Mr. Masri holds a BA and MA in economics from the American University of Beirut. He has worked as an economist in Lebanon, the UK, Jordan, Saudi Arabia and Palestine. In 1996, he was elected to the Palestinian Legislative Council (Parliament) and later served as minister of national economy until 2005. As a minister, he chaired the Palestinian Investment Promotion Agency (PIPA), Palestine Standards Institution (PSI) and Palestinian Industrial Estates and Free Zone Authority (PIEFZA). He was the Chairman of Palestine Capital Markets Authority from 2006 till 2014. Presently, he is the chairman of the Associations of Banks in Palestine and the Palestine Stock Exchange, and a board member of the Palestine Investment Fund. Also he is a member of the Board of Trustees at Birzeit University, and Palestine Economic Policy Research Institute (MAS).
Mr. Talal Nasereddin holds a master’s degree in industrial chemistry from the American University of Beirut. He is the chairman and chief executive offer of Birzeit Pharmaceutical Company, chairman of the Board of Directors of The National Bank, chairman of Abraj Investment & Development, chairman of Petropal for Mineral Oils, and chairman of Lotus Financial Investment Company. He is also a board member of PalTel Group and the Palestinian Electricity Company, in addition to being a member of the Board of Trustees of St. Joseph Hospital in Jerusalem.
He holds a bachelor’s degree in Accounting from Ain Shams University in Egypt, and is currently the CEO of Vitas Palestine, an extension of Ryada Lending and Financial Services, a Cooperative Housing Corporation (CHF) affiliate. Mr. Sesalem has over 35 years of professional experience in financial services, management and finance. He played a key role in the establishment and management of Vitas Palestine in the Palestinian Territories and contributed to ideas for credit management information systems through his work as an international consultant to CHF around the world. His career began in 1995 when he joined the CHF family as a financial manager, where he managed the financial affairs of HILP, a USAID funded institution. In 1996, he was appointed Deputy Director of ACP-CHF International, the USAID-funded home improvement loan program and became program director in 1998. Until 2008, he was the financial and administrative manager of the Cooperative Housing Corporation (CHF). He played a key role in unifying all the financial departments of CHF into one central unit. He also held several important positions. He was elected Chairman of the Board of Directors of the Palestinian Union for Small and Microfinance “Sharaka” in 2017, and he remains a member the Board today. At the end of 2021, he was elected as a member of the Board of Directors of the Palestine Islamic Bank.
Omar M. Masri is the vice chairman of The National Bank (TNB) and a well-known businessman with 27 years of experience in the banking as well as oil & gas sectors. Since 2006, he has been the group managing director of the Edgo group, a regional company with operations in the fields of oil & gas, power, water and infrastructure. Omar established and managed Atlas Investment Group (“Atlas”) in 1996, a regional investment banking firm. In 2004, the Arab Bank acquired Atlas and established it as the bank’s Investment Banking arm, known today as AB Invest. He was appointed as Arab Bank’s first global head of investment Banking and represented Arab Bank on the boards of several affiliate and sister entities, including the Arab National Bank in Saudi Arabia. He was the first individual in Jordan to be granted the Certified Financial Consultant, Broker and Investment Manager License by the Jordan Securities Commission. In 2004, Omar was invited to be a member of the Dubai International Financial Exchange (DIFC) Practitioner Committee to assist in the establishment of the DIFC. In 2002, Omar founded the Chartered Financial Analyst (CFA) Institute’s Jordan chapter and became its first chairman. Prior to establishing Atlas, he was a fund manager at Foreign & Colonial Emerging Markets in London, UK, where he structured and managed the first regional Middle East investment fund in the world, which was listed on the New York Stock Exchange. Omar is a graduate in Finance from George Washington University in Washington, DC. In 1990, he completed a two-year, intensive wholesale credit-training program at the Philadelphia National Bank/Wharton Business School in Philadelphia and subsequently managed the bank’s correspondent banking relationships in Thailand and Japan. Omar has been a member of the Young Presidents’ Organization (YPO) since 2001 and was selected as a Young Global Leader by the World Economic Forum.
