Regulatory Alerts2019-01-01
Circular No. 177 Launch of the Inquiry System for Enterprises/Companies Registered with the Ministry of National Economy
The Palestine Monetary Authority issued Circular No. 177/2019 to launch the "Inquiry System for Enterprises/Companies Registered with the Ministry of National Economy," which integrates SME registration data into the Credit Information Bureau database to streamline credit decision-making. The circular mandates all operating banks to grant the new inquiry permission to designated users under existing user rights circulars and to distribute the attached system usage guidelines to authorized personnel. This initiative aims to enhance risk monitoring, facilitate SME access to financing, and ensure financial institutions utilize updated, authoritative enterprise data for lending and leasing decisions.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (177 / 2019)
To all banks operating in Palestine
Date: Thursday, July 11, 2019
Subject: Launch of the "Inquiry System for Enterprises/Companies Registered with the Ministry of National Economy"
Continuing the Palestine Monetary Authority's approach to developing its systems and operational mechanisms to contribute to monitoring various risks in order to mitigate their impact on different economic sectors, and to enhance and enable the small and medium-sized enterprises (SMEs) sector to access financing sources, and given that the PMA oversees the management and regulation of the Credit Information Bureau, which includes a comprehensive database providing relevant credit and demographic information about borrowers and their guarantors, including the SME sector, the PMA has developed the "Inquiry System for Enterprises/Companies Data". This system discloses data of SMEs registered with the Ministry of National Economy through the Credit Information Bureau's database, thereby enabling users from banks, lending institutions, and financial leasing companies to access available SME data from the Ministry of Economy's database. This aims to facilitate and expedite credit decision-making procedures and update enterprise sector data among system users.
Therefore, in order to utilize the system scheduled for launch on July 14, 2019, bank administrations are requested to:
- Circulate to the users nominated by your bank to manage the user rights system under PMA Circulars No. (2016/55) dated April 5, 2016, and No. (2016/103) dated June 14, 2016, the addition of the "Inquiry into Enterprises/Companies Data" right to users selected by the bank administration as deemed appropriate.
- Circulate to users of the "Inquiry into Enterprises/Companies Data" system who have been granted permissions the attached guidelines for using the system.
Market Supervision Department
Palestine Monetary Authority
Note:
www.pma.ps
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
Fax: +970 8 2844487 | Fax | Tel: +970 8 2825713 | Tel
Guidelines for Using the "Inquiry System for Enterprises/Companies Registered with the Ministry of National Economy"
To access the service and execute inquiries for enterprises/companies registered with the Ministry of National Economy, users are requested to follow these steps:
-
Click on the "Inquiry into Enterprises Data" icon
-
Click on the "Ministry of Economy Inquiry" icon
-
The inquiry screen will appear, automatically displaying the following items upon entry:
➤ Date of inquiry execution
➤ Name of the inquiring bank / institution
➤ Branch of the inquiring bank / institution -
The user is requested to fill in the following fields:
➤ Enterprise/Company Registration Number
➤ Enterprise/Company Name as per the registration certificate -
Click the "Inquiry" box to display the inquiry report and an attached copy, which will contain the following items:
➤ Demographic data of the enterprise/company
➤ Enterprise owner data
➤ Company registration data
➤ Authorized signatories
➤ Board of directors members
Inquiry Report on Enterprises/Companies Data Registered with the Ministry of Economy
Palestine Monetary Authority
Market Conduct Dept.
Credit Bureau
Palestine Monetary Authority
Market Supervision Department
Credit Information Bureau
| Bank | Branch | Date |
|---|---|---|
Demographic Data of the Enterprise/Company
| Registration Number | File | Address | Mobile Number | Email Address | Address |
|---|---|---|---|---|---|
Enterprise/Company Owner Data
| Owner Name | Owner ID Number | Owner Date of Birth | Ownership Percentage |
|---|---|---|---|
Company Registration
| Registration Date | Company/Enterprise Status | Company/Enterprise Address | Company/Enterprise Type | Company/Enterprise Nationality | Company/Enterprise Capital |
|---|---|---|---|---|---|
Authorized Signatories
| Name 1 | ID Number |
|---|---|
| Name 2 | ID Number |
|---|---|
| Name 3 | ID Number |
|---|---|
Board of Directors
| Name 1 | ID Number |
|---|---|
| Name 2 | ID Number |
|---|---|
| Name 3 | ID Number |
|---|---|
End of Report
Alert and Disclaimer
The Palestine Monetary Authority is not responsible for the accuracy and completeness of the data contained in this report, and bears no liability arising from any errors or inaccurate/misleading information.
The data and information in this report originate from the Ministry of Economy's database and reflect the data extracted regarding enterprises/companies registered with the Ministry without any intervention by the Palestine Monetary Authority.