The Bank of Palestine has received in-principle approval for a full banking licence from Abu Dhabi’s financial hub, the ADGM, as it seeks to expand globally to serve the Palestinian diaspora.
Bank of Palestine – Global Ltd has received the initial approval for a Category 1 licence from the ADGM’s Financial Services Regulatory Authority, according to a statement from the lender on Monday.
An ADGM Category 1 is a full banking licence, permitting firms to operate as full-fledged banks. The capital requirement for a Category 1 licence is $10 million, the ADGM said. This licence allows companies to accept deposits from the public, manage profit-sharing investment accounts and offer a range of banking products.
This approval will allow the lender to accept deposits and arrange deals in investments, targeting the global Palestinian community at large, the statement added. Once fully operational in the second half of 2026, the licence will allow the bank to operate globally from ADGM.
“This is a historic milestone for Bank of Palestine, ushering in a new era of global reach and future-proof banking and wealth management,” said Hashim Shawa, chairman of Bank of Palestine Group.
“As we mark 65 years since our founding in 1960, operating from Abu Dha
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