The liquidation processes

Pursuant to the Presidential Decree-Law No. (7) Of 2013, PDIC is the sole liquidator of a failing bank following the issuance of a liquidation decision by the Palestine Monetary Authority.

PDIC shall have the authority to take all legal measures necessary to safeguard the bank’s rights, and conclude the liquidation proceedings. PDIC shall replace depositors, to the extent it will reimburse them, and the reimbursed amounts shall be registered as debts owed to PDIC by the liquidated bank. PDIC shall maintain the right to recover the payout on insured deposits prior to all other shareholders and creditors.

PDIC has full power to take necessary measures to: terminate a bank’s operations, settle bank’s debts, collect its dues and take all necessary measures aimed at: recovering its rights and conducting an inventory of its accounts. Subsequently disposing of the bank’s movable and non-movable assets or part thereof, or take any other action or measure required to conclude the liquidation proceedings in order to pay back depositors and settle its debts.

Currency Exchange Rates 19/04/2024

Currency	Purchase	Sell
USD / NIS
JOD / NIS
Euro / NIS

Q & A

Which banks are member institutions of PDIC?

All commercial and Islamic banks operating in Palestine and licensed by Palestine Monetary Authority (PMA) Membership is compulsory for all banks licensed by the PMA

Does PDIC insure deposits in all currencies?

.PDIC insures deposits in all currencies with coverage limit up to $20,000 or equivalent in other currencies per depositor per member bank

What types of deposits are insured by PDIC?

PDIC insures all types of deposits for individuals, institutions, residents and non-residents, including:

-Current and demand deposits

-Saving deposits.

-Term and subject to notice deposits.

-Joint deposits accounts that belong to more than one person.

Excluding the following deposits:

-Deposits of the government and its agencies.

-Deposits of the PMA

-Deposits between members and other financial institutions

-Cash guarantees within the limits of the amount of guaranteed facilities

-Deposits of related person, in accordance with the provisions of the banking law currently in force.

-Deposits of the auditor of member and/or members of its Sharia supervisory board

-Restricted investment deposits, as determined by the board

Other financial institutions :

-Deposits of insurance companies and reinsurance companies licensed by Palestine Capital Market Authority.

-Deposits of brokerage firms licensed by the Palestine Capital Market Authority.

-Deposits of Specialized lending institution licensed by the PMA.

What is coverage limit of PDIC?

The coverage limit is up to $20,000 (Twenty thousand US dollar) or equivalent in other currencies per depositor per member bank.