Contract Facilitations by the Banks
The Institute for Law in collaboration with the Faculty of Law and Public Administration at BZU held a legal encounter on "Contract Facilitation by the Banks" on 7 November 2009, in partnership with the Konrad Adenauer Stiftung, in which the Director of the Legal Department at the Arab Bank, Naeem Fadl, has participated.
Mr. Fadl addressed the banking facilitations and their impact on economic life in Palestine on the individual or company levels, explaining the types of direct and indirect facilitations and types of bank loans.
Fadl explained the procedures for loans and facilitations provided by the banks, which starts by negotiation, leading to the filling of forms and the signing of the contract. He pointed to the conditions that the customer must meet in order to get a loan, such as his legal qualifications and his nationality.
He also pointed to a number of laws governing the banking sector such as law of the Monetary Authority No. (2) for the year 1997, the Banking Law No. (2) for the year 2002, which stipulates the criteria for the facilitations and credit. He added that recently Instructions No. (4) for the year 2009 have been issued, which relates to fair credit.
At the end of the meeting, he talked about the types of real-estate mortgage, followed by an open discussion, where many of the participants expressed their views on some matters related to the loan and its procedures, black lists and the interest rate.
