PMA and Central Bank of Bahrain Sign a Memorandum of Understanding
At the Central Bank of Bahrain (CBB) headquarters, H.E. Governor of PMA Azzam Shawwa and H.E. Governor of the Central Bank of Bahrain Rasheed Al Maraj signed on Monday a Memorandum of Understanding (MoU) between the PMA and the CBB, in the presence of Ambassador of Palestine to Bahrain Khaled Aref, Assistant to Governor for Financial Stability Affairs and Supervisor of Banks Riyad Abu Shehadeh and a number of officials from the CBB.
Following the MoU signature, Governor Shawwa expressed his joy at visiting the sister Kingdom of Bahrain and signing the MoU, to strengthen and reinforce cooperation between the PMA and the CBB. The visit, he added, was consistent with continuous PMA effort, by direction from H.E. President Mahmoud Abbas, to develop supervisory banking relations with Arab central banks and central banks of friend countries.
Governor Shawwa pointed out that the MoU is intended to deliver and exchange expertise between the PMA and the CBB, particularly in areas of banking supervision. He said that the MoU comes within the framework of PMA efforts to transform into a full-fledged central bank, as the signing of the MoU intensifies the Arab dimension of the PMA. The MoU is the 26th such memorandum signed by the PMA with Arab and international bodies. Work is underway to prepare for the signature of similar memoranda with several other sister Arab and friend countries across the globe.
Governor Shawwa praised the level of development attained by the CBB in all fields, and most importantly in banking supervision which is considered outstanding. In this area, he added, CBB can help the PMA promote banking supervisory policies that are enforced in Palestine.
In turn, Governor of CBB Rasheed Al Maraj welcomed Governor Shawwa, Ambassador Aref and Assistant to Governor Abu Shehadeh, expressing his joy at the signing of the MoU and his pride at enhancing the relationship between the CBB and the PMA. He added that he held to high regard the great achievements on the PMA in developing the Palestinian banking system in spite of the difficult measures that are imposed by the Israeli occupation.
Governor Al Maraj pledged CBB continuous and unabated support for the PMA in all areas of its work in service of promoting joint Arab banking, following the royal direction outlined by His Majesty King Hamad bin Isa Al Khalifa and His Royal Highness Prince Khalifa bin Salman Al Khalifa for continuous support of the Palestinian people in all areas and at all Arab and international congregations.
From his side, Palestinian Ambassador Khaled Aref stressed that the Palestinian-Bahraini cooperation, manifesting in the MoU signature, complements Palestinian-Arab cooperation following the directions of H.E. President Mahmoud Abbas and Bahraini support for Palestine following the royal directions of His Majesty King Hamad bin Isa Al Khalifa, may Allah protect him, and His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa. He noted that this MoU is one of many signed between the Palestinian and Bahraini sides in several areas of mutual interest and that plans are already underway to prepare for the signature of other MoUs that will see the light in the near future.
Ambassador Aref thanked the Governor of the CBB Rasheed Al Maraj and other bank senior staff for their support to enhance PMA ability to withstand policies and measures imposed by the Israeli occupation and to overcome the impediment it places in the face of the Palestinian banking system. He also thanked Governor Al Maraj for the warm welcome and generous hospitality extended to Governor Shawwa and his accompanying delegation from Palestine.
At a different note, the Embassy of Palestine in Bahrain organized a meeting between Governor Shawwa and host of Palestinian and Bahraini businessmen and bankers, in the presence of Advisor for the Crown Prince of Bahrain, Ahmad Salameh, Deputy Foreign Minister for International Affairs, Sheikh Abdullah Bin Ahmed Al Khalifa, and Chief Executive Officer of Bahraini Labor Fund (Tamkeen), Dr. Ibrahim Janahi.
At the beginning, Ambassador Aref welcomed Governor Shawwa and meeting attendees. He noted that the meeting was important to introduce the work of the PMA and its most important achievement over the years, as well as the most prominent restrictions and impediments to that work, especially the restrictions imposed by the Israeli occupation. The meeting, he added, aimed also at introducing the PMA to Bahraini and Palestinian officials, businessmen and bankers, so as to explore possible ways of cooperation and investment opportunities in Palestine that foster Palestinian economy and banking sector.
During their visit to Bahrain, Governor Shawwa and Assistant to Governor Abu Shehadeh visited the headquarters of the Embassy of Palestine in Manama, where they were received by Ambassador Aref and other Embassy personnel. The Ambassador accompanied his guests to an introductory tour of the various departments and briefed them on the services offered to the Palestinian community and the most important accomplishments of Palestinian diplomacy, in particular with regards to fortification of relations with the Kingdom of Bahrain. The Ambassador also pointed to the Palestinian activities and venues organized by the Embassy, through which it aimed to raise the issues of Palestinian national rights, Palestinian-Israeli conflict and the Palestinian suffering as a result of the occupation. These activities, he added, were also intended to encourage interaction with the Bahraini society who holds dearly Palestine and supports the Palestinian just cause.
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