Liquidation of Al-Aqsa Islamic Bank

Palestinian Monetary Authority announced that the process of liquidation of Al-Aqsa Islamic Bank has been successfully completed. The liquidation comes to implement the voluntary a decision of the General Assembly of the bank made on 3/31/2010.

All procedures related to payment of all obligations of the Bank and payment of company's shareholders according to the law were completed. Palestine Monetary Authority supervised the distribution and treatment of all shareholders’ and depositors rights according to law.

The Monetary Authority canceled the license of the Bank as of 4/1/2010, and the company registrar issued a decision to revoke Al-Aqsa Islamic Bank license as of 08/16/2010.

The liquidation process comes to manifest the policy of Palestine Monetary Authority aiming to enhance the soundness and stability of the Palestinian banking system and enhancing the confidence of local and international community in this system.

The Palestinian Monetary Authority expresses its sincere thanks and appreciation to all who contributed to the successful completion of this process, and particularly Chairman of the Board of Directors of Al-Aqsa Islamic Bank and the members of the Liquidation Committee and the technical and subsidiary committees and all the crews that have worked continuously to complete the liquidation process smoothly.