Shari'a Supervisory Board Holds Several Workshops On Islamic Banking at Northern Governorates

Shari'a Supervisory Board at Palestine Islamic Bank organized three workshops in Ramallah and Al-Bireh and Tubas governorates, the aim of these workshops was to introduce Islamic Banking services that are compliant with Shari'a Law, the events came as conclusion to a program of activities where Shari'a Supervisory Board paid visits to all governorates, the program aimed to raise awareness on Islamic Banking and Islamic Financing, and to shed the light specifically on Palestine Islamic Bank’s services in this sector.

Hundreds attended the workshops that were conducted by Dr. Hussam Al-Din Afaneh, chair of the Shari'a Supervisory Board at PIB. He presented a detailed explanation of the current financing formulas accredited by Palestine Islamic Bank, reviewing the Shari'a controls for each formula, he also provided an explanation of the work mechanism of Tayseer Visa cards, and the difference between them and credit cards, in addition to reviewing the definition of the most recent product of PIB which is the Contemporary Methods for Benefits of Ijara which can cover education, traveling, and health care costs.

Dr. Afaneh also spoke about Deposits in Islamic Banks where he stressed that Islamic Financing system encourage investment of funds and to not make them stagnant, he added:” The Supervisory Board approved “Kareem Savings” a campaign to encourage people to save and develop their funds in Halal means, the board also approved the deposits program, and constantly checking on the various funding programs, which -with God’s willing- is completely legitimate compliant with Shari'a Law”

Afaneh previewed the role of The Shari'a Supervisory Board in ensuring the bank's implementation of all its transactions within the framework of the Shari'a rules which are approved by the Islamic accounting bodies and by the Islamic jurisprudence councils, he added that in addition to the continuous periodic examination of the bank's transactions, the board monitors any transaction or agreement to be held, in which if there is a suspicion of violation of any Sharia'a Control, the board investigate them. In case of a proven violation, the board shall amend the procedures to ensure that the violation is not repeated and get transferred to Illegal gains fund.