Palestine Monetary Authority Signs MoUs with Three Private Businesses to Supply them with Integrated Credit Information System Service

Ramallah - H.E. Mr. Azzam Shawwa, the Governor of the Palestine Monetary Authority, signed today at the PMA headquarters in Ramallah memoranda of understanding with three private sector businesses to receive Integrated Credit Information System services. The memoranda of understanding allow the companies to benefit from the Integrated Credit Information System, which PMA developed and has a database that delivers relevant credit and demographic information about customers who buy on credit and their guarantors, whether individuals or institutions, as well as their status in the returned checks system.

The memoranda of understanding were also signed by the Chairman of the Board of Directors of Jerusalem Pharmaceuticals Company Mr. Mohammad Al-Masrouji and the Chairman of the Board of Directors of Al-Jebrini Dairy Products Mr. Jihad Al-Jebrini and the Chairman of the Board of Directors of Fajer Al-Quds for Loans and Financial Affairs Mr. Mohammad Zahaika.

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 private sector businesses to identify customers’ credit solvency when offering selling on credit where customers use postdated checks and take the right decision that saves engaging in credit risks and saves people from going deeper and deeper into debt using checks.  

The chairmen of the boards of directors of the companies signing the memoranda of understanding praised the efforts of PMA to improve the banking operations environment by engaging the private sector businesses in such systems that protected the businesses from defaulting and safeguarded business continuity and achievements.