PIB launches its new World and Platinum credit cards from Mastercard International
The Palestine Islamic Bank (PIB) launched its new credit cards, World Mastercard® and Platinum Mastercard®, the first of their kind in the Islamic banking market in Palestine, in an exclusive ceremony held in the city of Ramallah. The launching event was under the patronage and in the presence of His Excellency the Governor of the Palestine Monetary Authority (PMA), Dr. Firas Melhem, members of the Supreme Sharia Supervisory Board and representatives of financial and banking institutions, heads of professional syndicates and unions, and social figures from Ramallah and Al-Bireh, in addition to representatives of PIB strategic partners and media outlets.
The ceremony was attended by PIB Chairman, Maher Al-Masri, a number of members of the Board of Directors, PIB General Manager, Dr. Imad Al-Sadi, the head and members of the Sharia Supervisory Board of the bank and representatives of the executive management.
Both World and Platinum cards enable PIB customers to buy goods and services, and make online purchases with the ability to pay in installments within the timeframe that suits them or by making cash payments in accordance with Islamic Sharia provisions.
PMA Governor, Dr. Firas Melhem, said he was pleased that PIB launched the new World/Platinum cards, the first of their kind in the Islamic banking sector in Palestine, pointing out that this product, which was approved by the Supreme Authority for Sharia Supervision, is an important leap for Islamic banks in keeping pace with customers’ needs and in expanding their customer base. In fact, this should be an incentive for the Islamic banking sector to adopt digital transformation and search for alternatives that comply with Islamic Sharia to meet this transformation.
During his speech at the ceremony, Melhem added that the PMA, through its strategy for developing electronic payment means, is working to develop the infrastructure of electronic payment systems and tools in Palestine and support the transition to using financial technology and electronic payment services. This will indeed reduce dependence on cash payments and encourage e-commerce. Melhem stressed that the cost of dealing in cash will increase in the future, in order to motivate merchants and citizens to use electronic payment services and find solutions for Israeli shekel buildup in the Palestinian markets.
With regard to the Islamic banking industry in Palestine, the Governor of the Palestine Monetary Authority clarified that it has witnessed remarkable developments during the last period, as the net assets of Islamic banks rose from USD 693 million at the end of 2011 to about USD 3.795 billion at the end of 2021, with the Islamic banking sector accounting for a percentage of 18.2% of the banking sector assets.
PIB Director General, Dr. Imad Al-Sadi confirmed that the new cards were in line with the bank’s vision and mission of excellence in the Islamic finance industry by providing quality modern banking solutions and investing in advanced technology to meet customers’ needs. Al-Sadi noted that this comes as part of the strategic partnership between PIB and Mastercard and is the result of a fruitful cooperation between the specialized teams, the Sharia Supervisory Authority at the bank and the Supreme Sharia Supervisory Board of the PMA.
Al-Sadi added: "These cards, with their advanced digital features and services, form part of the bank's strategy towards digital transformation as approved by the Board of Directors, with the aim of enabling customers to enjoy banking services quickly and easily around the clock. They also prove that Islamic banks have ambitious digital transformation plans and are able to achieve those while maintaining their compliance with Sharia standards.”
Al-Sadi also explained that these cards were consistent with the great efforts led by the PMA to encourage dealing with digital financial services and electronic payment solutions, reduce the use of cash and motivate citizens to keep pace with developments in financial services, given the importance of such approach in increasing levels of financial inclusion and promoting overall economic development.
In turn, the Director of the Saudi Arabia, Bahrain and Levant region at Mastercard, Jihad Khalil, stressed the company's keenness to deepen its partnership with PIB to provide various solutions and offers to customers in Palestine to better meet their needs.
Khalil indicated in a recorded speech that was broadcasted during the ceremony that the new cards launched by PIB will provide customers with convenience, flexibility, reliability and security.
For his part, the Director General of the Association of Banks in Palestine Bashar Yassin said that "PIB’s launch of its new credit cards, in this innovative way, is a testament to the bank's and the Palestinian banking sector's keenness to keep pace with technological developments and to constantly strive to provide safe and effective digital services to customers in a sustainable manner."
During the ceremony, PIB Assistant General Manager for Planning and Development, Assem Al-Masri, gave a presentation on the World/Platinum cards and the main privileges they offer to customers, in addition to the lifestyle benefits provided by the global MasterCard network for users, such as online shopping in a safe manner through the 3D Secure system and the various discounts offered for travel, shopping, hotel reservations, access to airport lounges, and others, whereas each of the two cards has its own set of benefits and privileges.
The mission and vision of PIB revolve around providing comprehensive high quality and modern banking solutions, following the provisions of the Islamic Sharia laws, and investment within an advanced technological perspective. It also sets a deliberate strategy to proceed with the digital transformation process, which resulted in launching pioneering digital services such as the 24-hour digital contact center, Islami Online, and Islami Mobile, which offer a distinctive package of banking services through an easy and secure environment that enhances the digital experience for its individual and corporate customers. PIB has also recently won "The Best Islamic Bank Award" and " The Best Digital Bank Award" in Palestine for the year 2021, according to International Business Magazine (INTLBM).