Regulatory Alerts2022-01-01
Circular No. 302/2022: Establishment and Licensing of an Unlicensed Bank
The Palestine Monetary Authority issued Circular No. 302/2022 to formally deny the licensing status of an entity claiming to be the "Palestinian Waqf Bank" in Gaza. The regulator explicitly states that no banking license has been granted to this entity or any other recent applicant under Banking Law No. 9 of 2010. Consequently, all specialized lending institutions operating in Palestine are strictly prohibited from engaging in any financial or operational dealings with the unlicensed entity.
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