RegAlert

Rule · PMA · 8 Dec 2022

Circular No. 303/2022 - Establishment and Foundation of an Unlicensed Bank

licensing

The Palestine Monetary Authority issued Circular No. 303/2022 to officially deny the legitimacy of an entity claiming to be the "Palestinian Waqf Bank" in the Gaza Strip. The regulator confirms that no banking license has been issued to this entity or any other institution recently under Banking Law No. 9 of 2010. Accordingly, all licensed payment service companies operating in Palestine are strictly prohibited from engaging in any form of business or transactions with the unlicensed entity.

PalestinePalestine Monetary Authority

Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY

Circular No. (303/2022)
To all payment service companies operating in Palestine Date: Thursday, December 08, 2022

Subject: Establishment and Foundation of an Unlicensed Bank

In reference to media reports regarding the establishment and foundation 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 any other bank recently, in accordance with the provisions of Banking Law No. (9) of 2010.

Accordingly, all payment service companies are prohibited from dealing with this entity in any form whatsoever.

Supervisory Group
Palestine Monetary Authority

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

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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. 303/2022 -Establishment and Foundation …2022-12-08 · this documentCircular No. 303/2022 - Establishment and Foundation 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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