PMA, Association of Banks in Palestine, and Union of Real Estate Developers Discuss Mechanisms of Enabling Professionals and Artisans to Access Real Estate Related Credit Facilities

Palestine Monetary Authority, Association of Banks in Palestine, and Palestinian Union of Real Estate Developers met at PMA’s headquarters in Ramallah to discuss ways of enabling professional people and artisans from the private sector – professionals and artisans are 40% of the overall labor force in Palestine - to access credit facilities at banks to buy real estate and become home owners. Also, potential bank services to these categories of the labor force were discussed in the meeting. Director of Market Conduct Department at PMA Mr. Ali Far’oun, General Director of the Association of Banks in Palestine Mr. Nabil Abu Diab, Head of Union of Real Estate Developers Mr. Nizar Al Rimawi, and the Secretary of the Union of Real Estate Developers Mr. Al’a Abu Ein joined the discussion with credit facilities directors at the banks that operate in Palestine. The meeting concluded with a number of recommendations including launching an awareness campaign among the target groups of professional people and artisans to open bank accounts thus establish relations with banks and financing institutions, use bank transfers, and deposits. Banks would then review the potential of designing real estate related banking products that meet the needs of these target groups. The parties agreed to continue with debating the issue with stakeholders at loan insurance institutions and banks and Union of Real Estate Developers to explore new means of building the capacity of the target groups to access financing sources.