The Palestine Capital Market Authority (PCMA) announced its accession to the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), positioning the regulator to align oversight of Islamic financial services in Palestine’s non-banking sectors with international standards. PCMA linked the move to its programme to develop Sharia-compliant tools and services, including work on Islamic sukuk issuance, strengthening the legal and regulatory framework for ijarah (leasing) activities within the financial leasing sector, expanding takaful (Islamic insurance) services, and fostering an environment to increase Sharia-compliant investment. AAOIFI is a global standard setter for Islamic finance, issuing accounting, auditing, ethics, governance, and Sharia standards applied by many Islamic financial institutions worldwide.
Palestine Capital Market Authority 2025-10-21
Palestine Capital Market Authority joins AAOIFI to strengthen supervision of Islamic non-banking financial services
The Palestine Capital Market Authority (PCMA) has joined the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) to align oversight of Islamic financial services in Palestine's non-banking sectors with international standards. This move supports PCMA's program to develop Sharia-compliant tools and services, including Islamic sukuk issuance, ijarah activities, and takaful services.