Regulatory Alerts2022-01-01
Circular No. 303/2022 - Establishment and Foundation of an Unlicensed Bank
The Palestine Monetary Authority issued Circular No. 303/2022 to officially deny the legitimacy of an entity claiming to be the "Palestinian Waqf Bank" in the Gaza Strip. The regulator confirms that no banking license has been issued to this entity or any other institution recently under Banking Law No. 9 of 2010. Accordingly, all licensed payment service companies operating in Palestine are strictly prohibited from engaging in any form of business or transactions with the unlicensed entity.
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