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.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (303 / 2022)
To all payment service companies operating in Palestine
Date: Thursday, December 08, 2022
Subject: Establishment and Founding of an Unlicensed Bank
In light of media reports regarding the establishment and founding 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 recently, in accordance with the provisions of Banking Law No. (9) of 2010.
Accordingly, all payment service companies are prohibited from dealing with it in any form whatsoever.
Supervision Department
Palestine Monetary Authority
Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452
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
Gaza - Palestine P.O. Box 4026
Tel: +970 8 2825713 | Fax: +970 8 2844487