His Excellency the Governor of the Monetary Authority, Mr. Azzam Al Shawa, today, at the headquarters of the Monetary Authority in Ramallah, signed a memorandum of understanding with the Chairman of the Board of Directors of Sinokrot Holding, His Excellency Mr. Mazen Sinokrot.
The Memorandum of Understanding aims to provide Sinokrot Holding with the service of the unified credit information system developed by the Monetary Authority, which includes a database that provides some relevant credit and demographic information about borrowers and their sponsors as individuals or institutions and classifies them according to the system of the returned checks.
His Excellency Governor Al Shawa emphasized the Monetary Authority’s interest in encouraging and increasing the number of private sector companies that benefit from the unified credit information system, by signing memoranda of understanding with them, to enhance the status of those companies and their investment capabilities and protecting them from exposure to problems in cash liquidity or creditworthiness, indicating that this comes within the framework of the Monetary Authority’s efforts to ensure the safety, stability, and control of banking work, and to encourage economic growth in Palestine.
Al-Shawa explained, through memoranda of understanding and commitment to the principles of banking secrecy, that these companies will be able to identify the creditworthiness of customers who deal with them (by borrowing or using the basics of deferred sales under post-dated checks for a later maturity date). As a result, they will be able to take the correct credit decision that limits and avoids them from dealing with credit risks.
From his side, His Excellency Mr. Mazen Sinokrot, Chairman and CEO of Sinokrot Holding, expressed his appreciation for the efforts of the Monetary Authority to improve and develop the banking business environment by involving private sector institutions with such systems that work to protect private sector institutions from faltering and maintain their sustainability and achievements.
Sinokrot stressed the importance of the role of these systems in helping companies and private institutions to access the data of their customers and grant them facilities with confidence and reassurance and the impact of this improvement on the development of national economic institutions.