Chairman of Association of Banks in Jordan, Hani Al-Qadi said the Palestinian banking sector is a "bank-based economy, noting that the assets of banks operating in Palestine account for 109 percent of Palestine's Gross Domestic Product (GDP).

In a speech delivered on his behalf by Director General of the association Adli Qandah, he said deposits account for about 83 percent of GDP. "Credit facilities account for 55 percent, reflecting the importance of the banking sector for the Palestinian economy," Al-Qadi added.

Secretary General of Union of Arab Banks Wissam Fattouh said the conference focuses on one of the most important issues facing the financial and banking community, both in terms of the opportunities it offers and the risks it represents.

"The world is witnessing an accelerated transition from monetary to non-monetary economy, thanks to financial technology, the tools and mechanisms it provides to reduce dependence on paper money, and the shift to reliance on encrypted electronic money," he added.

Source: Jordan News Agency