Dr. Abu Khaizaran holds an MD from Alexandria University and later specialized in Gynecology at the British Royal College. He is a major shareholder and the general manager of Razan Medical Center; chairman of the Arab Istishari Hospital as well as having been the chairman of the Specialized Arab Hospital since 1999. He is a board member of Birzeit Pharmaceutical Company.
Mr. Al Daghma holds a BA in literature from Beirut Arab University. He has held many leading positions with companies, including Head of Tenders and Procurement in the Abu Dhabi Government for 20 years. He also served as a senior staff member with Sheikh Zayed. He has various investments and participates actively in local, regional and international forums and conferences, in addition to owning Dadco Export-Import in Germany.
Mr. Al-Natsheh holds a BA degree from the Lebanese University, pre-MA courses from the University of Cairo, and pre-PhD studies from Moscow University. He currently chairs and is a former president of the Palestinian Anti-Corruption Commission as well of the Foundation of Orphans Funds Development & Administration. Previously, he was the Palestinian ambassador to Saudi Arabia, minister of labor, minister of agriculture and speaker of the Palestinian Legislative Council.
He holds a PhD in Law from Abdelmalek Saadi University in Morocco. Between 1996 and 1999, he was a Legal Adviser at the State Audit and Administrative Control Bureau and served as Assistant Undersecretary in the Palestine Pension Authority from 1999 until 2013. He is the Vice Chairman of the Board of Directors of the Orphans Fund Management and Development Foundation and a member of many boards of directors is local institutions. He is also the Acting Chairman of the Board of Directors of the Palestine Pension Authority.
Dr. Al-Hajjeh holds a BA in business administration and economics from Birzeit University and MA and PhD degrees in business administration. He is currently a faculty member at the School of Business and Economics at Birzeit University. He was an adjunct faculty member at New York University and Fairleigh Dickinson University in the United States. Dr. Al-Hajjeh served as general manager for the Commercial Bank of Palestine and Palestine Investment Bank, regional manager for the Housing Bank for Trade and Finance, VP of Arab Bank New York, and head of credit and administration at the Foreign Banking Unit, Arab Bank Bahrain. He has served as a consultant and board member in many organizations and as an advisor to the Palestine Monetary Authority during its establishment. Dr. Al-Hajjeh is an accredited arbitrator in banking and finance.
Mr. Al Abwah holds a BA degree in accounting from Birzeit University, and an MA degree in accountancy from George Washington University, Washington DC. Currently, he is the chief audit executive at the Palestine Investment Fund, in charge of the internal audit and risk management functions. He has over 20 years of experience in auditing and management consultancy services with leading international accounting firms, both locally and internationally. Mr. Al Abwah is a US Certified Public Accountant "CPA", a Canadian Chartered Accountant "CA", a Certified Internal Auditor "CIA", and a Certified Information System Auditor "CISA".
Prof. Abu Zuhri holds a PhD degree from Assiut University, Egypt in Analytical Chemistry. He served as a minister of education and a minister of transportation. He was president of Al-Aqsa University, Gaza from 2003 to 2009. Prof. Abu Zuhri has held different academic positions at An- Najah University and the United Arab Emirates University. In 2015, he was appointed as a President for the Arab American University, Jenin. Palestine.
