Regulatory Alerts2022-01-01
Circular No. 301 Establishment and Foundation of an Unlicensed Bank
The Palestine Monetary Authority issued Circular No. 301/2022 to formally warn all licensed banks against engaging with an unlicensed entity claiming to be the "Palestinian Waqf Bank" in the Gaza Strip. The regulator explicitly confirms that it has not authorized this entity or any other new banking institution under Banking Law No. 9 of 2010. Consequently, all financial institutions operating in Palestine are strictly prohibited from conducting any transactions or business dealings with the unlicensed entity.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (301/2022)
To all banks operating in Palestine
Date: Thursday, December 08, 2022
Subject: Establishment and Foundation of an Unlicensed Bank
With 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 banks are prohibited from dealing with it in any form whatsoever.
Supervision Group
Palestine Monetary Authority
Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452
info@pma.ps | Fax: +970 2 2415310 | Tel: +970 2 2415251
Gaza - Palestine P.O. Box 4026
Fax: +970 8 2844487 | Tel: +970 8 2825713