Regulatory Alerts2025-01-01
Instructions No. 4 of 2025 Regarding Instant Payment System Services
The Palestine Monetary Authority issued Instructions No. 4 of 2025 to mandate all direct and indirect members to fully provide the iBURAQ Instant Payment System services by 15 April 2025. These Instructions define key terms, establish the scope of application across all system participants, and enforce compliance through penalties stipulated under Legislative Decree No. 41 of 2022. They take effect immediately upon issuance and align with prior directives launched in 2024 to ensure seamless national payment operations.
Palestine Monetary Authority
Instructions No. (4) of 2025 Regarding Instant Payment System Services
Based on the provisions of Legislative Decree No. (9) of 2010 concerning Banks, particularly Articles (13 and 72) thereof, and the provisions of Legislative Decree No. (41) of 2022 concerning National Payments, particularly Articles (7, 17, and 18) thereof, and subsequently the Instructions No. (7) of 2024 concerning the launch of the Instant Payment System, and Instructions No. (8) of 2024 concerning the Instant Payment System, and based on what was approved by the Board of Directors of the Palestine Monetary Authority in its meeting No. (284) dated 17/03/2025, and based on the powers delegated to us, and in pursuit of the public interest, we have issued the following Instructions:
Article (1) Definitions
The words and expressions used in these Instructions shall have the meanings assigned to them below, unless the context indicates otherwise:
- Original Instructions: Instructions No. (8) of 2024 concerning the Instant Payment System.
- The System: The Instant Payment System managed and operated by the Palestine Monetary Authority, denoted as (iBURAQ).
- Member: All direct and indirect members, as well as other participants in the System.
- System Services: The set of services provided by the System, as specified in Article (8) of the Original Instructions.
- Customer: A natural or legal person benefiting from the System services.
Article (2) Objective and Scope of Application
- The provisions of these Instructions aim to oblige Members to provide all services offered by the System to Customers.
- The provisions of these Instructions apply to all Members in the System.
www.pma.ps | Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 | Postal Code: P6160675 | Tel: +970 2 2415251 | Fax: +970 2 2415310 | info@pma.ps
Article (3) Provision of System Services
Members shall be obligated to provide all System services outlined in the Original Instructions by no later than 15/04/2025.
Article (4) Penalties
Any person who violates the provisions of these Instructions shall be penalized in accordance with Article (17) of Legislative Decree No. (41) of 2022 concerning National Payments.
Article (5) Implementation and Enforcement
All competent authorities shall implement the provisions of these Instructions according to their respective jurisdictions, and they shall apply as of the date of issuance.
Issued in the city of Ramallah, on date: 24/03/2025
Yahya Al-Khalil Governor