Palestine Monetary Authority Signs Two Memoranda of Understanding with Ijara and Abu Shamsia to connect them with the credit registry system
Ramallah – His Excellency Mr. Azzam Shawwa, the Governor of the Palestine Monetary Authority, signed today, at Palestine Monetary Authority headquarters in Ramallah, two memoranda of understanding with Palestine Ijara Company and Abu Shamsia Trade and Marketing Company to be connected with the Credit Registry System and to benefit from this system, developed by Palestine Monetary Authority, which has database that delivers credit and demographic information about customers who buy on credit and their guarantors as well as their status in the returned checks system.
The memoranda of understanding were signed by the Chairman of the Board of Directors of Palestine Ijara Company Mr. Bayan Qasim and the Chairman of the Board of Directors of Abu Shamsia Trade and Marketing Company Mr. Fayiz Abu Shamsia.
Mr. Shawwa said Palestine Monetary Authority encouraged and increased the number of private sector businesses who benefit from the Credit Registry System through signing MoUs with them. The purpose is to strengthen the businesses, their investment capacity, and to safeguard the businesses against liquidity problems or credit solvency. This is part of PMA’s efforts to ensure soundness and stability and supervision of banking operations as well as ensuring their stability and boosting economic growth in Palestine, according to Mr. Shawwa.
Mr. Shawwa also said the memoranda of understanding and commitment to banking principles of confidentiality would enable Ijara and Abu Shamsia to identify customers’ credit solvency when offering selling on credit where customers use postdated checks and take the right decision that saves them from engaging in credit risks.
Mr. Qasim and Mr. Abu Shamsia praised the efforts of Palestine Monetary Authority to improve and develop the banking work environment by engaging private sector businesses in systems like the Credit Registry System that protected the businesses from defaulting and safeguarded business continuity and achievements.