Palestine Islamic Bank organizes a Lecture on Islamic Banks at Qalqilya

Shari'a Supervisory Board at the Palestine Islamic Bank in cooperation with the faculty of Shari'a and Al-Awqaf Directorate in Qalqilya organized a lecture about the work of Islamic Banks and their role in building the national economy, with the participation of Professor Hussam Al Din Afaneh; Head of Shari'a Supervisory Board at the Palestine Islamic Bank and Dr. Ali Sartawi member of the board. Also attended the event Mr. Imad Al-Sadi Assistant GM for Branches, Mrs. Khitam Abu Ayta; director of the northern district, Mr. Basem Bader manager to Shari'a audit Department, Mr. Majed Kharoub the Qalqilya Branch Manager, Mr. Adnan Saeed; general director of Awqaf Ministry in Qalqilya governorate, along with members of official and local institutions representatives in the governorate.

Dr. Hussam Al Din Afaneh spoke about the emerging of Islamic banks, the nature of their work, along with the Shari'a rooting they use in their work, he reviewed the main differences between Islamic and commercial banks, pointing out to the different financing and investment formulas that are compatible with Shari'a laws and the importance of these formulas in providing suitable financing alternatives that meets the needs of the community in a Shari'a compatible way.

From his end, Dr. Ali Sartawi member of Shari'a Supervisory board at the Bank stressed on the important role of Islamic Banks in building communities, he spoke about the fundamental differences in their nature of work from commercial banks, he also pointed to the multiple financing formulas in a way that meets the needs of clients with what Shari'a provides of flexibility in covering these needs with what the text provides for these deeds. Dr. Sartawi pointed that disagreement in some secondary issues is natural and healthy and does not influence the original and known roots in Islam, such as Usury prohibition, his excellency spoke about the evolution of Islamic Banks and how they spread, he praised their work especially in Palestine despite all the difficulties they face.

During the lecture, Mr. Imad Al-Sadi, thanked Shari’a faculty and the director of Awqaf in Qalqilya governorate for their responsive cooperation with holding this lecture, stressing that the Bank holds similar lectures on a regular basis in different governorates with the purpose of spreading the Islamic banking culture as part of its policy to support the financial inclusion in Palestine.

He confirmed that the bank’s plan to expand geographically is based on a strong professional and scientific foundation that is concerned to reach the biggest number of the Palestinians public everywhere, and they concentrate on expanding in rural areas which serves the financial inclusive policy that Palestine Monetary Authority is aspiring to achieve in order to reach international ranks, he said that PIB have 32 branches all over the country, and the number will rise to 37 before the end of this year.

It's worth mentioning that Shari'a Supervisory Board at the Palestine Islamic Bank contributes in developing financial programs and investing products, as well as supervising all the procedures and transactions through the Bank’s Shari'a Supervisory Department, with guaranteeing the legality of these transactions and their compatibility with Sharia laws.