Regulatory Alerts2010-01-01
Circular No. 38/2010: Al-Aqsa Islamic Bank
The Palestine Monetary Authority approved the sale of Al-Aqsa Islamic Bank’s portfolio to the Palestinian Islamic Bank and revoked Al-Aqsa’s operating license following an extraordinary general assembly decision in Amman. A liquidation committee was appointed to oversee the voluntary winding up of Al-Aqsa Islamic Bank while all customer rights and obligations were legally transferred to the Palestinian Islamic Bank. Consequently, all checks drawn on or returned for Al-Aqsa customers’ accounts will automatically be processed through the Palestinian Islamic Bank’s accounts.
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