Regulatory Alerts2025-01-01
Lending-2025 - Circular No. 27: Outputs of the Second Meeting of the Sustainable Finance Working Group
The Palestine Monetary Authority issued Circular No. 27 to mandate sustainable finance disclosures for all licensed financial institutions, requiring alignment with the TCFD framework, IFRS S2, and ISSB standards. The circular establishes a standardized reporting framework utilizing the Global Industry Classification Standard (GICS) and sets mandatory compliance timelines effective from February 2025. Supervisory oversight will enforce consistent implementation across the sector to enhance transparency and regulatory alignment.
PALESTINE MONETARY AUTHORITY Ramallah & Al-Bireh Governorate - Palestine | P.O. Box 452 info@pma.ps | Fax: +970 2 2415310 | Tel: +970 2 2415251 | Postal Code: P6160675 www.pma.ps
Lending-2025 - Circular No. 27: Outputs of the Second Meeting of the Sustainable Finance Working Group (Ref: 2025/27) | Issued: February 4, 2025 | Date: 2025/10/19 (Ref: 2025/87)
The Palestine Monetary Authority issues this circular to outline the outcomes of the second meeting of the Sustainable Finance Working Group. The working group has established a comprehensive framework for sustainable finance disclosures, aligning financial institutions with the Task Force on Climate-related Financial Disclosures (TCFD), IFRS S2, and the International Sustainability Standards Board (ISSB) standards.
Financial institutions are required to adopt these frameworks and utilize the Global Industry Classification Standard (GICS) for consistent sector classification. The circular mandates compliance with these standards to enhance transparency, standardize reporting practices, and strengthen supervisory oversight across the financial sector.
All licensed financial institutions must implement the required disclosures in accordance with the established timeline and supervisory expectations. The Authority will conduct ongoing supervision to ensure adherence to the TCFD recommendations, IFRS S2 requirements, and ISSB standards.
Effective from February 2025, this circular applies to all regulated entities. Compliance is mandatory, and reporting must follow the standardized framework outlined herein.
Palestine Monetary Authority Sustainable Finance Department Circular No. 27 (2025/30) | Reference: 2025/87