Regulatory Alerts2018-01-01
Instructions No. 02 of 2018 Regarding Minimum Disclosure Requirements for Final Financial Statements
The Palestine Monetary Authority issued Instructions No. 02 of 2018 to mandate minimum disclosure requirements for the final financial statements of licensed specialized lending institutions. The directive requires institutions to prepare statements under IFRS and Islamic finance standards, sign them by the CFO and General Manager, and submit comprehensive supporting documents—including external audit reports, Shariah board opinions, tax certificates, legal case statements, IT management letters, and detailed breakdowns of bad debts, social responsibility spending, and repossessed assets—to the regulator by March 31 annually. These measures standardize financial transparency, ensure adequate provisioning for loans and taxes, and strengthen regulatory oversight of the specialized lending sector.