Regulatory Alerts2024-01-01
Instructions No. 18 of 2024 Regarding the Licensing and Regulation Framework for Microfinance Banks
The Palestine Monetary Authority issued Instructions No. 18 of 2024 to establish a comprehensive licensing and regulatory framework for microfinance banks operating in Palestine. The document mandates strict eligibility criteria for founders, detailed procedural requirements for obtaining initial and final approvals, and rigorous standards for technological infrastructure and cybersecurity. It further regulates operational aspects including branch establishment, relocation, closure, and the specific governance requirements for Islamic microfinance institutions.
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