Palestine Islamic Bank’s General Assembly Elects New Board of Directors
Palestine Islamic Bank held its ordinary General Assembly meeting for the year 2017 at the grand park hotel in Ramallah, and al-matthaf hotel in Gaza via video conference. The meeting was highlighted with electing a new board of directors for the bank.
During the meeting, the previous board of directors presented their resignation and a new board of directors was elected, where the National Islamic Investments Company will have six representatives, the Establishment of Manage and Development of Orphans Fund will have one representative, three independent members and one representative on behalf of the small shareholders.
Dr. Hatem Sarhan; company’s registration in the ministry of national economy inaugurated the meeting with the presence of board’s chair Mr. Maher Masri, Prof Dr. Hussam Al Din Afaneh; chairman of the sharia supervisory board, Mr. Bayan Qasem general manager of PIB, Mr. Musaab Abu Dakka representing the PMA, Mr. Saud Bani Odeh representative of PCMA, Mr. Wafa Arafat representing The Palestine Exchange (PEX), Mr. Munther Al Bandak representing the External Auditor, Deloitte and Touch company. In Gaza, the meeting was attended by Mr. Yaqoub Ghandour company’s registration in Gaza, Mr. Saeb Sammour, bank’s deputy general manager, and Dr. Maher Houli, member of the shari'a supervisory board.
The meeting was kicked off by announcing that the official quota was met and the legal quorum is attested and the session’s clerk was named.
During the meeting, attendees listened to the Board of Director’s report for the year ending on 31/12/2017 discussing it with shareholders and with their questions answered directly by the Chairman and the report was passed with the approval of the shareholders.
The shari'a supervisory board stressed in its report presented by Professor Hussam Al Din Afaneh; chairman of the supervisory board; that contracts and operations and transactions entered into by the bank during the year 2017 and reviewed by the board were in accordance with the provisions and principles of the Islamic Shariah. Similarly in regards to the distribution of profits and loss on investment accounts is consistent with the standards adopted by the board in accordance with the provisions of the Islamic sharia principles.
On his behalf; Mr. Munther Al-Bandak the representative of Deloitte & Touche and auditors for the company's accounts for the year 2017 that the financial statements contained in the annual report are shown fairly, and in all respects, the financial position of the Bank at 31/12/2017 (its financial performance and its cash flows for the year ending on that date) are in accordance with the provisions and principles of the Islamic Shariah, the accounting standards issued by the accounting and auditing organization for Islamic financial institutions.
This was followed by the absolving of the board of directors for the fiscal year 2017 and endorsing its recommendation regarding cash dividends to shareholders by 8.5% from the nominal value per share stock dividend to shareholders.
The Assembly has also approved distributing 5 million Shares with the face value of $1 per share at a par value of 7.25% per share, so that the nominal/ paid-up capital is 74 million shares / dollars.
Additionally, a bonus was approved for board members for their work during the same year and discharged their financial liabilities for the same year.
The meeting concluded with electing Ernst & Young company as the external auditors of Palestine Islamic Bank for the fiscal year of 2018, and authorized the board of directors to determine their fees and to elect a Shari'a Supervisory Board and determine their fees.