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.
Palestine Monetary Authority
Palestine Monetary Authority
Circular No. (38/2010)
To all banks operating in Palestine
Date: Sunday, April 04, 2010
Subject: Al-Aqsa Islamic Bank
Based on the decision of the Extraordinary General Assembly of Al-Aqsa Islamic Bank, which convened in Amman on 31/3/2010, mandating the sale of its banking portfolio to the Palestinian Islamic Bank and the voluntary liquidation of Al-Aqsa Islamic Bank, the Board of Directors of the Palestine Monetary Authority issued a decision approving the sale of the banking portfolio and revoking the license of Al-Aqsa Islamic Bank.
Based on the foregoing, a liquidation committee has been appointed to oversee the liquidation of Al-Aqsa Islamic Bank, while all rights and obligations of Al-Aqsa Islamic Bank's customers have been transferred to the Palestinian Islamic Bank. Consequently, all checks drawn on and returned for Al-Aqsa Islamic Bank customers' accounts will automatically be transferred to the Palestinian Islamic Bank's accounts.
Supervision and Inspection Department
Palestine Monetary Authority
Ramallah - Al Bireh P.O.Box 452 - Tel.: 02-2409920 - Fax: 02-2409922
Gaza - P.O. Box 4026 - Tel.: 08-2825713 - Fax: 08-2844487
E-mail: info@pma.ps
www.pma.ps
Ramallah - Al Bireh - P.O. Box: 452 - Tel.: 02-2409920 - Fax: 02-2409922
Gaza - P.O. Box: 4026 - Tel.: 08-2825713 - Fax: 08-2844487