PIB approves a dividend of USD 10 million and elects a new Board during its Ordinary General Assembly Meeting
The General Assembly of the Palestine Islamic Bank approved the distribution of cash dividends of USD 5 million to shareholders at a rate of 5.88% of the nominal value of one share for the fiscal year 2021, in addition to distributing bonus shares worth 5 million shares / dollars at a nominal value of USD 1 per share and at a rate of 5.88% of the nominal value per share so that the nominal / paid-up capital of the bank becomes 90 million shares / dollars.
This came during the bank's general assembly meeting, held on Tuesday 19/4/2022 at the Head Office in Ramallah, and via video conference at the Gaza Head Office.
The meeting was held in the presence of PIB Chairman of the Board of Directors Maher Masri, members of the Board, PIB General Manager, Dr. Imad Al-Sadi, the Executive Management, the Chairman of the Sharia Supervisory Board, Dr. Alaa Razia, and representatives of the Companies Controller, the Palestinian Monetary Authority, the Palestine Exchange, the external auditor and a number of PIB shareholders.
The shareholders discussed and approved the report of the Board on the company’s business for the fiscal year ending on 31/12/2021. They also reviewed the report of the company’s auditor and approved the financial statements. They then reviewed the report of the Shariah Supervisory Board and discussed the bank’s future plans.
The shareholders approved the remuneration of the members of the Board for the bank’s business results for the year 2021 and discharged them. They selected Ernst and Young to audit the company’s accounts for the fiscal year 2022 and authorized the Board of Directors to determine the auditor’s fees.
In his speech during the meeting, the Chairman said that the bank’s financial indicators during the year 2021 showed a growth that is consistent with the bank’s plan, and ushered an era of recovery for PIB and the banking sector in general from the negative repercussions of the Covid-19 pandemic. He also noted that this growth would not have been achieved without cooperation at all levels of the bank to implement these carefully crafted plans, adhere to best practices for good governance and risk management, and increase investment in digital technologies.
Masri stressed that the positive results achieved by the bank at the financial level come in parallel with important achievements in the field of digital transformation, as it worked to add a distinctive package of new digital services to the digital Contact center, in addition to launching the “IslamiTalk” service and enhancing electronic payment and payment services through many local partnerships. Many internal processes were also automated and a new electronic archiving system was implemented.
The Chairman further added: “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. This was coupled with the launch of new automated teller machines, the latest in Palestine, the launch of the new World Mastercard® and Platinum Mastercard® credit cards, the first of their kind in Palestine, which will contribute to enhancing customers’ use of electronic payment solutions. Many of these achievements aimed at keeping pace with technological developments in the world of banking would not have been achieved without the great efforts of the PIB Sharia Supervisory Board to align new products with Islamic Sharia and its requirements”.
The Chairman concluded by saying that these achievements and positive results for the year 2021 came in parallel with the Bank’s continuous support to the public health sector, education, and institutions that deal with underprivileged groups and people with special needs throughout the country as part of its sustainable social responsibility program, where 109 projects were implemented. Various segments of these sectors benefited from the program, in line with PIB’s efforts to support the achievement of the international sustainable development goals.
A new Board of Directors was elected during the meeting with Maher Masri, Omar Masri, Alaa Sisalem, Talal Nasreddine, Muhammad Abu-Khaizaran, Rafiq Al-Natsheh, Salah Al-Daghma, Dr. Majed Al-Helou , Abdel Hamid Al-Abwah, Ashraf Yassine, and Dr. Suhail Sultan as members.
The new Board held its first meeting and re-elected Mr. Maher Masri as Chairman of the Board, and Mr. Talal Nasreddine as Deputy Chairman.
It is to note that PIB issued its annual report and financial statements digitally, and they can easily be accessed at any time through the Bank's website on www. islamicbank.ps/annual/2021
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).