PIB Best Islamic Bank and Best Bank in the Field of Social Responsibility in Palestine for the year 2021

The International Finance magazine has awarded the Palestinian Islamic Bank (PIB) with the “Best Islamic Bank” and “Best Bank in the Field of Social Responsibility” awards in Palestine for the year 2021.

PIB was selected for both awards based on an evaluation process in line with the best standards used to measure performance carried out by the magazine’s finance and banking editors.

PIB General Manager, Dr. Imad Al-Sadi received the two awards on behalf of the bank during a ceremony held by the magazine in Dubai, in the presence of dozens of banks and financial institutions managers from around the world.

Al-Sadi said that the bank is proud of its nomination for many awards every year through financial institutions and magazines around the world as this confirms its excellence and continuous development. Al-Sadi noted that obtaining these awards comes as a result of following the best standards of governance and institutional excellence and in implementation of the strategic framework approved by the Board of Directors under the supervision of the Sharia Supervisory Board.

Al-Sadi added that obtaining the “Best Islamic Bank” award in Palestine for the year 2021 comes as a result of the bank’s distinguished model in dealing with the challenges imposed by the Covid-19 pandemic during the past two years due to the adoption of best practices for good governance, risk management and increased investment in digital technologies. He also pointed out the bank’s outstanding performance at the financial level during the year 2021, as it achieved growth in its various financial indicators.

The General Manager of PIB noted that “the positive results on the financial level are also in line with the achievements of the bank in the field of digital transformation, as it worked to add a distinguished package of new digital services to the digital call center, in addition to launching the Islami Talk service and enhancing electronic payment and payment services through many local partnerships. Many internal processes were automated as well with the application of a new electronic archiving system”.

Al-Sadi further explained that “these achievements also included the completion of an important part of the new banking system - which will enable the bank to provide high-quality services to customers and shareholders through a flexible and advanced digital environment capable of keeping pace with rapid developments. Coupled with the launch of new, latest of their kind in Palestine, ATMs and the new first of their kind in the Palestine, World and Platinum Mastercard credit cards, these achievements are guaranteed to enhance our customers orientation towards electronic payment solutions.”

Regarding obtaining the "Best Bank in the Field of Social Responsibility" award, Al-Sadi said that this comes as a result of the bank's distinguished contributions in this field, as it provided its support to more than 109 entities during the year 2021 through its sustainable social responsibility program. The bank is also keen on the contribution of its social efforts in supporting the implementation of Sustainable Development Goals through projects that contribute to developing the health and education sectors, reducing poverty and unemployment, and providing clean water. Al-Sadi pointed out that PIB is the first Islamic financial institution in Palestine to join the United Nations Global Compact, the largest global initiative for corporate sustainability.

Al-Sadi added: “The projects that we implement are built on institutional partnerships with the sectors that the Bank contributes to supporting, with a focus on sustainable impact. As an example, we worked on building 52 partnerships with education institutions during 2021, with support provided to such ranging between building and restoration of school facilities to providing education equipment and aids, in addition to supporting scientific research efforts through the annual PIB Prize for Scientific Research, organized in partnership with the Ministry of Higher Education and Scientific Research”.

Al-Sadi finally noted that the bank’s contributions in social responsibility are not only limited to executing projects to support different sectors, but that the bank was also keen on promoting the culture of volunteer work among its employees, given its importance in consolidating their sense of belonging to their homeland and their spirit of giving.

PIB was also awarded the “Best Islamic Bank” and “Best Digital Bank” awards in Palestine for the year 2021, by the International Business Magazine.

The mission and vision of PIB are centered on providing quality and modern comprehensive banking solutions in accordance with the provisions of Islamic Sharia and investing from an advanced technological perspective. It also set a structured strategy to proceed with the digital transformation process, which has resulted in the launch of pioneering digital services that operate through an easy and secure environment enhancing the digital experience for both retail and corporate customers.