Palestine Monetary Authority Signs a Memorandum of Understanding with Al-Nabali and Al-Faris Real Estate Company to Provide the Company with the Unified Credit Information System Services

Ramallah and Al-Bireh, November 17, 2021 - Palestine Monetary Authority’s Governor Dr. Feras Milhem signed today, at the headquarters of Palestine Monetary Authority, a memorandum of understanding with Mr. Dorgham Al-Nabali, Chairman of the Board of Directors of Al-Nabali and Al-Faris Real Estate Company, to provide the Company with the services of the Unified Credit Information System developed by Palestine Monetary Authority. The system includes a database that provides relevant credit and demographic information about the borrowers and their guarantors, whether individuals or institutions, and their grouping on the return cheques system.

Dr. Milhem confirmed that the memoranda of understanding with private sector companies aimed to enhance their position and investment capabilities and protect them from problems in cash flow or credit solvency, as part of the efforts of Palestine Monetary Authority to ensure the safety and stability of banking and its supervision, and to promote economic growth in Palestine.

Dr. Milhem explained that the Unified Credit Information System service enabled its users from private sector companies to identify the credit solvency of the customers with whom they deal with on the basis of forward sale under post-dated cheques, and to make the right credit decision that limits and avoids exposure to credit risk.

Mr. Dorgham Al-Nabali thanked Palestine Monetary Authority for its efforts in providing private sector companies with such system that protected them from defaulting and maintain their durability and achievements. Mr. Dorgham also pointed out the impact of such system on the growth and development of the national economy.