Bank of Palestine Expands Globally with Approval for Banking License
The Bank of Palestine, with ambitions to reach the global Palestinian diaspora, has secured preliminary approval for a full banking license from the Abu Dhabi Global Market (ADGM), which is known as a financial hub in Abu Dhabi.
According to a statement released by the bank, it has received initial authorization for a Category 1 license from the ADGM Financial Services Regulatory Authority.
A Category 1 license is essentially a full banking license, permitting such operations to function as a complete bank. The capital requirement for this license is set at $10 million. With it, the bank can accept deposits from the public, manage profit-sharing investment accounts, and offer a wide array of banking services.
The approval allows the bank to take deposits and arrange investment deals for the global Palestinian community. When fully operational in late 2026, the license will enable it to function worldwide from the ADGM.
Hashim Shawa, the Chairman of the Bank of Palestine Group, remarked that this represents a historic milestone, signaling a new era of global growth and comprehensive banking and wealth management.
“We’re celebrating 65 years since our establishment in 1960. Our venture in Abu Dhabi showcases our desire to support our employees and partners globally while fostering a culture of resilience and innovation,” he added.
The UAE has implemented policies to attract foreign investment while positioning itself as a pivotal gateway to regions including the Middle East, Africa, and South Asia, enhancing its appeal to global financial institutions.
On the same day, ADGM announced the Asia-Pacific International Chamber of Arbitration will be setting up an affiliate and opening an office within the financial hub at the Dispute Resolution Hearing Center.
The Bank of Palestine joins a growing list of international financial entities, including insurance and investment companies, that have either launched operations in the UAE or bolstered their presence there.
In recent initiatives, Switzerland’s UBS opened an advisory office at Abu Dhabi’s financial center in October, while Europe’s largest bank by assets, HSBC, announced plans for a wealth center in Dubai. Around the same time, Rothschild & Company disclosed its wealth management division would take over the UAE operations of Liechtenstein State Bank.
Additionally, Fortress, backed by the UAE’s Mubadala Investment Company, and Kimmeridge, focusing on energy assets, have also established operations in ADGM this year.
The Bank of Palestine has had a representative office in Dubai since 2015 and has recently opened another office in Cairo to cater to its expanding customer base in Egypt.
Linda Taraji, bringing over two decades of international banking experience, has been appointed as the CEO of the ADGM branch to lead the bank’s global expansion efforts.
ADGM mentioned that it stands as the largest international financial center in the region based on the market capitalization of its registered firms. The overall worth of ADGM-affiliated companies on the Abu Dhabi Stock Exchange is expected to surpass AED 500 billion ($136 billion) by mid-2025.
Arvind Ramamurthy, ADGM’s chief market development officer, noted that Bank of Palestine’s extensive history and expertise will significantly enhance the ecosystem of Abu Dhabi’s financial institutions.
The Palestine Banking Group focuses on lending to small and medium-sized enterprises, particularly under challenging circumstances, and has formed strategic partnerships with development finance institutions.
