The Section for Supervising over Specialized Lending Institution and the Supervision and Inspection Department of Palestine Monetary Authority organized workshop on instructions and guidelines of applying International Financial Reporting Standard (IFRS 9) for specialized lending institutions.
General managers and directors of financial, risk, operations, and internal audit departments of specialized lending institutions and representatives from external audit companies participated in the workshop. A team from the Supervision and Inspection Department of PMA also joined the workshop.
Mr. Jamal Odeh, the Head of the Section for Supervising over Specialized Lending Institution at PMA opened the workshop, the purpose of which was to enhance communication between relevant parties involved in applying IFRS 9 and to inform specialized lending institutions on main requirements of instructions that would be published soon. Also, the workshop aims to provide feedback to questions and observations to ensure minimum of ideal application at the level of specialized lending institutions if Palestine.
PMA team made presentation on the mechanisms of applying IFRS 9 and the improvements on the components relevant to supervision and procedures of institutions to making allocations on the basis of expected credit losses format.
PMA has recently directed the banks that operate in Palestine to apply IFRS 9 through special instructions. The requirements of IFRS 9 apply to the financial and banking sectors. This is continuation of PMA’s efforts to enhance risk management in Palestine to safeguard financial stability.