Regulatory Alerts2022-01-01
Circular No. 303: Establishment and Founding of an Unlicensed Bank
The Palestine Monetary Authority issued Circular No. 303/2022 to officially deny the licensing of an entity named "Palestinian Waqf Bank" in Gaza under Banking Law No. 9 of 2010. The regulator explicitly prohibits all payment service companies operating in Palestine from conducting any business or transactions with this unlicensed entity. Market participants are directed to disregard media reports regarding its establishment and to strictly adhere to the licensing requirements mandated by Palestinian banking law.
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