At the end of the establishment period and after the completion of the regulatory requirements by Ofek, it will be possible to grant a license for the provision of deposit and credit services in accordance with the areas of practice permitted to the association.
The construction license is granted to Ofek after a process of accompaniment and examination by the Capital Market Authority, which examined the business plan and defined the next stages of operation that Ofek will have to meet in order to begin its activities. This type of license is intended to enable a cooperative association to provide financial services to its members, which will be provided for the first time in the format set forth in the Regulated Financial Services Supervision Law, is an important milestone in diversifying financial services and strengthening competition for the benefit of consumers.
Deputy Minister of Finance, Rabbi Yitzchak Cohen: “I welcome the promotion and development of regulated financial services to the public in the State of Israel in order to expand the existing basket of services by encouraging competition. The granting of a license by the Capital Market Authority to establish a credit and first deposit association in Israel is an opening for further competition.” What is given to the general public will grow well with the purchasers of the services and will be adapted to their needs and dimensions. “
The Commissioner of the Capital Market, Insurance and Savings, Dr. Moshe Barkat: “Today we completed the first stage of a precedent approval for the activities of the Association for the Deposit and Credit Services Association. A step that will expand the options available to the Israeli public regarding financial service providers and promote competition in the field. The Capital Market Authority will continue to examine the Ofek Credit Association And work for the public by expanding the types of financial services available to them. “