PMA Announces Establishment of High Commission of Shari’a Supervision

His Excellency Mr. Azzam Shawwa, the Governor of Palestine Monetary Authority, announced the establishment of the High Commission of Shari’a Supervision. This is among PMA’s efforts to further Islamic banking in Palestine in line with best international practices and standards of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).

H.E. Mr. Shawwa said the Commission would standardize Shari’a rules and regulations relevant to Islamic banking transactions and Islamic financing tools and review necessary Shari’a contracts to implement the rules and regulations and to give Shari’a opinion on the consistency of the new Islamic banking and financial products and services that banks and specialized lending institutions want to deliver and provide Islamic Shari’a provisions.  

H.E. Mr. Shawwa also said that establishing the High Commission of Shari’a Supervision to supervise Islamic banks and financing institutions was implementation of decision by Board of Directors of PMA and the provisions of the banks law. The Commission includes a selection of Shari’a and doctrine scholars and experts in Islamic banking, including Dr. Abd Al-Min’im Abu Qahooq, Head of Commission and members Dr. Mahir Khdair, Dr. Mohammad Hanini, Dr. Na’eem Samara, and Dr. Abd Al-Satar Abu Ghuda. Mr. Mahmoud Al-Ram’a – (an expert in Islamic banking). 

H.E. Mr. Shawwa wished success to all members of the High Commission of Shari’a Supervision at work and in developing the Islamic banking system in Palestine.