Ramallah – Dr. Riyad Abu Shehadah, the Deputy Governor of Palestine Monetary Authority, signed at the headquarters of Palestine Monetary Authority, a memorandum of understanding with the CEO of the Palestinian Telecommunications Group Mr. Ammar Al-Aker.
Palestine Monetary Authority will, in accordance with the memorandum of understanding, provide the Palestinian Telecommunications Group (Paltel and Jawwal) with the service of the Credit Registry System to enable the Group to benefit from this upgraded system created and developed by Palestine Monetary Authority and includes a database that provides relevant credit and demographic information about borrowers and their guarantors whether individuals or institutions, and their classification on the system of returned cheques.
The Deputy Governor stressed the efforts of Palestine Monetary Authority in everything that works to promote and develop economic growth in Palestine and protect it, especially by encouraging and increasing the number of private sector companies benefiting from the Credit Registry System, in order to enhance their position and investment capabilities and to avoid problems in cash flow or credit worthiness, adding that this was part of Palestine Monetary Authority's efforts to ensure the safety and stability of banking and its supervision.
Dr. Abu Shehadah explained that through the memorandum of understanding, and in compliance with the principles of bank secrecy, these companies would be able to identify the credit worthiness of the customers they deal with by borrowing or on the basis of post-dated sale under post-dated cheques for a later maturity date, and to make the correct credit decision that limits and avoids exposure to credit risk by these companies.
For his part, Mr. Ammar Al-Aker praised the efforts of Palestine Monetary Authority in involving private sector institutions in such systems that work to protect private sector institutions from defaulting and maintain their sustainability and achievements, pointing out the importance of the role of these systems in helping companies and private institutions to access the data of their clients and give them facilities with confidence and reassurance, and the impact on the development of national economic institutions.