PIB holds a strategic retreat to discuss its plans and direction for the next four years

The Palestine Islamic Bank (PIB) held its strategic retreat over several days in Jericho to discuss its plans and direction for 2023-2026.

The meetings were launched in the presence of His Excellency the Governor of the Palestine Monetary Authority, Dr. Firas Melhem, the Chairman and members of PIB’s Board of Directors and Sharia Supervisory Board, as well as the General Manager, his assistants, different regional directors, department and branch managers.

The meetings discussed PIB’s implementation of the previous strategic plan, which proved successful in achieving the desired goals despite all the challenges and difficulties that the banking sector was faced with recently. Existing challenges, competitive advantages and available opportunities were also addressed.

According to the Governor of the PMA, Dr. Firas Melhem, Islamic banks in Palestine have made a quantum leap in terms of their business growth and development given that they only joined the market recently. He noted that Islamic banks accounted for 18% of the assets of the Palestinian banking system, and that their growth rate was 3 times more than that of commercial banks.

Melhem called on Islamic banks to proceed with digital transformation so that their continuous growth does not turn into a decline. He stressed the important role of Sharia supervisory boards and the need for innovation and cooperation with other Islamic countries to introduce new products that meet the latest requirements.

Melhem also stressed the PMA’s support for every step seeking to promote the banking system in general and the Islamic banking sector in particular. He explained that the PMA was always working to find solutions that address the obstacles and challenges facing the banking system.

For his part, the Chairman of PIB’s Board of Directors Maher Al-Masri said that the strategic plan should be prepared as part of a partnership between all administrative employees. This will reflect the Board’s implementation of best practices for good governance and institutional excellence. Respect for these principles and standards will strengthen PIB’s internal work and build strategies that are compatible with its reality, vision and future aspirations.

Al-Masry added: “The bank’s employees at all administrative levels are essential partners in planning and working on achieving excellence in the institution. They work on the ground and can identify strengths, weaknesses and opportunities. So we want to listen to all their comments and interventions and take them into account in our new strategy, as they are the ones who will implement the plan and achieve the desired goals.”

Al-Masry also indicated that the bank’s strategy for the coming years builds on its latest achievements. It focuses on a number of aspects, including leadership in digital transformation, improving the work environment, developing the human cadre, promoting efficiency and quality of business, excellence in customer relationship management, improving the use of available sources of income and maintaining the bank’s outstanding performance in sustainable social responsibility.

In turn, PIB’s General Manager, Dr. Imad Al-Sadi, thanked the Chairman and members of the Board for their supervision and follow-up, as well as their efforts to involve all administrative employees in future strategic plans. He noted that this trust and permanent support would increase PIB’s determination to achieve its objectives to the fullest.

Al-Sadi stressed that these meetings were held at a sensitive time when promoting the culture of Islamic banking and raising awareness of it in the society, especially among the youth, proved important. The new strategic plan will confirm that PIB’s vision is in line with the PMA’s vision and direction, especially in terms of digital transformation, the move towards electronic payment solutions, and strengthening strategic partnerships and cooperation with Islamic financial institutions internally and externally to promote innovation and development of new products that provide customers with unique Islamic banking services.

Al-Sadi added: "We are also proud of our distinguished staff at PIB, their skills and capabilities, and their contributions at all levels to the new strategy. We are confident that they will continue this outstanding performance to achieve the bank's goals and aspirations."