Regulatory Alerts2018-01-01
Circular No. 129/2018: Providing Customers with Loan Documents and Loan Data Summary
The Palestine Monetary Authority issued Circular No. 129/2018 to address persistent customer complaints regarding the failure of specialized lending institutions to provide borrowers and guarantors with signed contracts and financing data summaries. The directive mandates that all lending institutions operating in Palestine must supply certified copies of all loan-related contracts and documents, alongside the standardized credit/financing data summary forms attached to the circular. This requirement enforces compliance with the Responsible Lending Instructions No. (2016/02) dated March 20, 2016, ensuring full documentation transparency for all credit facilities.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (129/2018)
To all specialized lending institutions operating in Palestine
Date: Wednesday, June 20, 2018
Subject: Providing Customers with Loan Documents and Loan Data Summary
Given the continuous complaints from customers regarding certain lending institutions' failure to provide borrowers and guarantors with copies of the contracts and documents signed by them, as well as a copy of the credit/financing data summary, which contradicts the requirements of Responsible Lending Instructions No. (2016/02) dated 20/03/2016, we hereby emphasize that all lending institutions must provide borrowers and guarantors with certified copies of the contracts and documents related to the lending process, as well as provide them with the credit/financing data summary according to the forms attached to the aforementioned instructions.
Market Discipline Department
Palestine Monetary Authority
Ramallah - Palestine PO. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2415310 | Fax: +970 2 2415310 | Tel: +970 2 2415250 | Ramallah - Palestine P.O. Box 452
Gaza - Palestine PO Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487 | Fax: +970 8 2844487 | Tel: +970 8 2825292 | Gaza - Palestine P.O. Box 4026
Email: info@pma.ps | Email: info@pma.ps
www.pma.ps