Regulatory Alerts2020-01-01
Instructions No. 23 of 2020 on Deferral of Monthly/Periodic Installments During the Health Crisis
The Palestine Monetary Authority issued Instructions No. 23 of 2020 to mandate that banks offer customers two options for repaying installments deferred during the health crisis: early repayment without fees or spreading the deferred amount over the remaining loan term. Islamic banks are specifically required to allow customers until December 31, 2021, to settle these deferred amounts unless otherwise agreed. All relevant authorities must enforce these provisions immediately upon issuance to ensure consistent implementation across the financial sector.
Share