Palestine Islamic Bank and the Arab American University Hold a Dialogue Session
In cooperation with the Faculty of Administrative and Financial Sciences at the Arab American University, the Shari'a Supervisory Board of Palestine Islamic Bank held a dialogue session entitled “Islamic Banking and the Role of the Shari'a Supervisory Board in Islamic Banks”.
The seminar, which was held in the conference hall of the Faculty of Finance and Administrative Sciences last Tuesday, aimed at introducing the college students, academics and those interested, in the role of the Shari'a Supervisory Board in the development of Islamic banking and the monitoring mechanisms used to ensure the compliance of financial institutions with Shariah controls.
Representatives of the Bank included Dr. Ali Al-Sartawi, Chairman of the Shari'a Supervisory Board at PIB, Prof. Dr. Hussam El-Din Afaneh, Member of the Board, Bassem Bader, Manager of Shari'a Audit Department, Khitam Abu Eita, Director of the North District and a number of branch and office managers. On the other hand, representatives of the Arab American University included, Abdul Basit Rabayah, Dean of the Faculty of Finance and Administrative Sciences and Dr. Mohammed Abu Sherba, Assistant Dean.
The seminar addressed the emergence of Islamic banks in the world and in Palestine and the role of the Shari'a Supervisory Board in creating banking products that meet the needs of the public and comply with the principles and provisions of Islamic Sharia; in addition to talking about the Board’s references including the decisions of jurisprudential synagogues and other authorities, in this respect. Also, the students were introduced to the tools of control and supervision on which the Shari'a supervisory bodies rely in order to ensure the commitment of Islamic banking and financial institutions to Sharia controls in their transactions. After which, the Chair of the session opened the floor for questions and discussion.
Moreover, PIB is implementing a series of workshops and seminars with various community groups in the various governorates in order to spread awareness of Islamic banking.
For his part, the Dean of the Faculty of Administrative and Financial Sciences, Dr. Abdul Basit Rabayah welcomed the attendees and stressed the importance of the seminar, which is intended to illustrate the difference between Islamic and commercial financial transactions.