Under the Patronage of the Governor of Palestine Monetary Authority ... Palestine Islamic Bank Opens an Office in Turmusa’ia

Under the patronage of HE governor of the Palestine Monetary Authority (PMA), Azzam Shawwa, Palestine Islamic Bank opened a new office in Turmusa’ia.

The ceremony held at Turmsa’ia Hall was attended by Mr. Mustafa Abu Salah, Representative of PMA, Mr. Ahmed Al Khatib, Representative of Governor of Ramallah and Al-Bireh, Mr. Sameeh Nabhan, Representative of Ramallah and Al-Bireh Chamber of Commerce and Industry, Mr. Talal Jbara, Mayor of Turmusa’ia Municipality, as well as a number of dignitaries and businessmen. Attendees of the Bank included Mr. Bayan Qasem, PIB General Manager, Mr. Imad Al-Sadi, Deputy General Manager, Mr. Assem Al-Masri, Assistant General Manager for Planning and Development, Dr. Hussam El-Din Afaneh, Member of Shari'a Supervisory Board, Mr. Raiq Omar, Manager of the Central District, as well as a number of the Bank’s department and branch managers.

PIB General Manager emphasized that the strategic plan put in place by the Board of Directors in cooperation with the Executive Management achieves its objectives efficiently despite all challenges, while pointing out that the Bank has the widest Islamic banking network in Palestine consisting of 44 branches and offices and more than 80 ATMs Scattered in various governorates of the country.

Qasem also indicted the Bank’s focus on creating new and non-traditional channels of communication with clients in order to offer them a distinctive banking experience, saying that: “We are working to develop our banking systems and create products and services that facilitate the lives of citizens and meet their needs”.

Furthermore, Qasem thanked the PMA, HE the governor, Azzam Shawaa, and all staff therein, for the efforts exerted towards developing the Palestinian banking sector and maintaining its stability through the trends and policies adopted by the PMA. Qasem further praised the role of local authorities and bodies including, the governorate, municipality, chamber of commerce and industry and others, in supporting the banking sector and for facilitating their activities in various areas.

PMA representative, Mr. Mustafa Abu Salah, on behalf of HE Azzam Shawwa and PMA’s Senior Management, congratulated the Bank for the opening of Turmusa’ia Office, indicating that the policy of banking branching is in line with the strategy of the Monetary Authority in terms of the delivery of banking services to all Palestinian areas; whereas the banking system in Palestine had specific initiatives in branching intended to enhance the process of financial inclusion in Palestine.

Abu Salah also stressed that PIB is one of the active banks that we value given its contributions to Islamic banking and its distinct role in social responsibility.

Abu Salah also made sure to point out that as of June of 2019, PIB net assets amounted to about $1.2 billion at a growth rate of 12.5% compared to the same period in 2018; accounting for 47% of the net assets of Islamic Banks and 7.5% of the net assets of the banking system. Client deposits for the same period of this year amounted to approximately $991.8 million at a growth rate of 13.7% for the same period; accounting for 48.7% of client deposits in Islamic banks and 7.9% of total client deposits in the banking system. Thus, reflecting the continued and sustainable development of the Bank’s work.

Mr. Ahmed Al Khatib, representative of the Governor of Ramallah and Al-Bireh, stated that the strength of the banking system is reflected in the growth of the economy and increased investment opportunities, which contributes to building a strong national economy. He also emphasized the governorates pride in all institutions which invest in our country thereby consolidating the resilience of the people.

For his part, Mr. Sameeh Nabhan, Representative of Ramallah and Al-Bireh Chamber of Commerce and Industry, expressed his delight at the expansion of banks in villages and towns, stressing that this encourages investment and contributes to the mobilization of the national economy and creating new job opportunities; while pointing out the important role played by banks in the reinforcement of the national economy.

Mr. Talal Jbara, Mayor of Turmusa’ia Municipality, welcomed the presence of PIB in Turmusa’ia, deeming their decision to open an office therein a correct decision which shall contribute to the town’s economic activities. He also indicated the town’s readiness to offer full support to national institutions that wish to make a presence in Turmusa’ia.

During his speech at the ceremony, Dr. Hussam El-Din Afaneh, Member of Shari'a Supervisory Board, welcomed the attendees, assuring them that the Shari'a Supervisory Board supervises and monitors the operations carried out by the Bank to ensure its adherence to Shari'a standards through various monitoring mechanisms such as field tours, periodic meetings and others.

Afaneh further indicated that the mission of the Shari'a Supervisory Board is not limited to supervision only, but includes the development and innovation of financing and investment formulas to suit the needs of the public, in accordance with the standards and decisions of the relevant jurisprudence synods; pointing out that the Authority serves as a safety valve that ensures the provision of banking services compliant with the principles of Islamic Sharia.