Palestine Monetary Authority

Palestine Monetary Authority

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Circular No. (38/2010)

To all banks operating in Palestine

Date: Sunday, April 04, 2010

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Subject: Al-Aqsa Islamic Bank

Based on the decision of the Extraordinary General Assembly of Al-Aqsa Islamic Bank, which convened in Amman on 31/3/2010, mandating the sale of its banking portfolio to the Palestinian Islamic Bank and the voluntary liquidation of Al-Aqsa Islamic Bank, the Board of Directors of the Palestine Monetary Authority issued a decision approving the sale of the banking portfolio and revoking the license of Al-Aqsa Islamic Bank.

Based on the foregoing, a liquidation committee has been appointed to oversee the liquidation of Al-Aqsa Islamic Bank, while all rights and obligations of Al-Aqsa Islamic Bank's customers have been transferred to the Palestinian Islamic Bank. Consequently, all checks drawn on and returned for Al-Aqsa Islamic Bank customers' accounts will automatically be transferred to the Palestinian Islamic Bank's accounts.

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Supervision and Inspection Department Palestine Monetary Authority

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Ramallah - Al Bireh P.O.Box 452 - Tel.: 02-2409920 - Fax: 02-2409922 Gaza - P.O. Box 4026 - Tel.: 08-2825713 - Fax: 08-2844487 E-mail: info@pma.ps www.pma.ps

Ramallah - Al Bireh - P.O. Box: 452 - Tel.: 02-2409920 - Fax: 02-2409922 Gaza - P.O. Box: 4026 - Tel.: 08-2825713 - Fax: 08-2844487