PIB sponsors book launch of “Islamic Banking: Reality and Expectations”

Palestine Islamic Bank sponsored the launch of a book entitled “Islamic Banking: Reality and Expectations”. The book provides an overview of the Sixth Academic Conference organized by the Supreme Islamic Committee – Jerusalem. The event was attended by many researchers interested in Islamic Banking in Palestine and the world. It was sponsored as part of the Bank’s efforts to promote the Islamic Finance sector in Palestine.

In addition to sponsoring the Sixth Academic Conference, PIB also supported the Conference’s book printing and discussion and launch event.

The Supreme Islamic Committee – Jerusalem discussed and launched the book at a seminar held in Jericho. The event was attended by Sheikh Dr. Ekrima Sabri, head of the Committee and researchers interested in Islamic Banking, while Dr. Imad Al-Sadi, PIB General Manager, was represented by Salameh Suleiman, Jericho branch manager.

Dr. Ekrima Sabri reiterated the importance of Islamic Banking and stressed on the necessity to enhance this sector to meet citizens’ needs in terms of Islamic Banking services. He also praised the role of PIB and the other book sponsors in supporting academic research and fostering the promotion of the Islamic Banking’s culture.

Dr. Imad Al-Sadi stated that the book and academic research therein are unique. They not only discuss the current status of Islamic Banking, but highlight the major challenges the sector faces and its responsibilities, thus becoming a reference that will contribute to the development and prosperity of Islamic Banking.

He confirmed that fostering academic research in the field of Islamic Banking is of utmost importance, namely since it paves the way for the development of relevant practices in this respect, keeping pace with the ever accelerating developments in banking. He also noted that the recommendations emanating from various research conducted in the field of financial inclusion, Islamic financial engineering, and adopted financing forms are essential and shall be considered in ensuring the continuous prosperity and development of Islamic Banking.

Al-Sadi expressed his gratitude for the Islamic Supreme Committee – Jerusalem, namely the honorable Sheikh Dr. Ekrima Sabri, for their interest in the Islamic Banking field and its promotion in Palestine. He also thanked all researchers who participated in the conference and the editing board who rendered the research sessions into an academic book and reference.

The book includes four main sections: “Islamic Banks: Theory, Application, and Sharia Supervisory Role”, “Social Role of Islamic Banks: Creative Models”, “Islamic Banks Financing and Investment Forms”, and “Islamic Banks: Challenges and Obstacles (True Cases”.

The book featured a research paper elaborated by Dr. Imad Al-Sadi and Dr. Ayman Jweleis, member of the Sharia Supervisory Board. The paper, entitled “Social Role of Islamic Banks: Creative Models”, tackled the social contributions of Islamic Banks in general and PIB in particular. It also explored the importance of such contributions in achieving sustainable development goals through supporting essential sectors, such as health and education, and their impact in shedding light on the leading role Islamic banks play in terms of community building.

The research paper recommended the necessity of instilling social responsibility principles among Islamic banks. This could be achieved through holding meetings, workshops, and conferences on the human aspect of the mission of Islamic banking and its efficiency in laying the foundations of Islamic economy. Furthermore, the paper emphasized the necessity of elaborating a comprehensive and stable methodology for regulating social contributions made by various establishments, including Islamic banks, to ensure achieving the community’s sustainable development.

Palestine Islamic Bank is keen on fostering academic research efforts in Palestine in general. It also seeks promoting and supporting Islamic banking through raising public awareness and contributing to supporting related academic and research activities, namely due to their importance in developing the sector, and identifying solutions for addressing the obstacles and challenges faced by the sector, thus contributing to ensuring its sustainable growth, development, and prosperity.

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.