Higher Sharia Supervisory Board (HSSB)

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.

• Issuing fatwas related to Islamic finance, which are binding to all parties.
• Adopting general frameworks for the work of Sharia supervisory Boards for Islamic financial institutions.
• Spreading the Sharia foundations and concepts governing Islamic finance, increasing awareness and education for employees in the Islamic financial sector, and spreading Islamic financial awareness in general.

style="color:#e3b631;">Dr. Esam Al Enezi
The Chairman

		Dr. Esam Al Enezi The Chairman PhD. in Comparative Jurisprudence, University of Jordan. Professor of Comparative Jurisprudence and Faculty of Sharia and Islamic Studies, University of Kuwait. A member of the Shari’ah Council of the Accounting and Auditing Organization for Islamic financial institutions. (AAOIFI). A member of IFIs’ Shari’ah supervisory boards (Ahli United Bank, Warba Bank, Gatehouse Bank, Bank of London & The Middle East, Kuwait Zakat House, Boubyan Bank, Bahrain Islamic Bank).
		Dr. Erwa  Sabri Deputu Chairman   PhD. in Fundamental of Fiqh (Jurisprudence), Al Qaraouyine University, Morocco. License in Sharia Law. Dean of Faculty of Quran and Islamic Studies, and faculty of Da'wa & Religion. Member of the Supreme Islamic Authority in Jerusalem. Member of the Council of Scholars and Preachers in Jerusalem. A member of the Fatwa and Sharia Supervision Board at the Arab Islamic Bank (2005 - 2020), during which he served as Chairman of the Board (2011 - 2018), and a member of the Supreme Fatwa Council in Palestine (2003 - 2006).
		Dr. Basel Alshaer Ph.D. in jurisprudence and its principles, 2004, University of Jordan. Ph.D. in law, 2012, OLWA University. Associate Professor, Department of Islamic Banks, University of Jordan. Chairman of the Shari'a Supervisory Board in Libyan Islamic Bank Advisor  of Sharia and banking to a number of Islamic finance companies (Capital for Investment, Al Israa for Islamic Finance and Investment), and consultant in preparing and evaluating Sharia evidence for the banking operations of a number of institutions. Member of the Supreme Steering Committee for Governmental Sukuk Management – Jordan, Member of the Companies Classification Committee at the Amman Stock Exchange.
		Dr. Ali Sartawi Financial and banking expert Ph.D. in Fundamental of Fiqh (Jurisprudence), University of Jordan. Professor of Civil Law, Faculty of Law, An-Najah National University. Chairman of Shariah Supervisory Committee, AL- TAKAFUL INSURANCE COMPANY. A member of Graduate Studies committee - Private Law, Founding member of the Master's Program in Intellectual Property and Innovation Management, An-Najah National University. A former Palestinian Minister of Justice. A former member of IFIs’ Shari’ah supervisory boards (Ijara Company, Palestine Islamic Bank). A former member of the Governance and Ethics Board of the Accounting and Auditing Organization for Islamic financial institutions. (AAOIFI). He previously held the following positions: the dean of the Faculty of Law and the dean of Faculty of Shari’a, Head of the Department of Fiqih & Legislation - An-Najah National University.
		Dr. Moatasem Askafi PhD. in Islamic Economics (Islamic Finance Istanbul Sabahattin Zaim University. Head of the Department of Islamic Finance and Banking, College of Islamic Sciences, Palestine. Practical experience of Sharia supervision in Islamic banks, Palestine.

Circulars

• Circular No. (276/2020): Related to Payment cards
• Circular No. (60/2020): Related to Sharia controls – Tawarq  product

Instructions

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

Fatwa:

• The ceiling of Tawarq
• Tawarq