| Member name | Representing: | Board sessions | Board sessions attended | Attendance rate |
|---|---|---|---|---|
| Mr. Maher Masri | National Islamic Investment Company | 6 | 6 | 100 % |
| Mr. Omar Masri | National Islamic Investment Company | 6 | 6 | 100 % |
| Mr. Alaa Sesalem | National Islamic Investment Company | 6 | 1 | %16.66 |
| Dr. Salem Abu Khizran | Rozan Medical Center for Infertility & I.V.F | 6 | 6 | 100 % |
| Mr. Talal Nasir El Din | Birzeit Pharmaceutical Company | 6 | 6 | 100 % |
| Mr. Rafik Natsheh | Orphans Fund Management and Development Foundation | 6 | 4 | 66.66 % |
| Dr. Majed El Helou | Minority shareholders | 6 | 6 | 100 % |
| Dr. Ali Abu Zuhri | Independent member | 6 | 6 | 100 % |
| Mr. Abdul Hamid Al-Abouh | Independent member | 6 | 6 | 100 % |
| Dr. Anis Al-Hijjah | Independent member | 6 | 6 | 100 % |
| Mr. Salah Al-Daghma | Independent member | 6 | 6 | 100 % |
| Name | Number of Shares | 2021 | 2020 | Percentage of ownership |
|---|---|---|---|---|
| National Islamic Investment Company | 3 | 21,122,472 | 36,289,853 | 24.85% |
| Razan Medical Center for Infertility & I.V.F | 1 | 8,500,000 | 0 | 10.00% |
| Mr. Salah Al-Daghma | 1 | 7,987,141 | 4,648,449 | 9.40% |
| Birzeit Pharmaceutical Company | 1 | 6,185,887 | 0 | 7.28% |
| Orphans Fund Management and Development Foundation | 1 | 4,930,752 | 4,157,000 | 5.80% |
| Dr. Anis Al-Hijjah - Independent member | 1 | 19,856 | 18,688 | 0.02% |
| Dr. Ali Abu Zuhri - Independent member | 1 | 16,995 | 15,996 | 0.02% |
| Dr. Majed El Helou - Representative of minority shareholders | 1 | 13,595 | 12,796 | 0.02% |
| Mr. Abdul Hamid Al-Abouh - Independent member | 1 | 11,485 | 10,810 | 0.01% |
| Name | No. of shares | Contribution percentage | ||
|---|---|---|---|---|
| 2021 | 2020 | 2021 | 2020 | |
| National Islamic Investment Company | 21,122,472 | 36,289,853 | 24.85% | 45.36% |
| Palestine Pension Authority | 8,756,646 | 8,241,550 | 10.30% | 10.30% |
| Rozan Medical Center for Infertility & I.V.F | 8,500,000 | 0 | 10.00% | 0% |
| Mr. Salah Al-Daghma | 7,987,141 | 4,648,449 | 9.40% | 5.81% |
| Birzeit Pharmaceutical Company | 6,185,887 | 0 | 7.28% | 0% |
| Orphans Fund Management and Development Foundation | 4,930,752 | 4,157,000 | 5.80% | 5.19% |
One: A summary of the remunerations and expenses related to Board members (in USD)
| Name | Position | Allowance for attending sessions and daily allowances for 2021 | |
|---|---|---|---|
| National Islamic Investment Company represented by: | |||
| Mr Maher Masri | Chairman of Board of Directors | 8,000 | |
| Mr. Omar Masri | Member of the Board of Directors | 8,600 | |
| Mr. Alaa Sesalem | Member of the Board of Directors | 1,200 | |
| Birzeit Pharmaceutical Company represented by: | |||
| Mr. Talal Nasir El Din | Vice Chairman of Board of Directors | 4,800 | |
| Rozan Medical Center for Infertility & I.V.F | |||
| Dr. Salem Abu Khizran | Member of the Board of Directors | 8,200 | |
| Orphans Fund Management and Development Foundation represented by: | |||
| Mr. Rafik Natsheh | Member of the Board of Directors | 4,800 | |
| Representative of minority shareholders | |||
| Dr. Majed El Helou | Member of the Board of Directors | 8,800 | |
| Independent members | |||
| Dr. Anis Al-Hijjah | Independent Member of the Board of Directors | 7,800 | |
| Dr. Ali Abu Zuhri | Independent Member of the Board of Directors | 6,400 | |
| Mr. Abdul Hamid Al-Abouh | Independent Member of the Board of Directors | 8,200 | |
| Mr. Salah Al-Daghma | Independent Member of the Board of Directors | 21,600 | |
| Other | 5,206 | ||
| Total | 97,206 | ||
Two: Summary of Board Member bonuses for 2021 (in USD)
| Name | Position | 2021 Bonus | 2020 Bonus |
|---|---|---|---|
| National Islamic Investment Company represented by: | |||
| Mr Maher Masri | Chairman of the Board | 60,273 | 47,456 |
| Mr. Omar Masri | Member of the Board of Directors | 37,323 | 28,333 |
| Mr. Alaa Sesalem | Member of the Board of Directors | 6,221 | 0 |
| Mr. Ahmed Hajj Hassan | Resigned member | 0 | 14,166 |
| Birzeit Pharmaceutical Company represented by: | |||
| Mr. Talal Nasir El Din | Vice Chairman of Board of Directors | 37,323 | 28,333 |
| Razan Medical Center for Infertility & I.V.F | |||
| Dr. Salem Abu Khizran | Member of the Board of Directors | 37,323 | 28,333 |
