Exhibit 12.2

CERTIFICATION OF THE CHIEF FINANCIAL OFFICERPURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Rinat Remler, certify that:

|1. | I have reviewed this annual report on Form 20-F of Elron Electronic Industries Ltd. (the Company);                                                                                                                                                                                                                              
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|2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;                        
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|3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of
the company as of, and for, the periods presented in this report;                                              
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|4. | The Companys other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a- 15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:
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|5. | The Companys other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Companys auditors and the audit committee of
the Companys board of directors (or persons performing the equivalent functions):                                         
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| | (a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Companys ability to record,
process, summarize and report financial information; and
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| | (b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the Companys internal control over financial reporting.                                                                                               
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|Date: June 27, 2007 |  | /s/ Rinat Remler                          
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|                    |  | Rinat Remler                              
|                    |  | Vice President and Chief Financial Officer
|                    |  | (principal financial officer)             

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