking system in Palestine.