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.
[Logo of the Palestine Monetary Authority]
Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Circular No. (302/2022) To all specialized lending institutions operating in Palestine Date: Thursday, 08 December, 2022
Subject: Establishment and Licensing of an Unlicensed Bank
In reference to media reports regarding the establishment and founding 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 to any other bank recently, in accordance with the provisions of Banking Law No. (9) of 2010.
Accordingly, all lending institutions are prohibited from dealing with this entity in any form.
Supervisory Group Palestine Monetary Authority