PMA Signs MoU with the lease 4u Company for Leasing
H.E. Governor of the PMA, Mr. Azzam Shawwa, and Mr. Rif'at Ya'esh CEO of the lease 4u Company for Leasing, signed a Memorandum of Understanding (MoU) today by which the PMA authorized the company to use the services of the Credit Registry System “Sijil-ly”.
H.E. Azzam Shawwa said that the PMA had, in the past few years, signed MoUs with several private sector institutions authorizing them to use the Credit Registry System “Sijil-ly”. The MoUs aim to ensure the soundness and stability of the financial system as well as supervise it, empower the SME sector and foster economic growth in Palestine.
In turn, Mr Rif'at Ya'esh pointed out that the signing of this agreement will inevitably widen the Credit Registry database and, therefore, will achieve the public benefit of enhancing the ability of companies to make smarter credit decisions that are risk-free. As a result, they will be better prepared to offer various services to all social strata across Palestine.
It is worth mentioning that the PMA is in charge of the administration and organization of Credit Bureau operations. The Bureau holds a comprehensive database that and collects credit and demographic information on borrowers and their guarantors, individuals and companies alike. The Credit Bureau’s work was commended by many international institutions, most importantly the IMF.
The lease 4u Company for Leasing is the third lease financing company that signs the MoU to join the network of the “Sijil-ly” system members.