Palestine Islamic Bank Opens an Office in Dar Salah

Under the Patronage of the Governor of Palestine Monetary Authority, His Excellency Mr. Azzam Shawwa, Palestine Islamic Bank opened up an office at Dar Salah village, located to the east of Bethlehem.

The opening ceremony was attended by the Governor of Palestine Monetary Authority, His Excellency, Mr. Azzam Shawwa, the Chairman of Bethlehem Chamber of Commerce and Industry, Dr. Samir Hazboun, the Chairman of Dar Salah Village Council, Mr. Mohammad Awad Mubarak, the Representative of Bethlehem Governorate, Dr. Louay Zauol and a group of the governorates’ legal persons and businessmen. Amongst the Bank officials, the ceremony was attended by the Chairman of the Board of Directors, His Excellency Mr. Maher Masri, the General Manager, Mr. Bayan Qasem, the Deputy General Manager, Mr. Imad Al-Saadi, the Member of Shari’a Supervisory Board, Prof. Dr. Hussam Al Din Afaneh, the Manager of the South District, Mr. Nizar Bali in addition to a number of managers of departments and branches in the Bank.

The Chairman of Boards of Directors of Palestine Islamic Bank, His Excellency Mr. Maher Masri, welcomed the attendees, considering their participation as support to the national economy which faces major challenges that affect it.

Moreover, Masri underlined the Bank’s interest in banking branching so as to provide Shari’a-compliant banking services to the public, in line with the policy of financial inclusion which is being strengthened and consolidated in society through the efforts of Palestine Monetary Authority. Masri also added “we don’t limit ourselves to the opening of branches and offices, yet, we keep pace with technology and develop non-traditional communication channels with our customers so as to get a distinctive banking experience that suits them.”

Masri pointed out that the policy of Palestine Islamic Bank is built upon the provision of banking services, in accordance with the international best practices while adhering to the Shari’ and legal controls, the creation of services and products which meet the public needs and advance the economic condition, in addition to the concern over the environment and society through the social responsibility program.

Furthermore, Al-Masri stressed that in spite of the difficult economic conditions of the country, the Bank succeeded in reaching the objectives established within its strategic plan. This success is achieved by virtue of the constant review and amendment of the plan as appropriate to the surrounding conditions, as well as the major efforts of the Bank’s Executive Management in minimizing risks to an acceptable limit so as to proceed work.

Masri also paid tribute to Palestine Monetary Authority, represented by His Excellency the Governor Azzam Shawwa and all the working staff for their efforts in preserving the stability of the banking system. In addition, he thanked the local authorities, including governorates and village councils for facilitating the process of opening Dar Salah office, while commending their cooperation.

Meanwhile, the Governor of Palestine Monetary Authority, H.E. Mr. Azzam Shawwa expressed pleasure at the opening of a banking office at the beloved village of Dar Salah in the lofty governorate of Bethlehem, whereby such office is one of a series of offices which have been recently opened by Palestine Islamic Bank.

H.E. the Governor said that the policy of banking branching was in line with the strategy of Palestine Monetary Authority in the delivery of banking services to all Palestinian areas, and the banking system in Palestine has had qualitative initiatives in branching out in Jerusalem, the capital of beloved Palestine, and in marginalized areas including some refugee camps, as well as branches outside Palestine, including Jordan, Chile, Dubai and Bahrain.

H.E. the Governor of Palestine Monetary Authority added that Palestine Islamic Bank was one of the active banks that we are proud of and has its contributions to Islamic banking, as well as a distinctive role in social responsibility.

Mr. Shawwa also pointed out that the net assets of Islamic banks amounted to over $2.5 billion of the total assets of all banks operating in Palestine which amounted to more than $16 billion. Furthermore, the deposits of customers in Islamic banks reached $2 billion of the total customer deposits of $12.4 billion, and the Islamic banks’ total direct facilities reached approximately $1.6 billion, as at the end of May 2019.

On his part, the Chairman of Dar Salah Village Council, Mr. Mohammad Awad Mubarak, stated “we, the village council, are very pleased with the step taken by Palestine Islamic Bank regarding the opening of an office in the village, and it is expected that such step shall entail significant effects on the revitalization of trade within the village.” Mr. Mubarak also reiterated the village council’s readiness for providing all necessary facilities to national institutions for the advancement of the village.

In his speech on behalf of Bethlehem Governorate, Dr. Louay Zauol said that “the institutional integration is the key to success and its outcome shall be the construction of a strong country.” Adding that Palestine Islamic Bank’s decision to open more branches in the Governorate of Bethlehem is considered as a right decision that would create genuine and influential prospects and job opportunities.

On his part, the Chairman of Bethlehem Chamber of Commerce and Industry, Dr. Samir Hazboun, praised the role played by Palestine Islamic Bank in the provision of banking services to individuals and the facilitation of credit and non-credit commercial transactions for traders, the thing which is reflected in the growth of the economic sector in Palestine, adding “we are proud of all our national institutions and of the partnership with them.”

On the other hand, the Member of Shari’a Supervisory Board, Prof. Dr. Hussam Al Din Afaneh, affirmed, in his speech throughout the ceremony, that the Board supervises and monitors the Bank’s transactions to ensure compliance with the provisions and principles of Islamic Shari’a through various and comprehensive tools and means, noting that the Board also provides financing and investment formulas which meet the needs of the public, keep pace with the times and comply with Shari’a controls.

It is worth mentioning that Palestine Islamic Bank has been operating since 1997 through 44 branches and offices, over 80 Automated Teller Machines “ATM”, along with the electronic channels offered to the public, which allow the Bank to manage its accounts from any place and at a time of the Bank’s convenience.