PIB concludes its participation in a series of meetings on Islamic banking
The Palestine Islamic Bank (PIB) concluded its participation in a series of meetings on Islamic banking.
The Bank participated in the annual event of the General Council of Islamic Banks and Financial Institutions (CIBAFI), including a series of seminars on issues of digital transformation in addition to the meeting of the Innovation and Technology Working Group. The event was concluded with the extraordinary general assembly meeting and the 22nd Plenary meeting with the participation of PIB’s General Manager Dr. Imad Al- Sadi. During the meetings, members approved the proposed amendments to the General Council's bylaws and launched the updated strategic plan for 2022-2025, as well as the Sustainability Guide for Islamic Financial Institutions and other issues.
The Bank also took part in the International Conference of The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) represented by the Chairman of the Shariah Supervisory Board Dr. Alaa Razia and Board member Dr. Ayman Jweleis. The conference was held in the presence of a group of Islamic scholars and senior representatives of central banks, regulatory and supervisory bodies, financial institutions, accounting and auditing companies and other entities from around the world.
Dr. Imad Al-Sadi said that PIB’s participation in these events comes within the framework of its active membership in the institutions organizing such events, and its continued contribution to the process of transformation and development of Islamic banking. He pointed out that PIB is an active member in the sustainability, innovation and technology working groups of CIBAFI.
Al-Sadi praised CIBAFI’s support and development of the Islamic Financial Services Industry by promoting research, innovation, training, professional empowerment and encouraging the exchange of experiences between various Islamic financial institutions.
For his part, Dr. Alaa Razia said that the AAOIFI International Conference is one of the most important conferences in the Islamic financial industry around the world. During the event, many pressing topics were discussed through panels on the integration of Sharia and regulatory requirements and other issues such as Sharia governance systems, issues that may corrupt contracts and their impact on its provisions and others.
CIBAFI is the official umbrella for the Islamic finance industry worldwide and aims to support, develop and protect the Islamic finance service industry, in addition to supporting cooperation between members and other financial institutions sharing common interests and objectives. On the other hand, the AAOIFI is one of the leading international organizations supporting Islamic financial institutions. It issued more than 100 standards in the fields of accounting, auditing, work ethics and governance in addition to the Sharia standards applied by leading financial institutions around the world.
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).