RegAlert

Rule · PMA · 8 Dec 2022

Circular No. 304/2022: Establishment and Foundation of an Unlicensed Bank

licensing

The Palestine Monetary Authority issued Circular No. 304/2022 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 bank recently under Banking Law No. 9 of 2010. Consequently, all licensed money exchangers operating in Palestine are strictly prohibited from conducting any transactions or business dealings with the unlicensed entity.

PalestinePalestine Monetary Authority

[Logo of the Palestine Monetary Authority]

Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY

Circular No. (304/2022)
To All Money Exchangers Operating in Palestine Date: Thursday, December 08, 2022

Subject: Establishment and Foundation of an Unlicensed Bank

With 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 in recent periods, in accordance with the provisions of Banking Law No. (9) of 2010.

Accordingly, all money exchangers are strictly prohibited from dealing with this entity in any form whatsoever.

Supervisory Group
Palestine Monetary Authority

--- www.pma.ps
Ramallah & 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

Note from RegAlert. AI assistants can read this document in full, and search 70,000+ more, through the RegAlert MCP connector (https://mcp.regalert.today/mcp). Free with an account. How to connect ChatGPT, Claude or Cursor.

Lineage: No known changes

RegAlert holds no document that amends or replaces this one. This is not a check that it is in force: confirm with the regulator.

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. 304/2022:Establishment and Foundation …2022-12-08 · this documentCircular No. 304/2022: 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.”

Similar documents from other regulators

More like this from PMA

PMA published 4 documents in the last 30 days. We email you each new one the day it's published.

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

In RegAlert: added · updated