Governor of the PMA, Mr. Azzam Shawwa, and the Chairman of Palestine Development and Investment, Ltd. (PADICO), Mr. Munib Al Masri, signed a Memorandum of understanding (MoU) by which the PMA authorizes PADICO to use the services of the Unified Query System which comprises a comprehensive database providing credit and demographic information as well as credit scoring of bank and specialized lending institution clients who use checks, whether individuals or institutions. The signing of the MoU was attended by Deputy Governor of PMA, Dr. Shehadeh Hussein; Director of Market Conduct Department at PMA, Mr. Ali Faroun and PADICO Executive Secretary Mr. Nihad Kamal.
From his side, Governor of the PMA assured that the PMA will continue to pursue signing of MoUs with Palestinian private sector institutions to provide them with the services of the Unified Query System, within the frame of its efforts to ensure the robustness and stability of the business sector and investment in general so they can better manage operational credit risks in line with international standards. These efforts by the PMA are intended to promote economic growth, protect the sector from default risks in order to ensure uninterrupted growth of investment in Palestine.
H.E. Governor of the PMA pointed out that the linkage will provide the Unified Query System database with input from the PADICO database concerning defaulters, which would promote financial stability in Palestine and protect the national economy.
From his side, Mr. Munib Masri commended PMA’s efforts to develop and improve the banking environment and the Palestinian economy by engaging private sector institutions in the use of such systems that seek to protect and preserve private sector institutions and their achievements.