The Governor of Palestine Monetary Authority Visits Nablus and Signs Agreement with An-Najah National University, Holds Meeting at Nablus Chamber of Commerce and Industry, and Opens Safa Bank Branch

Nablus

His Excellency Mr. Azzam Shawwa, the Governor of Palestine Monetary Authority, visited Nablus, accompanied by the Governor’s Assistant for Financial Stability Affairs Dr. Riyad Abu Shehadah and the Director of Market Conduct Department at PMA Mr. Ali Far’oun and the Director of Public Relations and Communication Department at PMA Mrs. Irene Saadeh. PMA delegate met with Nablus Governor Major General Akram Al Rjoob and the team working at his office.

H.E. Mr. Shawwa briefed the meeting about the recent banking developments in the Palestinian banking sector and the efforts of PMA to safeguard financial stability in Palestine.

Major General Al Rjoob praised PMA’s work and the banking sector and the support banks give to the Palestinian economy. He briefed the meeting about the recent development in Nablus Governorate and the challenges due to Israeli procedures.

His Excellency Mr. Shawwa and the delegate of PMA visited An-Najah National University and signed memorandum of understanding with the Acting President of An-Najah University Dr. Maher Natsheh on joint cooperation between PMA and An-Najah National University in service of the academic sector and students. PMA and An-Najah National University would conduct joint activities including awareness-raising lectures in banking and finance. This is among PMA’s efforts to promote financial inclusion. The activities also include organizing practical training programs at PMA for the students at the Faculty of Economics and Social Studies and supplying An-Najah National University with PMA’s publications. Mr. Shawwa said the signing of the MoU aimed to develop PMA’s relations with universities and to supply the academic sector and students with banking expertise and information.

Dr. Maher Natsheh affirmed the importance of relations between An-Najah National University and PMA and praised PMA’s role and PMA’s corporate social responsibility in services of the whole community; especially university students as well as PMA’s key task of safeguarding financial stability. The delegate also visited An-Najah Satellite Channel. 

H.E. Mr. Shawwa and the delegate visited Nablus Chamber of Commerce and Industry where they were welcomed by Chairman of the Chamber Mr. Omar Hashem and members of the Board of Directors. The meeting addressed the difficult circumstances Nablus businesses underwent due to Israeli measures and means of cooperation with PMA to assist businesses.    

H.E. Mr. Shawwa held a meeting at the Nablus Chamber of Commerce and Industry with businesspeople and money changers to address the needs of the businesses of currency exchange and businesspeople. Mr. Shawwa praised the contributions made by Nablus Governorate and resilience in the face of hardship and crises. Mr. Shawwa also pointed out PMA’s success in ensuring financial stability in Palestine and contribution to sustainable economic development.

Mr. Al Far’oun briefed the meeting on returned checks system and electronic clearance and PMA’s efforts to reduce returned checks. Mr. Far’oun also addressed the integral credit information system, which would help businesspeople to inquire about customers’ solvency before accepting their checks. This protects Palestinian businesspeople from the risks of clients’ inability to repay. Mr. Far’oun said that PMA had succeeded to link most private sector businesses to the system. The meeting discussed banking sector-related issues including challenges and hardship facing the economic sectors.

H.E. Mr. Shawwa inaugurated a Safa Bank branch in Nablus with the Chairman of the Board of Directors of Safa Bank Mr. Yazid Al-Mufti and Nablus Governor Major General Akram Al Rjoob and Chairman of the Chamber of Commerce and Industry Mr. Omar Hashem and Nablus Mayor Haj Adli Ya’eesh and Safa Bank General Manager Mr. Nidal Al Barghouthi and general management team and a number of business people and manufacturers.

Mr. Shawwa said he was glad to inaugurate the new bank branch of Safa Bank because it was continuation of the approach and strategy of PMA to promote expansion of banks’ branches and offices in all areas. Despite the young age of Safa Bank, it is a promising bank and seeks to meet the needs of the Palestinian market of Islamic banking services and products; it is a quality addition to Islamic banking function in Palestine, according to Mr. Shawwa. 

H.E. Mr. Shawwa said he was proud of the achievements of the banking system and its stability and strength of performance and speedy development and expansion. Some banks have been able to expand beyond Palestine. Mr. Shawwa said that the net assets of the banking sector totaled $15.3 billion as of November 30, 2017 while clients’ deposits totaled $11.7 billion, including more than $1.4 billion from Nablus Governorate. Direct facilities reached $7.9 billion, including $788 million from Nablus Governorate. Number of banks’ branches and offices totaled 336 including 41 branches and offices in Nablus Governorate. The number of banks’ employees reached 6,865 in the end of the third quarter of 2017 including 490 employees from Nablus Governorate.