Regulatory Alerts2017-01-01
Circular No. 142 Non-Profit Specialized Lending Companies
The Palestine Monetary Authority requires all banks operating in Palestine to classify deposits resulting from loan collections by non-profit specialized lending companies as exempt from standard financing regulations. This directive implements Article Two of the Cabinet Decision dated April 21, 2016, which establishes the approval mechanism for non-profit entities to obtain donations, grants, and funding. Banks must therefore process these specific deposits in strict compliance with the regulatory exemption granted to non-profit specialized lending operations.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (142/2017)
To all banks operating in Palestine
Date: Sunday, July 16, 2017
Subject: Non-Profit Specialized Lending Companies
Further to the Cabinet Decision dated 21/04/2016 (regarding the mechanism for granting non-profit companies approval to obtain donations, grants, subsidies, and financing), and in accordance with Article Two of said Decision, we hereby inform you of the necessity to consider deposits of monetary amounts in the accounts of non-profit specialized lending companies, resulting from the collection of loans granted to their clients, as subject to the exemption stipulated in the aforementioned Article, concerning "these companies obtaining financing regulated by the Palestine Monetary Authority instructions."
Supervision and Inspection Department
Palestine Monetary Authority
Copy to: Mr. Dr. Hatem Sarhan, Company Inspector.
Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2409922 | Switchboard: +970 2 2409922
Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487 | Switchboard: +970 8 2844487
Email: info@pma.ps