The PCMA has undertaken various awareness-raising activities related to developing the legal environment, enhancing technical operations, and increasing public awareness of the importance of the non-banking financial sector. This sector is a cornerstone of the PCMA’s duties towards the Palestinian public. The PCMA seeks to strengthen citizens’ capabilities and financial literacy in the sectors it supervises. Additionally, it aims to enhance its internal and external relationships through numerous meetings, initiatives, and activities, in line with its plans, programs, legal mandates, and the strategic objectives outlined in the Five-Year Strategic Plan 2021-2025.
Furthermore, the Israeli occupation’s war on the southern governates in the past year had repercussions on all aspects of economic life. Below are some of the awareness programs and activities implemented until the beginning of October 2023:
- The PCMA Concludes the “Regional InsurTech” Competition by Announcing the Winners of the Two Tracks of the Competition
At a protocol ceremony organized by the PCMA in the city of Ramallah, and in collaboration with the German Agency for International Cooperation (GIZ) and the Palestinian Insurance Federation, the winners of the “Regional InsurTech” competition were announced. The competition comprised two tracks: the first for new innovative ideas in financial technology for insurance, won by teams from Tunisia and Cameroon, with each receiving a prize of $5000. The second track was for existing companies, won by two companies from Britain and the United Arab Emirates, also receiving a prize of $5000 each. The winning applications from the second track will be hosted by the companies “Al-Mashreq” and “Tamkeen”.
- The PCMA Participates in the Weekly Economic Success Meeting
The PCMA participated in several meetings organized by An-Najah University in collaboration with the PCMA, as part of the weekly Economic Success meeting, focusing on various specialized topics related to the non-banking financial sector.
Representatives from the PCMA served as speakers in these meetings. Additionally, Mr. Amjad Qabaha, the Manager of Legal Affairs at the PCMA, participated in a meeting titled “Palestine Capital Market Authority: Roles and Future Plans.”
Furthermore, a workshop was conducted as part of the weekly Economic Success meeting under the theme “The Securities Sector in Palestine: Realities and Prospects.” The workshop was attended by Mr. Murad Jadbah, the Director of the Securities Directorate at the PCMA, along with university professors and a large number of students majoring in financial and banking sciences, as well as students from other disciplines in the college and interested individuals from various segments of society.
This meeting addressed important topics concerning the strategic approach in the securities sector at the PCMA for the period 2021–2025. This included ensuring the sustainability of financial sectors under the PCMA’s supervision, enhancing the use of financial technology in the non-banking financial sector, and advancing Sharia-compliant financial services and instruments such as Islamic bonds, investment funds, and Islamic licensing.
- The PCMA Organizes an Introductory Meeting on the Financial Leasing Sector in Cooperation with the Ramallah Chamber of Commerce
The PCMA, in collaboration with the Ramallah and Al-Bireh Chamber of Commerce, organized an introductory meeting on the financial leasing sector. The meeting was attended by the General Director of the PCMA, the Vice President of the Chamber, a large number of chamber members, interested individuals, traders, and staff from the PCMA, as well as financial leasing companies in Palestine.
Financial leasing is considered one of the complementary financing methods available in the Palestinian market, alongside banks and small lending institutions.
During the meeting, participating companies presented an overview of the key services they offer to small, micro, and medium-sized projects, as well as their financing mechanisms, including Sharia-compliant financing and other types of financing.
The PCMA Holds Training Courses Under the Title “Financial Press Lab”
The Public and International Relations Department at the PCMA organized two training courses during the year 2023 in both Nablus and Jericho. Each course spanned two days and was attended by approximately 50 students from media, public relations, and economics faculties across various Palestinian universities.
The courses were conducted by trainers from the PCMA to introduce participants to the PCMA and the sectors under its supervision (insurance, securities, financial leasing, and mortgage finance). They covered the sectors’ components, statistics, key figures, as well as opportunities and challenges facing these sectors.
Similarly, another course was conducted with the participation of specialized journalists and entrepreneurs. It focused on entrepreneurship, social media, and their role in financial journalism, data journalism, mobile journalism, and economic journalism. Participants learned how to interpret financial data for the non-banking financial sector.
Both courses concluded with the distribution of certificates to the participants.
· Holding Several Cooperation Meetings with a Number of Academic and University Institutions
The Public and International Relations Department at the PCMA organized an extensive meeting with representatives from local universities, including Birzeit University, Bethlehem University, Al-Quds Open University, Palestine Polytechnic University, and An-Najah National University. The purpose of the meeting was to discuss the details of a planned course titled “Financial Literacy,” which will cover various chapters focusing on the Palestinian financial sector, both banking and non-banking.
Furthermore, the PCMA signed memoranda of understanding with Palestine Polytechnic University covering various areas of work and cooperation. Efforts are underway to sign similar memoranda of understanding with Al-Quds Open University and Al-Quds University, Abu Dis, to enhance mutual cooperation, elevate the capabilities of university students, provide training opportunities, and enhance financial literacy, particularly in the non-banking financial sector.
The PCMA and the Media Development Center Begin Work on a Study Regarding Standards for Dealing with Non-banking Financial Sectors’ News
The PCMA and Media Development Center at Birzeit University announced the commencement of work on a study titled “Professional Standards and Ethics for Journalists in Dealing with News of Non-Banking Financial Sectors,” supervised by the PCMA.
The study includes a review of all international and Arab literature related to the ethics of economic journalism and financial sectors, including non-banking financial sectors. It involves in-depth interviews with expert journalists in economic journalism and media ethics, as well as a survey of a sample of journalists to reach the best standards and ethics that journalists and media outlets can adhere to in this type of coverage.
· The PCMA Launches World Investor Week 2023 for the Sixth Consecutive Year
In its ongoing efforts and relentless pursuit to advance the non-banking financial sectors, the PCMA, in partnership with the Palestine Exchange, launched the 2023 World Investor Week, which will take place from October 2-8, 2023.
The participation of the PCMA, representing the State of Palestine in the activities of World Investor Week, marks the sixth consecutive year. This year’s focus is on important topics related to the fundamentals of investment in general, most notably: sustainable finance and the risks associated with investing in virtual cryptocurrencies.
The PCMA’s participation in World Investor Week falls within its commitment to active involvement in various activities and events organized by the International Organization of Securities Commissions (IOSCO) and its various committees. This enables the PCMA to stay abreast of the latest developments related to its tasks and to keep up with international standards relevant to securities activities.
The campaign highlights the importance of raising awareness on four key issues: investor education, sustainable finance, financial fraud and scam practices, and crypto assets.
The PCMA’s participation focused on the awareness campaign about “sustainable finance” as the driving force for sustainable development, without neglecting other issues. This was achieved by intensively broadcasting awareness messages and issuing a detailed report on the campaign, its components, and objectives. The report was disseminated through a large number of local and official media outlets and social media platforms to reach the widest possible audience of the target group.
The activities of “World Investor Week” included the launch of an annual international awareness initiative by IOSCO, aimed at enhancing financial literacy, and promoting and protecting investor culture both locally and globally.
More than 100 countries, including Palestine represented by the PCMA, participated in the initiative’s activities. The PCMA officially became a member of IOSCO in 2014.
