Shari'a Supervisory Board at Palestine Islamic Bank Holds a Dialogue Session at Birzeit University
Following the invitation of the Faculty of Law and Public Administration at Birzeit University, the Shari'a Supervisory Board at PIB, held a seminar entitled “Islamic Banks in Palestine between Theory and Practice from a Developmental Perspective”, for the Master students of Government and Local Government program and the Master students of Law and Economics program at the College.
Prof. Dr. Hussam Al-Din Afaneh, a member of the Shariah Supervisory Board represented PIB; where he addressed the emergence of Islamic banks, their particular characteristics and the differences between Islamic banks and commercial banks, as well as the Shariah controls that govern their transactions in addition to prospects for future development.
The seminar was attended by a group of professors, Masters Students and other interested students. An extensive dialogue on Islamic banking took place and addressed the various aspects of Islamic banking and their legal rooting. The seminar also touched on the challenges facing Islamic banking in addition to their role in achieving development in society.
The Shari'a Supervisory Board at PIB supervises all transactions of the Bank and ensures that the Bank and its employees adhere to the Shari'ah controls for financial and banking transactions; through direct supervision and through the Shari'a Audit Department.
Moreover, the Board conducts awareness and guidance meetings on an ongoing basis with the public to disseminate the banking culture compliant with the principles of Islamic Shari'a. It also promotes its concepts, thus ensuring the clarity of the idea and mechanism of action regarding the approved formulas of financing and investment.
Furthermore, the Shari'a Supervisory Board at PIB is composed of a group of financially experienced scholars specialized in fiqh, who perform their work independently to ensure that customers receive banking services compliant with the provisions of Islamic Sharia.