In the presence of Turkish President Recep Tayyip Erdoğan... Shinar at the Al Baraka Islamic Economy Summit: The Palestinian Experience is a Model of Financial Resilience Despite Exceptional Challenges

His Excellency the Governor of the Monetary Authority, Mr. Yahya Shinar, reviewed Palestine's experience in strengthening financial resilience and stability in Palestine, during the third Al Baraka Islamic Economy Summit 2026, explaining that the measures implemented by the Monetary Authority constituted a model reflecting the ability to manage monetary and financial policies in an exceptional environment lacking full monetary sovereignty, and subject to complex restrictions on the movement of individuals, goods, and capital. He added that these measures helped in dealing with the repercussions of the war on the Gaza Strip and the resulting slowdown in economic activity.

The third Al Baraka Islamic Economy Summit was held in Istanbul under the title "Capital in the Islamic Economy: Structuring Wealth for Sustainable Development," in the presence of His Excellency the President of the Republic of Turkey, Mr. Recep Tayyip Erdoğan, the Governor of the Central Bank of Turkey, Dr. Fatih Karahan, the Governor of the Central Bank of Malaysia, Mr. Abdul Rasheed Ghaffour, the UN Special Envoy for Sustainable Development Finance, Dr. Mahmoud Mohieldin, the Chairman of the Board of Trustees of the "Al Baraka Islamic Economy Forum," Mr. Abdullah Saleh Kamel, and a member of the Council of Senior Scholars, Imam and Preacher of the Grand Mosque, and Advisor to the Saudi Royal Court, Sheikh Dr. Saleh bin Abdullah bin Humaid, with the participation of a number of ministers, policymakers, and representatives of Islamic banks from various countries around the world.

On the sidelines of the summit, His Excellency the Governor of the Monetary Authority, Mr. Yahya Shinar, was honored by the office of His Excellency the Turkish President Recep Tayyip Erdoğan, in appreciation of his contributions to the development of the Palestinian financial and banking sector, and his efforts in promoting financial stability and supporting the resilience of the Palestinian economy in light of exceptional challenges.

Shinar explained that the Monetary Authority continued to play its role in maintaining financial stability and ensuring the banking system's continued provision of services to the public under extremely complex circumstances and during the war, despite the challenges associated with the accumulation of shekels and the continuous threats of cutting correspondent banking relationships.

He pointed out that the Monetary Authority developed the digital payments infrastructure, including the E-Sadad bill presentation and payment platform, the iBuraq instant payment and transfer system, and a direct installment system. It also created a working environment to facilitate the use of electronic payment systems, including the establishment of electronic wallets and licensing the work of payment and fintech companies, which contributed to maintaining the financial cycle and the continuity of the economy and facilitating the execution of payments during the war and also under the isolation policies implemented by the Israeli occupation in Palestinian cities and villages in the West Bank.

The Governor reviewed the role of the financing programs and funds managed by the Monetary Authority, foremost among them the Sustainability Fund, in supporting small and medium-sized enterprises and institutions affected by crises, thereby enhancing their ability to continue and stimulate growth in the national economy.

Shinar referred to the Monetary Authority's efforts in developing the regulatory framework for Islamic banking and strengthening Sharia and supervisory governance, in line with international standards, and contributing to expanding the role of this sector as a source of financing supporting the real economy.

The Governor emphasized that Islamic finance provides a practical framework based on linking finance to actual economic activity, thereby enhancing the efficiency of resource allocation and reducing risks associated with short-term speculation, and supporting financial stability and sustainable development.

Shinar called for strengthening cooperation between central banks and international financial institutions to develop the Islamic finance system, and expand Sharia-compliant liquidity tools and financial safety nets, thereby contributing to raising the efficiency of the financial system and enhancing its ability to withstand shocks.