RegAlert

Rule · PMA · 8 Dec 2022

Circular No. 302/2022: Establishment and Licensing of an Unlicensed Bank

licensing

The Palestine Monetary Authority issued Circular No. 302/2022 to formally deny the licensing status of an entity claiming to be the "Palestinian Waqf Bank" in Gaza. The regulator explicitly states that no banking license has been granted to this entity or any other recent applicant under Banking Law No. 9 of 2010. Consequently, all specialized lending institutions operating in Palestine are strictly prohibited from engaging in any financial or operational dealings with the unlicensed entity.

PalestinePalestine Monetary Authority

[Logo of the Palestine Monetary Authority]

Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY

Circular No. (302/2022)
To all specialized lending institutions operating in Palestine Date: Thursday, 08 December, 2022

Subject: Establishment and Licensing of an Unlicensed Bank

In reference to media reports regarding the establishment and founding of an entity named "Palestinian Waqf Bank" in the Gaza Strip, the Palestine Monetary Authority confirms that it has not granted any license to this entity or to any other bank recently, in accordance with the provisions of Banking Law No. (9) of 2010.

Accordingly, all lending institutions are prohibited from dealing with this entity in any form.

Supervisory Group
Palestine Monetary Authority

--- www.pma.ps
Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 Tel: 2415251 2 970+ | Fax: 2415310 2 970+ | info@pma.ps Gaza - Palestine P.O. Box 4026 Tel: 2825713 8 970+ | Fax: 2844487 8 970+

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Law No. (9) of 2010 concerningBanks2018 · PMALaw No. (9) of 2010 concerning Banks (2018-09-10)Banking Law No. (9) of 2010Not in RegAlertBanking Law No. (9) of 2010 — Not in RegAlertCircular No. 302/2022:Establishment and Licensing o…2022-12-08 · this documentCircular No. 302/2022: Establishment and Licensing of an Unlicensed Bank (2022-12-08)
amendssupersedesissued underrefers todashed card: not in RegAlert (or proposed)arrows run from the older text to the one that changes it
The links and the sentences they come from (2)
Issued under
  • Law No. (9) of 2010 concerning Banks2018 · PMA

    “in accordance with the provisions of Banking Law No. (9) of 2010.”

  • Banking Law No. (9) of 2010Not in RegAlert

    “in accordance with the provisions of Banking Law No. (9) of 2010.”

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Source: Palestine Monetary Authority — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works

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