Regulatory Alerts2019-01-01
Circular No. 220/2019: Rates of Interest/Returns and Fees/Commissions Charged
The Palestine Monetary Authority issued Circular No. 220/2019 to mandate all specialized lending institutions operating in Palestine to periodically submit detailed statements of their charged interest/return rates and fee/commission structures. This requirement, aligned with quarterly reporting obligations and grounded in Presidential Decree No. 132 of 2011, aims to safeguard sector stability and enhance consumer protection. Institutions must forward the completed disclosure schedules via postal mail and the designated email address to the Authority's Supervision and Inspection Department.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (220/2019)
To all specialized lending institutions operating in Palestine
Date: Wednesday, September 11, 2019
Subject: Rates of Interest/Returns and Fees/Commissions Charged
Pursuant to the provisions of Presidential Decree No. (132) of 2011 concerning the licensing and supervision system for specialized lending institutions, and within the framework of the Authority's efforts to maintain the stability and integrity of the specialized lending sector in Palestine, and to enhance the social mission regarding consumer protection among sector institutions; all specialized lending institutions are required to provide us with a statement detailing the rates of interest/returns and fees/commissions charged for the services provided by the institution, in accordance with the attached schedule, on a periodic basis concurrent with the quarterly reports.
The required statement shall be submitted via postal mail and through the email address: scdivision@pma.ps
Supervision and Inspection 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
Attachment (1): Regarding Interest/Returns:
| Outstanding Amount | Number of Beneficiary Customers | Branch | Currency | Interest Calculation Method (Reducing / Fixed) | Interest/Return Rate | Licensing Products and Finances |
|---|---|---|---|---|---|---|