PIB Holds its Ordinary and Extraordinary General Assembly Meeting
The Palestine Islamic Bank (PIB) held the ordinary and extraordinary meeting of its General Assembly for 2022, on Monday the 10th of April 2023, at the headquarters of the general administration in Ramallah, and through video communication, at the headquarters in Gaza, in the presence of the Chairman of its Board of Directors, Maher Masri, members of the Board, General Manager, Dr. Imad Al-Sadi, the Executive Management and Chairman of the Sharia Supervisory Board, Dr. Alaa Razia, and representatives of the Companies Controller, the Palestinian Monetary Authority, the Palestine Stock Exchange, the Capital Market Authority, the external auditor and the legal advisor, in addition to the attendees from the Bank’s shareholders.
During its ordinary meeting, the General Assembly approved the recommendation of the Board of Directors to distribute bonus shares to shareholders valued of 10 million shares / dollars, at a nominal value of one dollar per share, at a rate of 11.11% of the nominal value of the share, so that the nominal / paid-up capital of the Bank becomes 100 million shares / dollars. The General Assembly also approved the distribution of cash dividends to shareholders in the amount of $5 million at a rate of 5.55% of the nominal value of one share for the fiscal year 2022.
The General Assembly discussed and approved the report of the Board of Directors on the company’s business for the fiscal year ending on 31/12/2022. It also listened to the report of the company’s auditors and approved financial statements. It also listened to the report of the Sharia Supervisory Board and discussed the future plans of the bank.
The General Assembly also approved the remuneration of the members of the Board for the bank’s business for 2022 and discharged them of their financial liability. It elected Ernst & Young to audit the company’s accounts for the fiscal year 2023 and authorized the Board of Directors to determine the auditor’s fees.
During its extraordinary meeting, the General Assembly approved the general policy for bonuses and incentives, and the authorization of the Board to increase the bank’s capital within a period not exceeding five years, with a ceiling of (10,000,000$) ten million US dollars at once or in stages, for the capital to become (110,000,000$) one hundred and ten million US dollars. It also approved authorizing the Board to select the implementation mechanisms and take decisions by defining the mechanism, method of coverage, and timings of the increments and each stage thereof.
In his speech during the meeting, the Chairman of the Board of Directors, Maher Masri, said that the joint efforts made by the bank’s family during the year 2022 have reflected positively on all of the bank’s financial indicators, in line with the plans that were set earlier and with the policies of the Board of Directors aimed at maintaining a reasonable and steady pace of growth by improving customer service quality and achieving the interests of investors in full compliance with the provisions of Islamic Sharia and best standards in risk management and investment. Masri stressed that this achievement is an indication of the confidence of investors and customers in the bank, stating that it would not have been possible without the highly efficient executive management of PIB that uses advanced technology in order to serve customers and reduce risk levels, under the constant guidance, recommendations and decisions of the Sharia Supervisory Board of the Bank.
Masri added: “In the year 2022, the bank continued implementing its development programs towards digital transformation to improve the quality of banking services and include new Islamic products that are in line with the developments of global Islamic banking and the needs of the local market, as World Mastercard and Platinum Mastercard cards were launched, as the first cards of their kind in Palestine. Preparations are also underway to issue new cards to further encourage customers to use electronic payment methods. PIB also worked to develop its electronic banking services and use of the latest technology, such as advanced automated teller machines, which perform many services for the bank's customers.
Masri indicated that in parallel with these positive results and achievements, the bank continued to play its leading role in the field of sustainable social responsibility, and implemented more than 140 projects that mainly targeted the health and education sectors and less fortunate social groups, and continued to carry out social activities through the bank's employees in all Palestinian governorates.
Masri finally explained that, as part of the preparations for the coming years, the bank held a strategic retreat during which its strategy for the next four years was established along with plans for its implementation to ensure continuous and steady growth for the bank and to guarantee its place within the system of effective Palestinian economic institutions, contributing to the growth of the Palestinian economy.
It is to note that the bank issued the annual report and financial statements in digital form, so that they can be easily accessed at any time through the bank's website http://www.pib.ps.