(During the Opening Ceremony of the 37th Branch in Palestine) Maher Masri: Palestine Islamic Bank is a Success Story that’s built on Integrity and Professionalism
(During the Opening Ceremony of the 37th Branch in Palestine)
Maher Masri: Palestine Islamic Bank is a Success Story that’s built on Integrity and Professionalism.
Hussam Al Din Afaneh: Palestine Islamic Bank is a Bank that carries an Independent Identity and Works According to Sharia Regulations
Under the patronage of his Excellency Mr. Azzam Shawwa; Governor of Palestine Monetary Authority, Palestine Islamic Bank opened a new office in the city of Nablus, the office is located at
the new headquarter of Chamber of Commerce, this office will be the third branch for PIB in the city and the Tenth on the level of the Northern area of the West Bank, raising the number of branches and offices that belong to the PIB all over Palestine to become 37 branches and offices and over 65 ATMs.
The ribbon cutting ceremony was led by his Excellency; Governor of Palestine Monetary Authority, Mr. Maher Masri; Chairman of Palestine Islamic Bank Board of Directors, Governor of Nablus; M.G Akram Al-Rjoub, Head of Nablus Chamber of Commerce and Industry; Mr. Omar Hashim, head of Nablus Municipality; Eng. Adli Ya'eesh, and Professor and Dr. Hussam Al Din Afaneh; Chairman of the Sharia Supervisory Board and member of PIB executive management. The ceremony also welcomed more prestigious guests like Mr.Taher Al-Masri; ex-prime minister of Jordan, and the leading businessman; Mr. Munib al-Masri, in addition to a number of officials, dignitaries personas in the city.
In his welcoming speech, Mr. Maher Masri, chairman of Palestine Islamic Bank board of directors greeted the audience and said: “ We are witnessing an important day in bank history with this new addition, the opening the 37th branch in the neighborhood of Rafeedia, which comes as a result of the hard work and strong will exerted by PIB family represented by its management and staff, they are recognized for their high level of professionalism and dedication”. He added: “Palestine Islamic Bank is considered to be a great success story that is built on professionalism and integrity”. Masri affirmed that the bank is notably evolving over the years in terms of expansion, financial data and staff members.
Masri commented on the acquisition transaction deal that was completed by the Islamic National Investment Company where it acquired around 45% of the Investment Fund Shares of Palestine Islamic Bank (a deal considered to be one of the highest deals in Palestinian banking history), he asserted that this deal shall not change the nature of PIB work ethics in terms of its full commitment to a banking module that is based on committing to Islamic Sharia laws and regulations, and there will be no structural modification, the bank will be functioning as a fully independent bank.
Masri concluded by stressing that the most important thing we are looking to achieve in Palestine is steadfastness on this land, the expansion of the bank is a form of support to this steadfastness.
During his speech at the opening ceremony, his Excellency Mr. Azzam Shawwa Governor of Palestine Monetary Authority congratulated Palestine Islamic Bank on the opening of the new branch in Nablus, praising the continuity of development in the bank’s work, and its attention to expanding the domain of the services provided to clients by opening more branches, stressing on the compatibility of this approach with the strategy of the Monetary Authority in pushing for the spread of branches and offices of banks to cover all regions.
His excellency also pointed that Palestine Islamic Bank and through the diversity of its banking products and services have formed a new addition to the banking sector in Palestine, where it has achieved a notable growth rates lately, where its net assets until the end of February 2018 have reached over one billion US dollars and clients deposits for the same period have reached around 844 million US dollars.
Governor of Palestine Monetary Authority expressed his pride with what the banking sector have accomplished of stability, durability in performance and speed of development, clarifying that the net assets of the banking sector amounted to 15.6 billion US dollars until the end of February 2018, while the clients deposits amounted to 12 billion US dollar, 1.56 billion of these deposits are in Nablus governorate, the direct facilities amounted to 8.1 billion dollars, of which 845 million dollars are in Nablus governorate. The number of branches and offices of the banking sector have reached 339 in all governorates, 44 of them are in Nablus governorate, and number of employees of the banking system on the country level have reached 6960 employees, 500 employees are in the Nablus governorate.
He added that the number of branches and offices of Islamic banks have reached 61 branches and offices spread throughout Palestine, 9 of which are located in Nablus governorate. The assets of Islamic banks amounted to more than 2.2 billion US dollars. Customer deposits reached 1.66 billion US dollars. He pointed out that there's a great opportunity still for Islamic banks to develop and increase the market share of Islamic banking in Palestine, despite the high growth rates achieved.
The Governor stressed that the Monetary Authority is continuing to develop its banking systems in order to contribute to the financial stability of the Palestinian banking sector. He pointed out that during the coming period the electronic clearing system will be launched and the final formation of the Supreme Supervisory Authority will be announced and will act as legal adviser to the Monetary Authority Islamic banking implemented by the Monetary Authority.
From his end, M.G Al-Rjoub, Governor of Nablus congratulated PIB for opening the new office, he stated:” The bank’s financial statements represents a clear evidence to the bank’s high level of great management and high level of professionalism for its staff”. He added that the Palestinian economy is not weak and witnessing a rapid notable development, while noting that the environment is full of risks but both private and public sectors institutions are known for supporting local economy and standing by the people.
Al-rjoub asserted that with the will Palestinian people have, the impossible can be achieved, he spoke about the importance of not giving any chance for any attempt that can try to destroy the Palestinian society and its economy, especially that we hold the future of the coming generation as a debt in our hands, that’s why we all need to be united economically and politically so no one can mess with the Palestinian’s rights and capabilities.
Mr. Hashim; Nablus Chamber of Commerce expressed his delightness with opening the new PIB office in Nablus the economical capital of Palestine, he extended his thanks to the bank’s management and staff for the level of care they give to clients, congratulating the bank on its financial data for the year 2017, which reflects the notable devolvement in the past few years, he expressed his happiness with the choice of the office location at the recently built Chamber of Commerce headquarter, extending his invitation to the bank to provide more services and specialized products that are directed specifically to medium and small businesses owners.
At the beginning of his speech, the Mayor of Nablus Eng. Adli Ya'eesh congratulated the management of the bank on the opening, which is an important step in the development of the national economy and the economy of the city of Nablus in particular. He added that the Palestinian people is still working and being productive despite all the circumstances and conspiracies that are being hatched against them. The activity of PIB expansion is one of the evidence of the steadfastness of the Palestinian people and its desire to stay. He praised the bank's financial statements for the year 2017 as a proof that the Palestinian economy is not as weak and fragile as it is rumored by the difficult conditions it faces. Calling upon the audience to unite in the face of the occupation’s brutality so they can remain steadfast on this holy land.
The Chairman of the bank's shari’a supervisory board, Dr. Hussam Al Din Afaneh, welcomed the attendance of individuals and institutions, he expressed his pleasure to stand today at the opening of the bank's new office in Nablus. He added: "Islamic banking, despite its young age is achieving a rapid and great development, where the number of Islamic Banks have amounted to 1000 banks around the world, and this is the biggest evidence of the success of Islamic banking and the increase in interest in dealing with them”
His eminence stressed that the recent acquisition deal does not in any way affect the Islamic identity of the bank and stressed that the bank will remain an independent bank that follows the strict Islamic rules and regulations.