The New Board of Directors of Palestine Islamic Bank Holds its First Meeting
Palestine Islamic Bank held its first meeting of the new board of directors today at the bank’s headquarters in Ramallah, the new board was assigned earlier during the the ordinary general assembly meeting of shareholders that took place last April, the meeting was chaired and administered by his excellency, Mr. Maher Masri; chairman of the board.
The new board of directors is formed of: membership of the National Islamic Investment Company which represented by 6 seats, The Establishment of Manage and Development of Orphans Fund which represented by one seat, and Three independent members, in addition to a representative of small shareholders, bringing the number of Board members to 11.
Mr. Maher Masri; chairman of the board to PIB said that the new board of directors include unique banking and financial expertise that will contribute to the growth of the bank's business, which will be reflecting on the profits and rights of shareholders, depositors and all customers of the bank, he added that there are plenty of tasks awaiting the new board, starting with the development of policies of the bank that ensure its expansion in order to provide a high-quality banking service suited to the requirements of the public and its needs and follow-up the strategic plan that was drawn up to the bank until 2020.
Al-Masri affirmed that the acquisition transaction deal that was completed by the Islamic National Investment Company last March by purchasing the Investment Fund Shares of PIB will not change the nature of work for PIB or its independent identity as a national financial institution that follows the strict Islamic rules and regulations, and enjoys the supervision of a Shari’a advisory board the include a number of the most important specialized well known personas in Islamic banking and finance, he pointed also that PIB’s transfers, products and services are compliant with the provisions of Sharia law. Al-Masri added that this acquisition represent an indication to the success of PIB and its promising bright future, something that had the Palestinian investors to invest in it, in a way that help in strengthening its position more among Palestinian banks in general and Islamic banks in particular.
During the meeting, a number of additional topics were discussed regarding the latest developments of the bank and the current situation in Palestine and its impact on the national economy in general. In addition to that the board discuss the financial report and the administrative report as of 30/4/2018 and other items on the agenda.
At the conclusion of the meeting, his Excellency, Mr. Maher Al-Masri honored the ex-board members who have resigned; Mr. Mazen Sunnokrot and Dr. Mahmoud Abu Al-Rob, he praised the great and influential effort they have made during their years of membership and their strategic participation in the work of the board and its specialized committees.