Bank of Palestine hosted an introductory workshop at the General Management office in Gaza about the Palestinian Institution’s services to guarantee deposits, its work procedures, the importance of guaranteeing the customers’ deposits in Palestine, and to contribute in raising awareness about the deposits’ guarantee system and encourage the customers to increase their savings, enhancing the trust in the banking system.
The Office Manager of the Palestinian Institution to Guarantee Deposits in Gaza, Mr. Naser Shawa, participated in the meeting, in the presence of Bank of Palestine’s Deputy General Manager, Mr. Alaa Al Redwan, and a group of Bank of Palestine’s department and branches managers.
Mr. Shawa presented the goals of the Palestinian Institution to Guarantee Deposits and its role in enhancing the financial stability, to enable efficient and effective performance, which reflects on the overall economic sectors, in addition to its role in protecting the rights of depositors at the operating banks in Palestine. The organization of this workshop is due to its vision to contribute in raising awareness of the public about the deposits’ guarantee system and to encourage the savings culture in Palestine.
Mr. Shawa indicated that the Palestinian Institution to Guarantee Deposits aims to achieve integration between the banking system and the national economy as whole, as all citizens benefit from the stability and safety reflected on the national economy. The idea of deposits’ guarantee is based on the principle of solidarity, similar to conventional insurance, as it provides insurance to small depositors within the banking system, same as insurance for individuals and property.
The Palestinian Institution to Guarantee Deposits provides membership to commercial and Islamic banks operating in Palestine and that are licensed by the Monetary Authority, including expatriate banks; the institution provides insurance to all customers who have accounts in all banks licensed by the Monetary Authority; the Palestinian Institution to Guarantee Deposits is a national non-profit institution.