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.
Palestine Monetary Authority
Palestine Monetary Authority
Circular No. (2009/28)
To all banks operating in Palestine
Date: Sunday, March 22, 2009
Subject: "Unlicensed Bank"
Further to media coverage regarding the commencement of the subscription process for a bank named the Islamic National Bank in Gaza, we inform you that the Palestine Monetary Authority has not granted a license to this entity or any other bank recently, in accordance with the provisions of Article (3) of the Banks Law No. (2) of 2002. Accordingly, all banks operating in Palestine are requested not to cooperate with or contract the aforementioned bank, which includes participating in it, managing its subscription process, providing any consulting services to it, or engaging in any other transactions of any kind.
Dr. Ruqaya Al-Mustafa
Banks Department
Palestine Monetary Authority
Ramallah - Al Birih P.O. Box 452 - Tel.: 02-2415250 - Fax: 02-2409922
Gaza - P.O. Box 4026 - Tel.: 08-2825713 - Fax: 08-2844487
E-mail: info@pma.ps
www.pma.ps
Ramallah - Al Birih - P.O. Box: 452 - Tel.: 02-2415250 - Fax: 02-2409922
Gaza - P.O. Box: 4026 - Tel.: 08-2825713 - Fax: 08-2844487