| Orphans Fund Management and Development Foundation represented by: | |||
| Mr. Rafik Natsheh | Member of the Board of Directors | 24,882 | 23,611 |
| Representative of minority shareholders | |||
| Dr. Majed El Helou | Member of the Board of Directors | 37,323 | 28,333 |
| Independent members | |||
| Dr. Anis Al-Hijjah | Independent Member of the Board of Directors | 37,323 | 28,333 |
| Dr. Ali Abu Zuhri | Independent Member of the Board of Directors | 37,323 | 23,611 |
| Mr. Abdul Hamid Al-Abouh | Independent Member of the Board of Directors | 37,323 | 28,333 |
| Mr. Salah Al-Daghma | Independent Member of the Board of Directors | 37,323 | 28,333 |
| Total | 389,960 | 307,175 | |
Three: Summary of executive management salaries and bonuses (in USD)
PIB expenses on salaries, savings and end of service benefits for the General Manager in 2021 are as follows:
| Name | Position | 2021 | 2020 |
|---|---|---|---|
| Dr. Imad Al-Sadi | General Manager | 270,441 | 241,407 |
Al-Sadi holds a PhD Degree in Islamic Economics from IZU University in Turkey, and a Master’s Degree in Financial and Banking Management from M.S. University in India, and a Bachelor’s Degree in accounting. He joined the banking sector in 1993, and held several senior positions at Palestine Islamic Bank; the first of which was the position of Regional Director of Branches, followed by the position of Assistant General Manager for Distribution Network. Starting early 2019, Al-Sadi assumed the role of Deputy General Manager. He is also a member of the Board of Directors for Takaful Insurance Company as a representative of PIB. During 2019, AL-Sadi was selected as a financial expert and a member of the Board of Directors of the Agricultural Credit Fund following a decree by the Palestinian Council of Ministers, and based on the recommendation of the Minister of Agriculture. During the same year, Al-Iqtisadi magazine selected him as one of the most influential figures in the Palestinian economy. In 2020, Al-Sadi became a member of the Sustainability Working Group of the General Council for Islamic Banks and Financial Institutions (CIBAFI), alongside a group of experts in Islamic economics and Islamic banking. Al-Sadi was previously a lecturer at the Arab American University, and as a banking expert and trainer at the Palestine Banking Institute.
He holds a bachelor’s degree in accounting from the Arab American University, and is a member of several local, Arab and international associations of certified public accountants. He has more than 15 years of experience in accounting, auditing, consultancy on banking and financial institutions, asset management, insurance and communications. Before joining PIB, he was the Executive Manager of Ernst & Young. He is currently the Assistant General Manager for Financial and Administrative Affairs
Mr. Abdel-Halim holds a master’s degree in Business Administration from Al-Najjah National University and a bachelor’s degree in Accounting and Economics from the University of Jordan. He currently holds the position of assistant general manager of banking operations, with more than 27 years of experience in banking.
Mr.Shqair Holds a Master’s Degree in Business Administration (MBA) from Najjah National University, and a Bachelor’s Degree in Finance from Birzeit University. He joined the Islamic banking sector in 2000 and worked as PIB’s Nablus Bank Manager until 2013. He was the Central Operation’s Department Manager until 2020, and then he was appointed as Director of Middle District branches. He currently holds the position of Assistant General Manager for branches. Shqair has worked as a lecturer at Al-Quds Open University for 10 years. Additionally, he is a licensed arbitrator in financial and banking disputes; holding an arbitration license issued by the Ministry of Labor.
He holds a master’s degree in Business Administration from Birzeit University, and a bachelor’s degree in Computer Engineering from An-Najah National University. He is currently the Assistant General Manager for Planning and Development, with more than 16 years of experience in the technical and administrative fields, product and software development, digitization, project management and process re-engineering.
