Regulatory Alerts2020-01-01
Instructions No. 33 of 2020 Amending Instructions No. 22 of 2020 on the Small and Medium Enterprises Financing Program
The Palestine Monetary Authority issued Instructions No. 33 of 2020 to amend the Small and Medium Enterprises Financing Program regulations. This directive explicitly permits licensed banks, including Islamic banks, to grant tourism sector borrowers a grace period of up to twenty-four months on their financing. The amended provisions take effect immediately upon issuance and apply to all banking institutions licensed under the Ministry of Banking Affairs in Palestine.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Instructions No. (33) of 2020
Regarding the Amendment of Instructions No. (22) of 2020 Concerning the Small and Medium Enterprises Financing Program
Pursuant to the provisions of Decision-Law No. (9) of 2010 Concerning Banks, particularly Articles 40 and 72 thereof, and after reviewing Instructions No. (22) of 2020 Concerning the Small and Medium Enterprises Financing Program, and after reviewing Instructions No. (25) of 2020 Amending Instructions No. (22) of 2020 Concerning the Small and Medium Enterprises Financing Program, and in accordance with the authorities vested in us, and in the public interest,
we have issued the following Instructions:
Article (1)
Scope of Application
The provisions of these Instructions shall apply to all banks licensed by the Palestine Monetary Authority under the Ministry of Banking Affairs in Palestine, including Islamic banks.
Article (2)
Definitions
The following words and phrases shall have the meanings specified below unless the context indicates otherwise:
- Original Instructions: Instructions No. (22) of 2020 Concerning the Small and Medium Enterprises Financing Program.
Article (3)
Amendment of Article (3) Provisions
The provisions of Article (3) of the Original Instructions are hereby amended by adding a new paragraph numbered (5) stating the following:
"The Bank may grant any borrower from the tourism sector a grace period of up to (24) twenty-four months."
Article (4)
Implementation and Enforcement
All competent authorities shall, each within their respective jurisdiction, implement the provisions of these Instructions, which shall apply from the date of their issuance.
Issued in Ramallah on 30/08/2020 CE
AZAM AL-SHAWA Governor
Note: Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 info@pma.ps | Fax: +970 2 2415310 | Fax | Tel: +970 2 2415251 | Tel Gaza - Palestine P.O. Box 4026 Gaza - Palestine P.O. Box 4026 www.pma.ps