PMA Governor Opens Two Training Workshops in Ramallah and in Nablus on the Launch of Updated Version of Credit Registry System

PMA Governor, H.E. Azzam Shawwa, opened today in Nablus and yesterday in Ramallah a workshop on the launch of the updated version (Version IV) of the Credit Registry System. The events took place in the presence of Mr. Joseph Nesnas, Chairman of the Board of the Association of Banks in Palestine (ABP) and Mr. Anwar Al-Jayyousi, Chairman of the Board of Sharakeh, and the participation of a number of employees from banks and lending institutions. Both workshops were facilitated by Mr. Ali Faroun, Head of the Consumer’s Relations and Market Conduct at the PMA.

In his speech, Mr. Shawwa expressed his pleasure for attending the launch of the training workshops on the advanced version of the Credit Registry System, emphasizing that the development of the advanced version was intended to better serve disclosure mechanisms and needs of system users in line with relevant international standards. 

Mr. Shawwa added that the launch of the advanced version of the system comes in the wake of past achievements over a period of time. These include the completion of the national switch-194 project and, prior to that, the launch of the Geographic Information System (GIS). He also alluded to the fact that several other systems are to be launched over the coming year 2016. 

Mr. Shawwa emphasized that the PMA was looking forward to carry through development processes of the financial system infrastructure and promote its role in economic development. He wished the attendees success in reinforcing their capabilities and abilities to become better acquainted with the advanced version in order to easily carry out their work and responsibilities. 

In his speech, Mr. Joseph Nesnas pointed out that the Credit Registry System has become a key pillar on which banks and specialized lending institutions are dependent in carrying out accurate examination and analysis of the credit status of borrowers. This has had the effect of reducing credit risk and maintaining the quality of credit portfolios. 

Mr. Nesnas emphasized the significance of the persistent development of the system of credit rating of borrowers, as it constitutes one of the most important cornerstones of financial inclusion in Palestine. The system, he added, was fundamental to credit portfolio expansion as it enhanced the chances for obtaining bank facilities by providing solid foundations for effective credit decision-making. As such, a well-developed credit rating system reflects positively on the banking system by reducing credit risk and reaching credit decisions in record time.

In his speech, Mr. Al-Jayyousi addressed the role of lending institutions in supporting the Palestinian economy. Pointing to the institutions’ share in the Palestinian market, he noted that seven lending institutions operate in Palestine making a credit portfolio worth USD 170 million and a customer base of 70,000 borrowers, with women accounting for 40 -50 per cent of borrowers. He added that the number of workers in Sharakeh member institutions was approximately 800 employees. Mr. Al-Jayyousi said that the opening of membership of lending institutions to the Credit Registry System in 2011 has contributed to the spread and fast growth of their services, since it supported sound credit decision-making and reduced credit risk. As a result, lending institutions merged into the process of economic development, contributing to limit poverty and unemployment in the Palestinian society. 

Mr. Al-Jayyousi expressed his pride at the appointment of H. E. Mr. Shawwa as PMA Governor, owing to his banking background and his profound experience in advancing banking system development toward excellence.