His Excellency the Governor of Palestine Monetary Authority, Mr. Azzam Shawwa, and His Excellency Dr. Nabil Kassis, Chairman of Palestine Capital Market Authority, signed a memorandum of understanding today at the headquarters of Palestine Monetary Authority aimed at joint cooperation and coordination of their efforts to achieve their objectives of joint control and maintain financial stability including strengthening confidence in the capital market as well as in the banking system in Palestine, maintaining financial and monetary stability and reducing systemic risks, protecting current and prospective users and customers in the banking and financial sectors, and working to enhance confidence in banking and financial institutions that provided services and products that comply with Islamic law and promotes financial inclusion in Palestine.
His Excellency the Governor of Palestine Monetary Authority Mr. Azzam Shawwa said that the signing of the memorandum comes from the need for the cooperation of the regulatory bodies responsible for regulating and supervising the financial sector to ensure transparency and stability in this sector and its development, and to ensure integration in the supervision of these institutions, based on the principles of accountability, transparency, avoidance of duplication and regulation of information sharing. His Excellency the Governor stressed the importance of unifying the efforts of the two institutions in order to achieve the main goal of financial stability, which enhances investment opportunities and economic growth, and one of the most prominent ways of cooperation between the two institutions the joint presidency of the National Committee for Financial Inclusion in Palestine.
H.E. Dr. Nabil Kassis, Chairman of Palestine Capital Market Authority, stressed the importance of developing and expanding the memorandum of cooperation between Palestine Capital Market Authority and Palestine Monetary Authority, in order to enhance cooperation in the interests of the Palestinian financial sector, to include a number of new issues such as strengthening confidence in financial institutions that provide services and products that comply with Islamic Sharia, and the establishment of a supreme body for the legal supervision of financial institutions, in addition to the partnership in the leadership of the Financial Inclusion National Strategy, and the regulation of the practice of banking insurance and the exchange of data and information between the Palestine Capital Market Authority and Palestine Monetary Authority in addition to various aspects of cooperation, which contributed to enhancing the important and vital role of the Palestinian banking and non-banking financial sector in promoting economic development in Palestine.
It is worth mentioning that the relationship between Palestine Monetary Authority and Palestine Capital Market Authority is based on continuous consultation and cooperation, and they are combined by many joint projects and committees, in order to serve to protect the banking system in Palestine and control it, ensure its stability and encourage economic growth, and create the right climate to achieve stability and growth of capital, regulation, development and control of the capital market in Palestine, protection of the rights of customers and promotion of financial inclusion.