Regulatory Alerts2025-01-01
Instructions No. (2) of 2025 Regarding Instant Payment System Services
The Palestine Monetary Authority issued Instructions No. (2) of 2025 to mandate all direct and indirect members to provide the complete suite of iBURAQ instant payment system services by April 15, 2025. Establishing clear definitions for members, customers, and system services, the directive requires compliance with existing banking and national payment laws while outlining specific penalties for non-compliance. The Instructions take immediate effect upon their March 24, 2025 issuance and apply universally to all system participants under the authority's regulatory oversight.
[Logo of Palestine Monetary Authority] Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Instructions No. (2) of 2025 Regarding Instant Payment System Services
Pursuant to the provisions of Decision-Law No. (9) of 2010 regarding Banks, particularly Articles (13 and 72) thereof, and the provisions of Decision-Law No. (41) of 2022 regarding National Payments, particularly Articles (7, 17, and 18) thereof, and subsequently to Instructions No. (7) of 2024 regarding the launch of the Instant Payment System, and Instructions No. (1) of 2024 regarding the Instant Payment System, and based on what was approved by the Board of Directors of the Palestine Monetary Authority in its meeting No. (284) dated 17/03/2025, and based on the powers delegated to us, and in pursuit of the public interest, we have issued the following Instructions:
Article (1) Definitions
The words and expressions used in these Instructions shall have the meanings assigned to them below, unless the context indicates otherwise:
- Original Instructions: Instructions No. (1) of 2024 regarding the Instant Payment System.
- System: The Instant Payment System managed and operated by the Palestine Monetary Authority, denoted as (iBURAQ).
- Member: All direct and indirect members, as well as other participants in the System.
- System Services: The set of services provided by the System as specified in Article (8) of the Original Instructions.
- Customer: The natural or legal person benefiting from the System services.
Article (2) Objective and Scope of Application
- The provisions of these Instructions aim to oblige Members to provide all services offered by the System to Customers.
- The provisions of these Instructions apply to all Members in the System.
1
[Logo of Palestine Monetary Authority] Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Article (3) Provision of System Services
Members must be committed to providing all System services outlined in the Original Instructions by no later than 15/04/2025.
Article (4) Penalties
Any person who violates the provisions of these Instructions shall be penalized in accordance with Article (17) of Decision-Law No. (41) of 2022 regarding National Payments.
Article (5) Implementation and Enforcement
All competent authorities shall implement the provisions of these Instructions according to their respective jurisdictions, and they shall apply as of the date of issuance.
Issued in Ramallah, on date: 24/03/2025
[Signature] Yahya Al-Shenar Governor
2