The financial leasing sector in Palestine is witnessing a remarkable development and growth, not only in terms of the portfolio size of the financial leasing companies, which is moving at an ever-increasing and continuous pace, but also in terms of portfolio diversification and expansion of the leased asset base, by financing new sectors that directly contribute to growth and spinning the wheel of economy, specifically in the field of financing vehicles and trucks related to the productive sectors, in addition to financing machines, equipment and production assets in all their forms, and thus the importance of the sector appears in small and medium-sized industrial establishments.
In 2021, the PCMA reclassified the data of financial leasing contracts that are registered on the electronic system, and added new items, in line with the existing technological developments, and the development of the information exchange process between the PCMA and the relevant authorities, in order to reflect the information on the existing record in a better and more detailed manner and to help in the control process, especially the issue of combating money laundering and terrorist financing.
As part of its endeavor to develop the work of companies and to focus its activities in financial leasing, during the year 2021, the PCMA developed new financial and regulatory standards that will be submitted to the Director General and the Board of Directors for a decision in 2022, where a meeting was held with the companies to inform them about these standards and discuss same with them and obtain their observations by the end of 2021. An experiment will be conducted on the application of these standards in light of the preliminary data of 2021 at the beginning of 2022; that is, before these standards are approved so that final amendments can be reflected thereto before the decision is issued.
