Shari'a Supervisory Board at Palestine Islamic Bank Participates in two International Conventions

Dr. Ali Al Sartawi, Board Member of Shari'a Supervisory Board at Palestine Islamic Bank presented a paper during the second joint conference titled: “Corporate Governance of Islamic Financial Institutions: Overcoming Challenges and Implementing the Best Practices” which was organized by “ The General Council for Islamic Banks and Financial Institutions, The official umbrella of the global Islamic financial institutions and the World Bank. Al Sartawi also took part in the 13th World Conference of Shari'a Scholars in Islamic Financing (Israa) which carried the title: “Islamic Social Finance, Reality, and Future Prospects”, both conferences took place in the Malaysian capital of Kuala Lumpur.

Dr. Al Sartawi participated in the (Shari’a Governance) session among the activities of the second joint conference, the session was chaired by Dr. Saad Bakkali, Manager - Higher Shariah Authority, Central Bank of the United Arab Emirates. In addition to Prof. Dr. Zulkarnain Muhamad from Malaysia; Dr. AbdelGadir Warsama Ghalib, Principal Legal Counsel, Kingdom of Bahrain; and Dr. Mohamed Karrat from Morocco. This session’s discussion topics focused on the role and structures of Shariah Supervisory Boards (SSB) in the light of strengthening regulatory regimes; the accountability and independence of SSB; and aligning SSB and the BOD towards greater synchronization and harmony.

The conference brought together representatives of multilateral development institutions, international regulatory bodies, policymakers, banking leaders and academics to discuss emerging issues, current challenges and best practices to ensure the continued success of the industry under the sound governance of Islamic financial institutions. The Conference was attended by more than 200 active delegates from 25 countries.

It's worth mentioning that the Shari'a Supervisory Board at Palestine Islamic Bank is enjoying full independence in making decisions in order to ensure that the Bank's transactions are free of any legal suspicion that contradicts with Shari’a law. A number of regulatory tools are used to ensure that such as technical and administrative reports, resident Shari’a law monitors, channels of direct communication with the staff and the public, as well as direct face-to-face meetings with prestigious personas in different governorates.