Mrs. Abu Eita holds a master’s degree in business administration and has worked for both the Bank of Palestine and the Arab Bank, where she held senior positions. She joined the Palestine Islamic Bank in 2010 as Public Relations, Planning and Development Department Manager, and then became the Branch Manager of Al Montzah branch. She has also worked in a number of local institutions as a consultant for local business development. In addition to her work in the telecommunications sector in Jawwal. Mrs. Abu Eita has participated in many international meetings and conferences and has received many excellence awards during her career.
Mr. Al-Fleet holds a bachelor’s degree in accounting from the Islamic University, Gaza and began his work in the banking sector at the Bank of Palestine in 1999. He joined Palestine Islamic Bank in 2007 and has managed a number of branches in the Gaza Strip before becoming director of the Gaza District at the beginning of 2019. Mr. Al-Fleet holds a number of specialized banking certificates, including an IFQ certified Islamic finance officer, a Certified Lender Business Banker certificate CLBB, a CCP certificate and he is a member of the Arab Academy for Banking and Financial Sciences.
He holds a bachelor's degree in the field of computer science and served as a financial and administrative manager in a number of private companies before joining the Cairo Amman Bank Islamic transactions branch in 1998. In 2009, he joined Palestine Islamic Bank, as the Branch Manager of the Bethlehem branch and then the Hebron branch. Mr. Nizar holds a number of specialized international certificates, including a certified Islamic finance officer certificate and CLBB certificate. He is a volunteer lecturer in the field of skills and human capabilities.
He holds a master’s degree in management from Birzeit University and a bachelor’s degree in accounting from An-Najah National University. He has 21 years of experience in banking. He worked as a credit manager, branch manager, and marketing and public relations manager. Over the course of his career, Zakkif obtained several banking certificates in marketing and management.
Engineering Management MSc Bachelor's degree in Computer Engineering
Master of Business Administration Bachelor's degree in Financial and Banking sciences
Master of Economics Bachelor's degree in Accounting
Bachelor's degree in Computer Engineering
Master of Islamic Studies Bachelor's degree in Law
Master of Business Administration Bachelor's degree in accounting
Master of Business Administration Bachelor's degree in Accounting
Master of Business Administration and Information Systems Bachelor's degree in Business Administration and Information Systems
Bachelor's degree in Accounting
Bachelor's degree in Accounting
Master of Business Administration Bachelor's degree in Business Administration
Bachelor's degree in Mechanical Engineering
Bachelor's degree in Banking and Finance
Master of Executive business administration Bachelor's degree in Accounting
Master of Business Administration Bachelor's degree in Financial and Banking Sciences
Bachelor's degree in Computer Engineering
Master of Business Administration Bachelor's degree in Computer Engineering
Master of Sustainable Development / Institution of Building and Human Development Bachelor's degree in Management and Entrepreneurship / Accounting
Bachelor's degree in Law
Information Technology Department Manager Until 23/12/2021
As human capital is the most important capital of any institution seeking excellence and leadership in its field, Palestine Islamic Bank prioritizes the development of its staff. The bank focuses on attracting, retaining, and training staff and helping them to get qualifications in various fields. The Bank believes that attracting young talent forms the basis of growth and development in any successful institution.
The Bank aims to provide a working environment that allows its employees to express their creativity to help the Bank to achieve its main goals and fulfill its strategic values and plans for development, expansion and penetration. The Bank seeks to give its employees the opportunity to develop and create a balance between furthering their careers and the demands of their role. Opportunities for career development and training are identified as part of all employees’ annual performance evaluation
The bank gives equal opportunities to female and male employees. During 2021, the number of female employees at the Bank was 177 out of 658 employees, many of them working in leading positions as decision makers, while others oversee some of the largest and most important programs and projects in the Bank.
In order to develop the skills of employees to increase performance, the Bank provides staff with the necessary internal or external training in their field of work in dozens of topics including Islamic banking and financial transactions, management, anti-fraud and money laundering.
The number of Bank employees who hold a qualification in Islamic finance (IFQ) reached 65.