The Federation of Palestinian Insurance Companies and the Association of Banks Sign a Cooperation Agreement to Promote Electronic Payments in the Insurance Sector
Ramallah – Al-Bireh | Wednesday, February 4, 2026
The Federation of Palestinian Insurance Companies and the Association of Palestinian Banks signed a cooperation agreement aimed at encouraging electronic payments in the insurance sector, as part of efforts to enhance digital transformation, develop financial services, provide banking facilities for citizens, and enable them to pay motor insurance premiums through convenient electronic methods.
The agreement was signed on behalf of both parties by the Chairman of the Board of Directors of the Federation of Palestinian Insurance Companies, Mr. Anwar Al-Shanti, and the Chairman of the Association of Palestinian Banks, Mr. Maher Al-Masri.
The agreement stipulates providing banking facilities to citizens wishing to pay motor insurance premiums through banking services, with the possibility of installment payments for up to 12 months without additional commissions charged to policyholders. In return, insurance companies will offer an incentive discount of up to 10%.
The agreement also allows for bilateral contracts between insurance companies and banks operating in Palestine to finance insurance policies and provide installment payment options for interested citizens.
Mr. Al-Shanti affirmed that this step comes within the framework of the Federation’s efforts to keep pace with technological developments in the financial sector, facilitate procedures for citizens, and improve the efficiency of insurance services, in line with national directions toward digital transformation and enhancing financial inclusion.
For his part, Mr. Al-Masri stressed the importance of cooperation between banking and non-banking financial sectors—particularly the insurance sector—in promoting a culture of digital financial transformation and contributing to addressing the challenges facing the Palestinian economy, especially those related to cash transactions.
