Regulatory Alerts2009-01-01
Circular No. 28: Unlicensed Bank
The Palestine Monetary Authority issued Circular No. 28 to formally confirm that it has not licensed the "Islamic National Bank" in Gaza or any other recent banking entity under Article 3 of the Banks Law No. 2 of 2002. The circular explicitly mandates all banks operating in Palestine to immediately halt any cooperation, contracting, subscription management, consulting, or financial transactions with the unlicensed entity. This directive serves as a regulatory warning to prevent unauthorized banking activities and protect the financial system from unregulated operations.
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