Palestine Islamic Bank Holds its Ordinary General Assembly Meeting for 2024
Palestine Islamic Bank (PIB) held the Ordinary meeting of its General Assembly for 2024 on Tuesday 15/4/2025 at the headquarters of the general administration in Ramallah 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, Sharia Supervisory Board, representatives of the Companies Controller, the Palestine Monetary Authority, the Capital Market Authority, Palestine Exchange, the external auditor and the legal advisor, in addition to attendees from 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 31/12/2024. It also took note of the company's auditors' report, approved the financial statements, took note of the Sharia Supervisory Board's report, and discussed the bank’s future plans.
The General Assembly also approved the PIB’s business results for the year 2024, selected Ernst & Young to audit the company's accounts for the fiscal year 2025, authorized the Board of Directors to determine the auditor’s fees, and approved the Board of Directors' decision to appoint a new member of the Bank's Sharia Supervisory Board.
The Chairman of the Board of Directors, Maher Masri, said that continuing to work and operate is an important factor of resilience, despite all the difficult circumstances and challenges that the national economy is going through. He explained that the financial results achieved by the bank confirm the strength and stability of its financial position and are consistent with the plans that were developed to work under the current political and economic conditions, pointing out that the results took into account the instructions of the regulatory authorities on damages resulting from the difficult circumstances that Palestine is going through. He added that the decline in profits is due to the bank's allocation of large sums to deal with the potential impact of the situation in Gaza.
Masri added: "Despite the difficult circumstances, the bank has doubled its efforts to develop its IT products and tools to enable its customers to complete their transactions, transfers and payments remotely. In fact, the bank was one of the first to launch iBURAQ and E-SADAD services through the Islami Mobile application. PIB has also developed an automated system to manage pilgrims' payments, launched a deposit card for corporate and individual customers, a World Elite Mastercard, as well as electronic payment services through a smart payment ring and bracelet and a completely new and updated version of the Islami Mobile application. PIB has also launched modern investment management systems and deployed state-of-the-art ATMs that provide advanced and new services to customers."
Masri pointed out that these achievements and the continuing presence of positive indicators in the bank's performance would not have been achieved without the proactive plans prepared and supervised by the Board of Directors, and their efficient implementation by the executive management in cooperation with all administrative levels and under the supervision of the Sharia Supervisory Board. He explained that all these efforts contributed to the bank obtaining many international awards and certifications, the latest of which was the award for best Islamic bank in Palestine in several categories for 2024 by Islamic Finance News.
He added that despite the compelling circumstances in the Gaza Strip, the bank continued to provide its services through its employees, who made exceptional efforts to do so.
On the social responsibility level, Masri stressed that the bank continued to support the Palestinian community, especially in the Gaza Strip, despite hinderances to the completion of all planned community projects due to the prevailing conditions. He noted that on the other hand, PIB has a plan for a series of interventions that it is working to implement in this regard during the current year 2025.
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.
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 this link