Palestine Monetary Authority Signs Memorandum of Understanding with Sinokrot Holding to Connect with the Credit Registry System

Ramallah – His Excellency Mr. Azzam Shawwa, the Governor of Palestine Monetary Authority, signed today, at Palestine Monetary Authority headquarters in Ramallah, memorandum of understanding with the Chairman of the Board of Directors of Sinokrot Holding Mr. Mazen Sinokrot. The purpose of the memorandum of understand is for Palestine Monetary Authority to provide Sinokrot Holding with the services of the Credit Registry System and to benefit from this system, developed by Palestine Monetary Authority, which has database that delivers relevant credit and demographic information about individual borrowers and their guarantors, whether individuals or institutions, and their categorization in the returned cheques system.
Mr. Shawwa said Palestine Monetary Authority focused on encouraging and to increasing the number of private sector businesses who benefit from the Credit Registry System through signing memoranda of understanding with them. The purpose is to enhance the position of these businesses and their investment capacity, and to safeguard them against liquidity problems or credit solvency. This is part of Palestine Monetary Authority’s efforts to ensure soundness and stability and supervision of banking functions and to boost 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 the businesses 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. Sinokrot praised the efforts of Palestine Monetary Authority to improve and develop the banking work environment by engaging the private sector establishments in systems like the Credit Registry System that protected the private sector establishments from defaulting and safeguarded business continuity and achievements.
Mr. Sinokrot also affirmed that the Credit Registry System played important role in informing businesses and private establishments of the data of their clients so that they can give them facilities with confidence and the impact of that on developing national economic establishments.

Categories: PMA, Memorandum