Palestine Monetary Authority Signs Memorandum of Understanding with Ammar Group to Receive Credit Registry System Services

August 12, 2020 - Ramallah and Al-Bireh Governorate - His Excellency the Governor of Palestine Monetary Authority, Mr. Azzam Shawwa, signed a memorandum of understanding today with Mrs. Lana Abdul Hadi, Chairwoman of Ammar Real Estate Group and Tourism Development, to provide Ammar Group with the service of the Credit Registry System, to benefit from the System, which was developed by Palestine Monetary Authority and included a database that provided some relevant credit and demographic information about borrowers and their guarantors whether individuals or institutions and their classification on the system of returned cheques.

Mr. Shawwa confirmed that the memoranda of understanding with private sector companies were aimed at strengthening their positions and investment capabilities and protecting them from problems in liquidity or credit worthiness, as part of Palestine Monetary Authority's efforts to ensure the safety, control, and stability of banking, and to promote economic growth in Palestine.

Mr. Shawwa explained that through the memorandum of understanding and in compliance with the principles of bank secrecy, Ammar Group would be able to identify the credit worthiness of the customers with whom it dealt with on the basis of the forward sale under postdated cheques, and make the right credit decision that limits and prevents the company from being exposed to credit risks.

Mrs. Lana Abdul Hadi praised the efforts of Palestine Monetary Authority in involving private sector companies in such systems that protect them from defaulting and maintain their sustainability and achievements in the development of the national economy, especially since the Group includes a number of companies, namely Ammar Real Estate and Tourism Development Company, Rihan Real Estate Investment Company, Our Land Real Estate Development Company, Sama Real Estate Company.

It should be noted that Palestine Monetary Authority has signed similar memoranda of understanding with a large number of Palestinian private sector companies and institutions, which contributes to enriching the database of the Credit Registry System, which benefits the society, knowing that this system is part of the Credit Information Office supervised and administered by Palestine Monetary Authority, and has won praise from international institutions, notably the International Monetary Fund.