Palestine Islamic Bank Opened its 32nd Branch at Huwwara, south of Nablus

Under the patronage of Governor of the Palestine Monetary Authority, Palestine Islamic Bank opened its 32nd branch at Huwwara, south of Nablus with the presence of a huge crowd that included officials, national figures, merchants and businessmen at the new branch in Huwwara.

The ceremony was attended by Mr. Maher Masri, Chairman of Palestine Islamic Bank , Mr. Saeb Sammour; Deputy General Manager of the Bank, Mr. Imad Al- Sadi; GM Assistant for Branches along with a number of branches managers. Also attended the event Dr. Riyad Abu Shihadeh; the PMA Governor Assistant for financial stability, Mr. Zaher Al-Hamouz General Director of Palestine Deposit Insurance Corporation, Mr. Omar Hashim; Chairman of Nablus Chamber of Commerce, Nasser Al-Huwwari; head of Huwwara Municipality, in addition to big number of municipal and village council’s from the area.

In his opening speech, Mr. Maher Masri Chairman of the Palestine Islamic Bank pointed out to the special interest the Bank is giving to expand its branches in the rural areas, especially the agricultural ones, by supporting these areas in order to support the steadfastness of Palestinians everywhere. With affirmation of the willingness to provide financing needs of the agricultural sector to helping it grow and increase its contribution to the national production.

Mr. Masri said: “this falls within the Bank’s policy to expand geographically which was indorsed in its strategic plan for the next 4 years where it aspire to have 52 branches and office to cover the main central regions in Palestine.”

Mr. Masri stated that Palestine Islamic Bank is making steady steps towards achieving this strategy by opening branches and offices in different regions where it adopts Islamic financing formulas directed to take care of the agricultural development, he said that the Bank is looking into adopting specialized financing and banking formulas for this field.

He added that the Bank is working on increasing its direct investments to become a strong carrier for the national economy, to achieve sustainable development in various sectors. While taking into consideration that opening an office for Palestine Islamic Bank at Huwwara is an important tool that serves the community while making sure to be close and updated on the client's needs, and meet Islamic teaching, which contributes to achieving an inclusive strategy the Palestine Monetary Authority is trying to implement.

Mr. Masri spoke about the continuous growth the Bank’s financial statements are showing, the bank’s earnings have reached 8.036 million US dollars before taxation in during the first half of the current year, with 3.65% increase, compared to the same period in 2016.

The revenues increased during the first half of the current year with 14.61% to reach 23.99 Million Dollars, compared to 20.93 for the same period in 2016.

He assured that the Bank is seeking to ease the client's cooperation, by launching an updated and diverse package of online Banking services such as “Islami Online” and “Islami Mobile App”, services that allows the clients to stay connected to their accounts anywhere and anytime, along with ATM deposit services, cards and other packages of services that reflects the technological development the bank is aspiring to reach.

In his opening speech, Palestine Monetary Authority Dr Riyad Abu Shehadeh; Governor Assistant for Financial Stability said that Palestine Islamic Bank is considered to be one of the most prominent Islamic Banking institutions, with its unique products and Islamic services. He added that during the recent period of the current year, the Bank managed to achieve a distinctive growth rate. Until the end of June 2017, clients of Palestine Islamic Bank have deposited 736.1 million dollars, direct facilitation reached 577.2 million dollars.

Abu Shihadeh praised the path Palestine Islamic Bank follows to branch all over Palestine where the number of offices and branches number until the end of June 2017 reached 32. This comes in alliance with the strategy and vision of Palestine Monetary Authority in terms of financial inclusivity, Palestine Monetary Authority is keen towards the continuous branching of banks all over the country, especially in remote areas.

From his side, Dr. Hussam Al Din Afaneh said that Palestine Islamic Bank is committed to implement Islamic Banking dealings according to Shari’a laws, where Shari'a Supervisory Board is making sure all the transactions of the bank are clear of any usury suspicion. He said that the Bank is working to activate financing and investing formulas which are compatible with Sharia law and meets the client's needs.

In a relative content, Mr. Omar Hisham Chairman of Nablus Chamber of Commerce stressed on the importance of having banks in Huwwar and their importance in Strengthening the local economy that can open prospects for merchants and farmers to develop their businesses, praising Islamic Bank Of Palestine initiative to expand in Huwwaa.

It's worth mentioning that Palestine Islamic Bank have the largest banking network with 32 branches all over Palestine.