Palestine Monetary Authority Signs MoUs with Eight Insurance Companies to Connect with the Credit Registry System

Ramallah – His Excellency Mr. Azzam Shawwa, the Governor of the Palestine Monetary Authority, signed today, at Palestine Monetary Authority headquarters in Ramallah, memoranda of understanding with eight insurance companies to be connected with the Credit Registry System and to benefit from this system, developed by Palestine Monetary Authority, which has database that delivers relevant credit and demographic information about banks and lending institutions’ customers – individuals and institutions – and their categorization in the returned checks system. Mr. Buraq Nabulsi, the Director General of the Palestinian Capital Market Authority, and Mrs. Nisreen Al-Hanbali, the Secretary General of the Palestinian Insurance Federation, and directors at Palestine Monetary Authority attended the signing of the memoranda of understanding.

The memoranda of understanding were signed by the Director General of Tamkeen Insurance Company Mr. Mohammad Asnaf; Chairman of the Board of Directors of Ahlia Insurance Group Dr. Mohammad Al-Sabawi; Chairman of the Board of Directors of Palestine Insurance Company Mr. Mohammad Abu Awad; the Director General of Trust Insurance Company Mr. Anwar Al-Shanti; the Director General of National Insurance Company Mr. Ahmad Mshasha; the Director General of Al Mashreq Insurance Company Mr. Nihad Zawatyi; the Deputy Executive Chairman of Global United Insurance Company Mr. Tahseen Barahmi; and the Director General of Takaful Insurance Mr. Jamal Awwad.

Mr. Shawwa said Palestine Monetary Authority encouraged and increased the number of private sector businesses who benefit from the Credit Registry System through signing MoUs with them. The purpose is to enhance the levels of financial stability and safeguard the strength of the insurance sector and their investment capacity, and to safeguard them against liquidity problems or credit solvency. This is part of Palestine Monetary Authority’s efforts to ensure soundness and stability of the financial system and to boost economic growth in Palestine, according to Mr. Shawwa. 

Mr. Shawwa also said the memoranda of understanding and commitment to banking principles of confidentiality would enable the insurance companies to identify customers’ credit solvency when offering selling on credit where customers use postdated checks and take the right decision that saves them from engaging in credit risks.

The chairmen of the boards of directors of the insurance companies and the directors general of the insurance companies who signed the memoranda of understanding praised the efforts of Palestine Monetary Authority to improve and develop the banking work environment by engaging insurance sector in systems like the Credit Registry System that protected the private sector establishments from defaulting and safeguarded business continuity and achievements.