PIB and Zaytonah Islamic Financing sign a cooperation agreement

Palestine Islamic Bank and Zaytonah Islamic Financing signed a joint cooperation agreement.

The agreement was signed by Dr. Imad Al-Sadi, PIB General Manager, and Mr. Jamal Aoude, General Manager of Zaytonah Islamic Financing, at the Bank’s headquarters, in Ramallah. The signing ceremony was attended by Abdulnasser Matar, Zaytonah’s Chairman of the Board, Hatem Erainat, Assistant General Manager for Banking Operations, Abdullah Al-Masaeed, Director of the Central Region, and many department directors of both parties.

Al-Sadi noted that signing this agreement is aligned with PIB’s efforts to promote partnership and cooperation with Palestine’s Islamic banking and financial institutions. He stressed on the importance of such action in developing the Islamic financial industry and achieving further prosperity and development in this sector.

He added: “PIB’s staff enjoys great experience and excellent technical and professional capacities in terms of Islamic banking and offering various and advanced Sharia-compliant products. They also have renowned experience in applying governance rules, principles, and standards. As such, we’re always ready to share such competences, abilities, expertise, and capacities.”

Al-Sadi reiterated that the Islamic banking and financial sector is a promising sector that has grown in popularity lately as a result of the development of the services offered therein.

Aoude mentioned that this agreement seeks to foster partnership with PIB, thus instilling the culture of Islamic banking in Palestine. He also noted that it will promote cooperation and integration among Islamic financial institutions, and that it will be beneficial in terms of meeting the needs of all concerned community segments and groups. Furthermore, this agreement will enhance the quality of Islamic banking services and products and the application of good governance principles, standards, and practices.

He added that PIB is amongst the major banking institutions in Palestine and the largest Islamic banking network. Accordingly, cooperating with the Bank and benefiting from its expertise will positively impact Zaytonah’s business launch and enable it to enter the market, set the ground rules for good institutional work, and achieve its developmental goals.

Zaytonah Islamic Financing seeks to offer advanced Sharia-compliant financing programs that meet all the needs of small and micro-projects, entrepreneurs, women, and youth. Hence, it will enable them to execute their projects and achieve their ambitions. It will also contribute to providing them with job opportunities, thus enabling them to overcome poverty-related challenges.

On another hand, PIB aims at fostering partnerships with local and global Islamic banking and financial institutions. It seeks to achieve integration and expertise exchange with them in favor of advancing the Islamic banking and the financial sector as well as creating new services contributing to meeting customers’ needs and aspirations. This comes in line with the Bank’s mission toward achieving excellence in offering modern and secure Sharia-compliant banking and investment solutions and efforts to establish sustainable partnerships with stakeholders and the community as a whole.

PIB’s mission and vision focus on providing quality and modern Sharia-compliant banking solutions and investing in technology. PIB also has a digital transformation strategy, which led to the launch of pioneering digital services such as the 24-hour digital call center, Islami Online and Islami Mobile services. Such products and services provide a unique package of easy and safe banking services which enhance the digital experience for individual and corporate customers. The bank was recently awarded the 2022 “Best bank for providing Islamic banking services and products in Palestine” award by The Arab Bankers Association and “The Banking Executive” magazine.