Palestine Participates in the International Association of Deposit Insurers Conference in Japan

Palestine, as a full status member, took part in the International Association of Deposit Insurers Conference in Tokyo, Japan from 13 to 18 February 2017 through an invitation of the Palestinian Deposit Insurance Corporation.

A delegation headed by His Excellency Mr. Azzam Shawwa, Chairman of the Board of Directors of the Palestinian Deposit Insurance Corporation and Governor of Palestine Monetary Authority and Mr. Zaher Al Hmouz the Director General of the Palestine Deposit Insurance Corporation represented Palestine in the Conference.

Mr. Shawwa conveyed, in the speech he gave on behalf of the State of Palestine, the appreciation of the Palestinian people and government of the Japanese people and government for their support for building the Palestinian State. Mr. Shawwa also pointed out in his speech to the efforts of the banking system, through Palestine Monetary Authority and the Palestinian Deposit Insurance Corporation, to strengthen financial and banking stability in Palestine, protect depositors, and boost confidence in the banking system in Palestine.  

Mr. Shawwa explained that the Palestinian Deposit Insurance Corporation insured more than 93% of depositors of the Palestinian banking system and contributed to enhancing the financial safety network in Palestine. Mr. Shawwa also mentioned that Palestine had obtained full membership in the International Association of Deposit Insurers and membership in the Executive Committee of the International Association of Deposit Insurers representing the Middle East and North Africa, which was a proof of the advancement of the leading regional and international level in deposit insurance achieved by Palestine.    

Mr. Shawwa also addressed the cooperation and integration between Palestine Monetary Authority and the Palestinian Deposit Insurance Corporation, which boosted confidence in the financial and banking system of Palestine locally and internationally. The cooperation also safeguarded the achievements of Palestine Monetary Authority in supervision and financial inclusion; in addition to combating money laundering. The cooperation protects the payment systems, stability of the Palestinian banking and financial sector, keep abreast of recent international banking developments, and the efforts of Palestine Monetary Authority to become the Central Bank of Palestine.

Mr. Zaher Al Hmouz briefed the Conference about the Quarterly Report of Palestine Deposit Insurance Corporation about the functions of the Middle East and North Africa Committee.

Mr. Shawwa, Palestine Ambassador to Japan Mr. Waleed Saidam, and Mr. Zaher Al Hmouz met with the Director General of the Payment and Settlement Systems Department of the Central Bank of Japan Mr. Yamaoka and discussed methods of enhancing cooperation and exchange of expertise.   

Mr. Shawwa briefed Mr. Yamaoka about the achievements of Palestine Monetary Authority in supervision, financial inclusion, and combating money laundering. The briefing also covered the payments system and safeguarding the stability of the Palestinian banking and financial sector and being up-to-date with international banking developments and Palestine Monetary Authority’s efforts to become the Central Bank of Palestine.     

Mr. Shawwa also met with Mr. Shirakawa, the Deputy Commissioner for International Affairs at Japan's Financial Services Agency and Mr. Yomiyuro, the Director General of Middle Eastern and African Affairs Bureau in the Ministry of Foreign Affairs of Japan and discussed ways of strengthening relations between the Palestinian and the Japanese financial sectors and supporting investment in Palestine. Mr. Shawwa expressed appreciation to the role Japan played in continuous support of the Palestinian people and the Palestinian government to enhance Palestinian economic and social development and the role of the Japanese government in supporting the development initiative launched by the Japanese government in 2006 “Corridor for Peace and Prosperity” to promote investment to develop the Jericho Agro Industrial Park. Mr. Shawwa also expressed appreciation for the confidence the Japanese government had in Palestine Monetary Authority to design and supervise the investment promotion project, which aimed to support small and medium enterprises and the efforts of the Ambassador of Japan to Palestine Mr. Takashi Okubo in this regard.

Mr. Shawwa and Mr. Al Hmouz, and Palestine Embassy in Japan team, met with Mr. Shirakawa, the Deputy Commissioner for International Affairs at Japan's Financial Services Agency, who briefed them about the Japanese experience in financial stability and combating money laundering and terrorism financing. Mr. Shirakawa expressed Japanese government’s readiness to provide the necessary support in this area.  

The visit was concluded by a meeting between Mr. Shawwa and Mr. Al Hmouz with Mr. Thomas Hoenig Chair of the Executive Council of the International Association of Deposit Insurers and David Walker, the Secretary General of the International Association of Deposit Insurers. They expressed appreciation for the valuable participation of the Corporation in the Conference. 

Mr. Shawwa thanked the International Association of Deposit Insurers and considered the participation of the Palestine Deposit Insurance Corporation a positive step to enhance the strategy of the Corporation and enhance its efficiency and professionalism. Mr. Shawwa praised the relationship between Palestine Deposit Insurance Corporation and the International Association of Deposit Insurers and emphasized enhancing future cooperation.