Palestine Islamic Bank’s Board of Directors Recommends Distribution of Dividends
Maher Masri, the chairman of Palestine Islamic Bank (PIB), stated that the board of directors made a recommendation to the General Assembly to increase the bank’s paid up capital with a USD 3.5 Million/Share, with a par value of USD 1 by capitalizing the amount of retained earnings in the form of bonus shares. The board also recommended the distribution of cash dividends equivalent to 8.5% of the nominal value of the share.
Masri asserted that the increase of the bank’s paid up capital represents a source of strength for the bank. That will increase its capital adequacy by mitigating risks and expanding the credit base. The capital increase presents an advantage for funding development projects, as Al-Masri pointed out that the distribution of free shares will increase the paid up capital to USD 72.5 Million.
Masri stated that by the end of 2017, the bank has achieved a net profit after tax that is worth USD 14.5 million with an increase of 15.29% from the previous year, while the assets have increased to exceed the one billion USD, clients deposits have exceeded USD 800 million and the funds granted have exceeded USD 600 million.
Masri added: “Palestine Islamic Bank’s board of directors is seeking to protect the rights of bank shareholders and increase their earnings while maintaining and providing a excellent service to our clients that guarantee our depositors a development in their savings, and for those who receive funding, PIB provides high quality services that meets their needs, pointing to board of directors’ commitment to their stakeholders, he said also “the work of members of the board subcommittees were important and effective.
He extended his deep gratitude to the shareholders who have placed their trust in the board of directors, affirming that they’ve given all they can to consolidate systems and policies that ensure PIB’s continued growth.