Regulatory Alerts2019-01-01
Circular No. 178/2019: Launch of the Enterprise/Company Inquiry System for Entities Registered with the Ministry of National Economy
The Palestine Monetary Authority issued Circular No. 178/2019 to launch the Enterprise/Company Inquiry System, which integrates registered small and medium-sized enterprise (SME) demographic data from the Ministry of National Economy into the Credit Information Office database. The circular mandates lending institutions and financial leasing companies to grant specific system access rights to designated staff and distribute the accompanying user guidelines. This initiative aims to streamline credit decision-making processes and ensure periodic updates of enterprise data for financial institutions.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (178 / 2019)
To all lending institutions operating in Palestine
Date: Thursday, July 11, 2019
Subject: Launch of the "Inquiry System for Enterprises/Companies Registered with the Ministry of National Economy"
Continuing the Palestine Monetary Authority's approach to developing its systems and operational mechanisms to help monitor various risks and limit their impact on different economic sectors, and to enhance and enable the small and medium-sized enterprises (SMEs) sector to access funding sources, and given that the Authority supervises the management and regulation of the Credit Information Office, which maintains a comprehensive database providing relevant credit and demographic information about borrowers and their guarantors, including the SME sector, the Authority has developed the "Enterprise/Company Data Inquiry System". This system discloses data on SMEs registered with the Ministry of National Economy through the Credit Information Office database, enabling users from banks, lending institutions, and financial leasing companies to query demographic data for the SME sector as available in the Ministry of Economy's database. This aims to facilitate and expedite credit decision-making procedures and periodically update enterprise sector data for system users.
Therefore, to utilize the system scheduled for launch on July 14, 2019, the administrations of the following institutions are requested to:
- Circulate to the users nominated by your institution to manage the user rights system under Circulars No. (2016/56) dated April 5, 2016, and No. (2016/104) dated June 14, 2016, the addition of the "Enterprise/Company Data Inquiry" right to users selected by the institution's management as deemed appropriate.
- Circulate to users of the "Enterprise/Company Data Inquiry System" who have been granted access rights the attached instructional guidelines for using the system.
Market Supervision Department
Palestine Monetary Authority
Ramallah and Al-Bireh Governorate - Palestine P.O. Box 452
info@pma.ps | Fax: +970 2 2415310 | Tel: +970 2 2415251
Gaza - Palestine P.O. Box 4026
Fax: +970 8 2844487 | Tel: +970 8 2825713