Regulatory Alerts2022-01-01
Circular No. 304/2022: Establishment and Foundation of an Unlicensed Bank
The Palestine Monetary Authority issued Circular No. 304/2022 to formally deny licensing any entity operating as the "Palestinian Waqf Bank" or any other unlicensed financial institution. The directive mandates that all registered money exchangers in Palestine must immediately cease operations and are strictly prohibited from conducting any transactions with such unauthorized entities. This notice aims to prevent public confusion and protect the national financial system from unregulated banking activities.
[Logo of the Palestine Monetary Authority]
Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Circular No. (304/2022) To All Money Exchangers Operating in Palestine Date: Thursday, December 08, 2022
Subject: Establishment and Foundation of an Unlicensed Bank
In reference to media reports regarding the establishment and foundation of an entity named "Palestinian Waqf Bank" in the Gaza Strip, the Palestine Monetary Authority confirms that it has not granted any license to this entity or to any other bank in recent periods, in accordance with the provisions of Banking Law No. (9) of 2010.
Accordingly, all money exchangers are strictly prohibited from dealing with this entity in any form whatsoever.
Supervisory Group Palestine Monetary Authority
www.pma.ps Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 Tel: +970 2 2415251 | Fax: +970 2 2415310 | info@pma.ps Gaza - Palestine P.O. Box 4026 Tel: +970 8 2825713 | Fax: +970 8 2844487