Palestine Islamic Bank Holds Ordinary and Extraordinary General Assembly Meeting
Palestine Islamic Bank (PIB) held its Ordinary General Assembly Meeting for 2023 and Extraordinary General Assembly Meeting on Wednesday 24/4/2024 at the headquarters in Ramallah in the presence of the Chairman of the Board Maher Al-Masri, members of the Board of Directors, General Manager Dr. Imad Al-Sadi, executive management members, the Sharia Supervisory Board, representatives of the Companies Comptroller, the Palestine Monetary Authority, the Capital Market Authority, the external auditor and legal advisor, in addition to the bank's shareholders.
During its ordinary meeting, the General Assembly discussed and approved the Board of Directors' report on the Company's business for the fiscal year ending on 31/12/2023. They also heard the auditor’s report, approved financial statements, heard the Sharia Supervisory Board's report, and discussed the Bank's future plans.
The General Assembly also approved the Bank's results for the year 2023, selected Ernst & Young to audit the Company's accounts for the fiscal year 2024 and authorized the Board of Directors to determine its fees.
During the extraordinary general assembly meeting, the general assembly approved all the items on the agenda of the meeting in line with the new Companies Law.
The Chairman of the Board of Directors, Maher Al-Masri, said in his speech during the meeting that despite the challenges that the Palestinian economy is going through, which increased in the last quarter of 2023, the bank proved the strength and stability of its financial position and its basic financial indicators remained positive, while the bank formed additional allocations to face any possible financial losses as a result of the situation in the Gaza Strip and its consequent effects in the West Bank, which led to a significant decrease in net profit.
"In light of these difficult circumstances, the bank was keen to take several measures to maintain the safety of employees and assets and continue to serve customers. Unfortunately, we lost a number of our employees and some of their family members in the Gaza Strip, and the vast majority of them were forced to leave their homes. Despite all that, our employees continued their exceptional efforts in maintaining the continuity of work and providing services to the public, especially the members of the bank's family in the Gaza Strip who endured adversity in the harshest conditions to perform their work within available capacities."
Al-Masri said that the bank continued to implement its programs during the year 2023 in accordance with its strategic plan for the years 2023-2026. This included updating its core banking system and diversifying its electronic products and digital services network, including the launch of a prepaid card, depositing checks through ATMs, and completing the bulk of the electronic archiving system.
"In parallel with these achievements, the Bank is committed to applying the best standards in the field of risk management and international accounting rules, as well as pursuing its full commitment to the application of Sharia standards for Islamic banking. It continued to implement its social responsibility program in addition to the participation of its employees in various volunteering campaigns. The Bank also contributed in supporting relief efforts in the Gaza Strip by providing thousands of meals to displaced citizens. This support will continue as circumstances permit."
Al-Masri pointed out that these achievements and the continued positive indicators in the bank's performance would not have been achieved without the proactive plans prepared and monitored by the Board of Directors and the efficient implementation of such by the executive management in cooperation with all administrative levels in the bank, under the continuous guidance, recommendations and decisions of the bank's Sharia Supervisory Board. All these efforts contributed to the bank obtaining many international awards and certificates, the most recent being the award for the best Islamic bank in Palestine for the year 2023 according to the World Union of Arab Bankers.
It is worth mentioning that the bank issued its annual report and financial statements in digital form, and that they can be easily viewed at any time through the bank's website, Click Here
To view the photo album of the meeting, Please Click here
PIB is driven by a mission to deliver modern, secure banking and investment solutions that adhere to Islamic Sharia principles. Backed by a robust cybersecurity framework, the bank is advancing a carefully crafted digital transformation strategy—culminating in the rollout of cutting-edge digital services that ensure the highest standards of customer data protection.