Under the patronage of the Governor of Palestine Monetary Authority ... Palestine Islamic Bank Opens an Office in Salfit

Under the patronage of Azzam Shawwa, PMA Governor, Palestine Islamic Bank opened an office in Salfit.

The opening ceremony was attended by the Governor of Salfit, Major General Ibrahim Al-Balawi, the Chairman of Salfit Chamber of Commerce and Industry, Mr. Fawaz Shehadeh, Mr. Muhannad Bani Namera, representing the Municipality of Salfit, Mr. Lutfi Abu Jazar, representing the Palestine Monetary Authority, and a group of legal persons and businessmen in the Governorate. The attendees of the Bank included, General Manager Mr. Bayan Qasem, Mr. Imad Al-Sadi, Deputy General Manager, Dr. Hussam Al-Din Afaneh, Member of the Bank’s Shari'a Supervisory Board, Director of the Northern District Mrs. Khitam Abu Eita and a number of Managers of the Departments and Branches of the Bank.

The ceremony was preceded by the ribbon cutting ceremony and a tour of the office; during which, the attendees had the chance to view the office and learn about the preparations made and the modern technologies employed by the office.

PIB General Manager, Bayan Qasem stated that this is the second office to be opened in Salfit within the context of promoting the Bank’s presence in the governorate and within the Bank’s framework to make all Islamic banking services accessible to all segments of society.

Qasem added that: “We are constantly working on the development of our electronic systems and the development of our employees in order to present our clients with the most distinguished banking experience”; while referring to the electronic channels through which the bank provides its services to the public, and to the network of branches and offices that has reached 44 branches and offices and more than 80 ATMs constituting the largest network of Islamic Banking in Palestine.

Qasem further emphasized the Bank’s commitment to invest in our community and our people, considering this a step towards achieving sustainable development and building our nation; noting that the Bank’s Social Responsibility Program focuses on supporting both the Health and Education Sectors.

Qasem then thanked the PMA, represented by HE Governor Azzam Shawwa, and all the working staff who never cease to exert their utmost efforts to maintain the stability and development of the Palestinian banking sector. He also thanked all the local institutions, bodies and authorities which have spared no effort in facilitating the Bank's work.

In this respect, the representative of the Monetary Authority, Mr. Lutfi Abu Jazar, Adviser on Risk Based Control in the Control and Inspection Department, greeted and congratulated the Bank on behalf of HE Mr. Azzam Shawwa, and on behalf of the senior management of the Monetary Authority; noting the consistency of the Bank's branching policy with the strategy of the Monetary Authority in the delivery of banking services to all Palestinian areas. He also stressed the efforts of the banking system in Palestine, in this context, through its qualitative initiatives in branching in Al-Quds Al-Sharif and in marginalized areas including some Refugee Camps, and outside Palestine, including Jordan, Chile, Dubai and Bahrain.

Mr. Abu Jazar further added that PIB is one of the pioneering banks in Islamic banking in Palestine; made clear through their contributions in developing the work of Islamic banking and through their role in social responsibility.

Moreover, he indicated that the net assets of Islamic banks amounted to more than $2.5 billion of the total assets of all banks operating in Palestine, which amount to more than $16 billion; whereas client deposits in Islamic banks amounted to more than $2 billion of total client deposits at $12.4 billion; whereas direct facilities of Islamic banks amounted to approximately $1.6 billion of the total direct facilities, as of the end of May 2019.

The representative of the Monetary Authority further explained that the outstanding balance of direct credit facilities granted by banks operating in Salfit governorate amounted to $109 million; whereas client deposits with banks operating in the governorate reached $146.7 million, while the total number of branches and banking offices in the governorate reached 9 branches and offices.

For his part, the Governor of Salfit, Major General Ibrahim Al-Balawi, considered PIB’s venture to open a second branch in the governorate as an indication of the promising economic activity in which the governorate has; wishing the bank further success in Salfit and in all other Palestinian cities.

Al-Balawi took this opportunity to call for more cooperation from Palestine’s national institutions in order to improve the economic reality of the governorate and to strengthen the bond between the Palestinian citizen and his land and identity.

On the other hand, Chairman of Salfit Chamber of Commerce and Industry, Mr. Fawaz Shehadeh, praised the Bank’s role in the economic field and its role in social responsibility; while pointing out that banks constitute one of the most major factors in the advancement of society due to its provision of financing and investment tools which enable other sectors to perform their work efficiently.

For his part, representative of Salfit Municipality Mr. Muhannad Bani Namera congratulated the Bank for the opening of its second branch in the governorate; stating that the Bank’s presence therein will further promote the economy of the region. He also ensured the municipality’s readiness to offer all needed facilitations for institutions that wish to invest in the city.

In his speech, Mr. Hussam El-Din Affana, member of PIB Islamic Shari'a Supervisory Board, stressed that the Board serves as the safety valve for the Bank’s clients and shareholders, whereas its main concern is to control and monitor the Bank’s work in terms of compliancy to Islamic Shari’a principles; referring to the many tools in which it employs to do so.

He further added that the Board is keen on interacting with the community and learning about its needs, and works to provide solutions compliant with the provisions and principles of Islamic Shari’a in order to facilitate clients’ access to services compliant with Islamic Shari’a.