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.
Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Circular No. (303/2022) To all payment service companies operating in Palestine Date: Thursday, December 08, 2022
Subject: Establishment and Foundation of an Unlicensed Bank
In reference to media reports regarding the establishment and foundation of an entity named "Palestinian Waqf Bank" in the Gaza Strip, the Palestine Monetary Authority confirms that it has not granted any license to this entity or any other bank recently, in accordance with the provisions of Banking Law No. (9) of 2010.
Accordingly, all payment service companies are prohibited from dealing with this entity in any form whatsoever.
Supervisory Group Palestine Monetary Authority
www.pma.ps Ramallah and Al-Bireh Governorate - Palestine P.O. Box 452 | Tel: +970 2 2415251 | Fax: +970 2 2415310 | info@pma.ps Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825713 | Fax: +970 8 2844487