H.E. Mr. Azzam Shawwa, the Governor of the Palestine Monetary Authority, signed today at the PMA headquarters in Ramallah memorandum of understanding with the CEO of Amin Furniture, Mr. Mohammad Amin. The MoU requires PMA to supply Amin Furniture with the services of the Integrated Credit Information System, 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. H.E. Mr. Azzam Shawwa said that signing memoranda of understanding with private sector businesses aimed 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.
H.E. Mr. Azzam Shawwa also said that memoranda of understanding and commitment to banking principles of confidentiality would enable Amin Furniture to identify customers’ credit solvency when offering selling on credit where customers use postdated checks and take the right decision that saves Amin Furniture engaging in credit risks.
Mr. Mohammad Amin praised the efforts of PMA to engage the private sector businesses in such systems that protected the businesses from defaulting and safeguarded business continuity and achievements and development of national economy.
PMA has signed similar memoranda of understanding with large number of privates sector businesses, which enriches the database of the integrated credit system and benefits the whole society. The system is part of Credit Information Office, which PMA supervises and runs and has been praised by international organizations such as IMF.