At the beginning of each year since assuming the Chair of the Board of Directors of the Palestine Capital Market Authority, I take the time to write a presentation relating to the annual report of the previous year. As I did this work in early 2023, I thought not only of the PCMA’s achievements and work in 2022, but also of the period since September 2015 when I assumed the Chairmanship of the PCMA and its Board of Directors, as this will be the last submission I write of an annual report issued by the PCMA, as 2023 will mark the end of my second and final term, under the Capital Market Authority Law, as I would have served eight years in this position.
While each year brings with it new experiences and challenges, our mission, core duties and essence at the PCMA remain unchanged. We always aspire to achieve the goals of the PCMA and provide a conducive environment for the growth of the non-banking financial sectors, as defined in the law, where the PCMA undertakes supervisory and regulatory tasks as part of the efforts made by state institutions to achieve economic growth, improve the standard of living and ensure prosperity for citizens. We carry out our mission under all circumstances, constantly burdened by the illegal Israeli occupation of the Palestinian land, which practices policies of killing, oppression and destruction of the national economy and financial stability without international deterrence, in a world governed by self-interests, injustice and double standards. Additionally we face other adverse circumstances that are beyond our control, such as the Covid-19 pandemic during the last two years. Nevertheless, we continue to work towards accomplishing the goals of the PCMA cumulatively, driven by our determination and our confidence in the justice of our cause and the inevitability of ending the Israeli occupation and achieving liberation. This is overseen by the PCMA’s Board of Directors, and translated into action by the dedicated and committed employees of the executive management, the general administrations and the supporting units through their diligent and dedicated work.
Over the past seven plus years, through these efforts, the PCMA has achieved financial stability and almost complete self-sufficiency. While the PCMA still seeks financial and technical support from donor countries and development support institutions for its ongoing development projects in fields witnessing continuous global development, especially financial technology and financial inclusion, the PCMA also aims to reduce dependence on such assistance for basic needs. It has already succeeded in doing so, to a degree that it can fully cover its annual recurring budget through its own resources. It has also been able to provide a high percentage of the requirements for establishing its own modern building, designed with the latest scientific and technological advancements in its fields of work, including environmental protection measures. This is the first time since the PCMA’s establishment almost two decades ago that it has been able to do so, eliminating the need to rent unsuitable buildings originally designed for residential purposes. At the time of writing this report, Construction work of the PCMA building has already commenced, which is being constructed on land allocated for this purpose in the town of Surda-Abu Qash, adjacent to cities of Ramallah and Al-Bireh cities. Hopefully, the building will be ready within the next two years. I would also take this opportunity to express by gratitude to His Excellency the President of the State of Palestine, His Excellency the Prime Minister and His Excellency the Minister of Public Works for the support they have provided in this endeavor.
I will not attempt to summarize in this presentation the numerous details of the work carried out by the PCMA, in the past year, as any summary will not compensate for the need to read the entire report. I invite the esteemed reader to do so. However, I would like to draw attention to the fact that despite the significant achievements and remarkable and noticeable progress made by the PCMA in certain sectors, there are goals in the PCMA’s strategic plan of 2021-2025 and beyond that are awaiting accomplishment. We are aware that merely identifying challenges and problems is only an important initial step on the path to achieving progress and growth in these sectors.
As Chairman, I have had the privilege of serving on the board of directors of the PCMA, alongside members with formal, financial, academic and private sector backgrounds. It was an honor to work with them, and I would like to take this opportunity to express my gratitude for their contributions to the Board’s work and their collaboration in our joint efforts to enhance the PCMA. Additionally, I thoroughly enjoyed working with the PCMA’s staff, particularly the Director General, the General Managers, the heads of the main supporting units in legal affairs and information technology, the Director of the Chairman’s Office, as well as all the PCMA’s employees and staff in various positions. Although my familiarity and professional contact with them vary depending on their positions, I closely witnessed how this team operates as a whole with high professionalism and dedication to the public interest, exerting effort to uplift this institution that deals with an important non-banking financial sector in the country.
My tasks at the PCMA were not always easy. While the role of Chairman of the Board of Directors may not require extraordinary effort for someone in such a position, my work as Chairman of the PCMA often demanded involvement in the details of the daily operation – without interfering in the realm of executive management. During my tenure, the PCMA faced numerous challenges, which is normal. I believe that it successfully confronted and overcome most of these challenges by adhering to the laws and regulations while maintaining flexibility in dealing with entities overseen and monitored by the PCMA. This was an opportunity for me to have utilized my previous experience in various positions and to continue learning. It is said that “Learning when young is like carving in rock“, meaning that it always leaves a lasting impact. This holds true in adulthood as well although it can be difficult task in many cases. However, knowledge in adulthood often proves to be enjoyable, especially when it requires problem-solving skills, which I chose to learn half a century ago through the study of physics and mathematics. For this opportunity, I am grateful to those who entrusted me to serve these positions.
Chairman of the Board
Nabeel Kassis
