The New Board of Directors of the Palestinian Deposit Insurance Corporation Holds Its First Meeting

SadaNews - The Board of Directors of the Palestinian Deposit Insurance Corporation held its first meeting, chaired by the Governor of the Palestinian Monetary Authority and the Chairperson of the Corporation, Mr. Yahya al-Shanar, in the presence of the new members to commence their official tasks. The board includes, based on the provisions of Presidential Decree No. (88) of 2025 concerning its reformation, Mr. Mohammad Rabi' representing the Ministry of Finance, Mr. Tarek Al-Masri, the Companies Controller at the Ministry of National Economy, in addition to Ms. Shahnaz Abu Farha, Ms. Sherine Al-Shalla, Mr. Raed Handal, and Mr. Rami Khoury as independent members.

The Governor of the Palestinian Monetary Authority / Chairperson of the Palestinian Deposit Insurance Corporation, Yahya al-Shanar, welcomed the new board members, praising the formation of the board which includes a selected group of economic and financial competencies and expertise, affirming that this expertise will contribute to enhancing the role of the Corporation in protecting the interests of depositors and supporting the stability of the Palestinian banking system.

The Governor pointed to the pivotal role played by the Palestinian Deposit Insurance Corporation in applying the best practices of corporate governance, enhancing financial stability, and protecting the deposits of citizens, which contributes to reinforcing confidence in the Palestinian banking system.

He added that, despite the exceptional circumstances and current challenges, the Palestinian Deposit Insurance Corporation continues to fulfill its role in protecting citizens' funds, assuring the public that their deposits with the member banks are safe and guaranteed, which reflects the Corporation's commitment to safeguarding the rights of depositors and supporting financial stability.

For his part, the General Director of the Corporation, Luay Hawash, explained that the board's initiation of its tasks represents an important step in the journey of institutional development, enhancing the Corporation's ability to achieve its goals in promoting the stability of the banking system, encouraging saving, and protecting depositors’ funds with member banks, which solidifies public trust and paves the way for regional and international excellence in the field of deposit guarantees.

It is noteworthy that the Palestinian Deposit Insurance Corporation was established under Law No. (7) of 2013, with the aim of protecting depositors’ funds, encouraging savings, and enhancing confidence in the banking system, while setting a strategic plan to enhance public awareness of the deposit guarantee system, develop the use of technology, effectively manage compensation, foster a risk management culture, and build international relationships for exchanging expertise.