Regulatory Alerts2021-01-01
Circular No. (233/2021): Internal Capital Adequacy Assessment Process (ICAAP)
The Palestine Monetary Authority issued Circular No. 233/2021 mandating all banks operating in Palestine to submit their Internal Capital Adequacy Assessment Process (ICAAP) report alongside their final financial statements. This directive reinforces Instructions No. 07 of 2016 by formally requiring compliance with Basel capital adequacy standards through standardized internal risk and capital assessments. The circular explicitly repeals any prior conflicting provisions and was signed by Governor Dr. Fares Malham on December 23, 2021.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (233/2021)
To all banks operating in Palestine
Date: Thursday, December 23, 2021
Subject: Internal Capital Adequacy Assessment Process (ICAAP)
In reference to Instructions No. (07) of 2016 regarding the implementation of capital adequacy requirements in accordance with Basel regulations, all banks are required to submit to the Palestine Monetary Authority the Internal Capital Adequacy Assessment Process (ICAAP) report, accompanied by the bank's final financial statements.
All provisions conflicting with this circular are hereby repealed.
Dr. Fares Malham
Governor
Note:
The image contains the Palestine Monetary Authority seal at the top, and the Governor's signature at the bottom.
At the bottom of the page, contact information is provided:
- Ramallah and Al-Bireh - Palestine, P.O. Box 452
info@pma.ps | Fax: +970 2 2415310 | Phone: +970 2 2415251 - Gaza - Palestine, P.O. Box 4026
Fax: +970 8 2844487 | Phone: +970 8 282713 - Website: www.pma.ps