Palestine Islamic Bank Opens its 35th location in Ersal Street

Under the patronage of the Governor of Palestine Monetary Authority (PMA) Mr. Azzam Shawwa, the Palestine Islamic Bank opened a new branch office at Ersal Street to be the 6th branch for the bank in the governorate of Ramallah and al-Bireh and its 35th branch in total. The grand opening drew in the presence of a huge crowd which included Mr. Eyad Nassar Representative of the PMA to the event, Mr. Khalil Rizeq, Chair of the Federation of Palestinian Chambers, Prof. Hussam Al-Din Affaneh Chair of PIB Shari'a Supervisory Board in addition to the Bank’s executive management including the General Manager Mr. Bayan Qasem and his assistant for branches affairs Mr. Imad Saadi and a number of bank’s management.

In his welcoming speech, Mr. Bayan Qasem, Palestine Islamic Bank General Manager, welcomed the attendees and thanked them for responding to the invitation. He asserted that the Bank is committed to expanding its network in order for its services to reach out to clients in all governorates. He also included that the PMA is responding to the Strategy of Financial Inclusion. Mr. Qasem added that the Bank is endeavoring to increase the number of its branches while maintaining improved modern and Sharia compliant banking products and services. They will also provide clients, with activating formulas of bargaining, Istisna'a and Ijara, in addition to Murabaha.

Mr. Qasem gave a special gratitude to the PMA for all of their efforts and attention given to the banking sector and the continuous support to Palestine Islamic Bank in particular. He also extended special thanks to Palestine Islamic Bank’s staff.

During the ceremony, Mr. Eyad Nassar (Head of the Control Department of Local Banks at the PMA) gave a speech on behalf of the Palestine Monetary Authority. Through this speech, he extended greetings from HE Mr. Azzam Shawwa, PMA’s governor, congratulating the Palestine Islamic Bank on opening its 35th locations. Mr. Nassar affirmed that PIB’s expansion comes in conformity with the PMA, which is dedicated to the continual spread of the banking sector in all Palestine. The purpose of this dedication was to achieve financial inclusion, economic development, and provide opportunities for small and medium businesses.

Mr. Nassar exalted the continuing growth of the Palestine Islamic Bank and the various Islamic Banking services it provides. At the conclusion of September 2017, the financial indications for the Bank showed the Bank's net assets had reached approximately $946.9 million in addition to a growth rate of 169.7%, in comparison to the year 2010. The total assets of the Bank reached $594.5 million and a growth rate of 242.88% for the same period, all of which indicate strong signs for the bank’s safe and substantial performance.

Mr. Nassar asserted that the Palestine Monetary Authority is permanently working to achieve more financial and monetary stability in Palestine by developing the work of the Palestinian banking system and enhancing durability. It also achieves this goal by keeping up with the most recent world banking developments.

The Chair of the Federation of Palestinian Chambers also addressed the audience mentioning that Palestinian Banking is a pure national industry; the Israeli occupation holds no interference. He praised the importance of encouraging the growth of the Banking sector in Palestine and the expansion policy. He also emphasized the focus on marginalized areas, including rural areas and Jerusalem, in a way that supported the steadfastness of the citizens of those areas.

Mr. Rizeq praised the efforts Palestine Islamic Bank shows in dedication to various services given to clients, stressing their excellence. He pointed out that the Bank's expansion policy comes in line with the growing needs of the public, especially in the business sector. The expansion also contributes, albeit modestly, to the creation of employment opportunities for citizens.

Mr. Rizeq concluded by stressing the Chamber's keenness to cooperate with all financial and banking institutions in order to ensure the growth and improvement of competition in the Palestinian economy.

In his speech, Prof. Hussam Al-Din Affaneh (head of PIB Shari'a Supervisory Board) asserted the importance of the board’s role in terms of monitoring the transactions of the bank. This ensures freedom from any sharia violations and allows for customers to receive banking services in compliance with Sharia Law.