Ritz Leasing Co. First Leasing Company to Sign MoU with PMA
Ramallah, 23/4/2015
Dr Jihad Al Wazir, Governor of the PMA, and Mr Zaki Tarek Abu Yousef, Chairman of Board of Ritz Leasing Co., a provider of rental and leasing services, signed a Memorandum of Understanding (MoU) today by which the PMA authorizes the company to use the services of the Credit Bureau (Registry System).
Dr Al Wazir said that the PMA is making strenuous efforts to expand the Credit Bureau base, which is a comprehensive database providing credit and demographic information on borrowers and their guarantors and the respective status with regards to the bounced cheques system, thereby contributing to ensure the safety and stability of the banking operation, as well as the supervision thereof. The signature of the MoU comes as part of the PMA policy aiming at empowering the SME sector in Palestine. It is expected that this MoU will help expand the database for credit granted to this sector as well as maintain it. Likewise, the emerging leasing sector is expected to benefit from the MoU through further expansion, protection against potential credit risks and stepping up of its role in fostering economic growth in Palestine, in line with the general policy of the Palestinian Authority.
From his side, Mr Zaki Abu Yousef commended the PMA on its cooperation and its vital role in maintaining financial stability in Palestine, noting that the signature of the MoU will support the development and the advancement of non-banking financial institutions and enable such institutions to fulfill their duties effectively, whilst far-removed from credit risks, thereby contributing to the Palestinian economy in general and the financial system in specific.
It is worth mentioning that, during the past few years, the PMA has signed a number of MoUs with many private sector institutions with the objective of authorizing such institutions to make use of the unified query system; one of the many services offered by the Credit Bureau which is supervised by the PMA and which has received much praise from international organizations; most importantly the IMF.
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