Palestine Monetary Authority and Supreme Judicial Council Sign a MOU

President of the Supreme Court and Chairman of the Supreme Judicial Council judge Ali Muhanna and the PMA Governor Dr. Jihad Al Wazir signed a Memorandum of Understanding that aims  to enhance the capacity and capabilities of the credit information database by utilizing  court rulings regarding banks, specialized lending firms as well as individuals, to include them in a credit report to serve  the public interest.

According to the MOU, automated systems will be installed at Supreme Judicial Council to meet the requirements of connecting with the PMA, as per understandings to be concluded in this regard. Data of Palestinian court rulings regarding banking cases will be included in the credit information system, and constantly updated, followed up and provided with any modifications made after verifying accuracy and validity.

The two parties reiterated the need to maintain full confidentiality of any information obtained, and that no one shall review them unless stated by laws and ordinances regulating disclosure and exchange of information among PMA staff and users of credit information system.

Judge Muhanna stated that the MOU is in the best interest of shared use of information and judicial statistics to: (a) draw general policies for the banking sector, (b) put the role of courts into action, (c) solve related legal disputes and (d) present an important model for integration and cooperation between the Judiciary system and Palestinian organizations.

Dr. Al Wazir clarified that this MOU is part of systematic effort made by the PMA for management and organization of credit information bureau, which includes comprehensive database of credit and demographic information on borrowers, guarantors (individuals, organizations). He also indicated that the PMA has previously singed similar MOUs with private sector companies to maintain strength and quality of credit portfolio for banks and specialized lending firms. Dr. Al Wazir reckoned that enriching and developing  a database for the credit information bureau helps guarantee soundness, stability and control of bank actions. It shall also  encourage economic growth in Palestine in line with the general policies of the PNA.