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PMA Signs MoU with the Palestinian Company for Rental and Leasing PalLease
/ Categories: Events, PMA, Memorandum

PMA Signs MoU with the Palestinian Company for Rental and Leasing PalLease

23 July 2015

Dr Jihad Al Wazir, Governor of the PMA, and Mr Hani Al Dajani, Chairman of Board of Palestinian Company for Rental and Leasing PalLease, 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”. The MoU was signed in the presence of the Mrs. Abeer Odeh, CEO of Palestine Capital Market Authority (PCMA), and members of the Board of Pal Lease.

Dr Al Wazir 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 Dajani 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 Palestinian Company for Rental and Leasing PalLease is the second lease financing company that signs the MoU to join the network of the “Sijil-ly” system members.

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