General Assembly Meetings


Summary of the most important decisions of the General Assembly

Brief of the General Assembly’s major decisions for year 2018, concluded on 17/04/2019:

  • Ratification of the Board’s report on the company’s businesses for the financial year ended 31/12/2018.
  • Ratification of the Shari'a Supervisory Board’s report for year 2018.
  • Ratification of the financial statements for year 2018.
  • Ratification of the Board’s recommendation to distribute cash dividends at a rate of 8.5% of the nominal value per share for the fiscal year 2018.
  • Ratification of the Board’s recommendation pertaining to the distribution of bonus shares at a value of 3 million shares / dollars via retained earnings (bonus shares), and a nominal value of one dollar per share, and a 4.05% of each share’s nominal value so that the nominal / paid-up capital becomes 77 million shares / dollars.
  • Ratification of remunerations made to the members of the Board for year 2018.
  • Discharge of the Board members for year 2018.
  • Election of Ernest & Young as an external auditor for year 2018 and delegation of the Board to determine their fees thereof.
  • Ratification of the Board’s decision to re-profile the Sharia Supervisory Board and determine their fees thereof.

Brief of the General Assembly’s major decisions for year 2017, concluded on 16/04/2018:

  • Ratification of the Board’s recommendation pertaining to the distribution of cash dividends to shareholders at a value of 8.5% of each share’s nominal value for ended fiscal year 31/12/2017.
  • Ratification of the Board’s recommendation pertaining to the distribution of bonus shares at a value of 5 million shares and a nominal value of one dollar per share, and a 7.25% of each share’s nominal value so that the nominal / paid-up capital becomes 74 million shares / dollars.
  • Ratification of the Board’s recommendation regarding completion of capital increase at a value of 6 million shares and a nominal value of one dollar per share. Furthermore, authorization of the Board to determine increase mechanisms as well as delegation to determine share premium in coordination with the competent authorities, while realizing the interest of shareholders.
  • Discharge of the Board members for fiscal year 2017.
  • Election of a Board of Directors for the Palestine Islamic Bank.
  • Delegation of the Board of Directors to elect members of the Shari’a Supervisory Board and determine their fees thereof.
  • Election of Ernest & Young as the Company’s auditor for fiscal year 2018.

Brief of the General Assembly’s major decisions for year 2016, concluded on 29/03/2017:

  • Confirmation and ratification of the administrative and financial report of the bank’s operations for ended year 13/12/2016.
  • Ratification of the Shari'a Supervisory Board’s report for ended fiscal year 31/12/2016.
  • Ratification of financial statements for year 2016.
  • Ratification of the Board’s decision to distribute cash dividends at a value of 8.5% of each share’s nominal value for fiscal year 2016.
  • Ratification of the Board’s decision to distribute bonus shares to shareholders at a value of 3.5 million shares and a nominal share of one dollar per share by capitalizing the amount of the retained earnings.
  • Ratification of remunerations made to the Board members for year 2016.
  • Ratification on assigning a Board member, to represent the minority shareholders, Dr. Majed Al-Helou in lieu of the resigning member, the Orphans Fund Development Foundation.
  • Approving the completion of procedures to settle the increase in the company's paid up capital from 62,500,000 to 100,000,000 shares; where the shares nominal value shall be (1) US Dollar and subscription thereof in accordance with the legal and administrative rules. As well as authorize the Board of Directors to determine the mechanisms for paying the increase in capital either through capitalization of profits or via subscription after coordination with the competent authorities.
  • Election of Deloitte & Touche Co. as an external auditor for year 2017 and delegation of the Board to determine their fees thereof.

Brief of the General Assembly’s major decisions for year 2015, concluded on 18/04/2016:

  • Ratification of the Board’s report on the company’s businesses for the financial year ended 31/12/2015.
  • Ratification of the Shari'a Supervisory Board’s report for ended year 2015.
  • Ratification of financial statements for year 2015.
  • Discharge of the Board members for year 2015.
  • Ratification of the Board’s decision to distribute cash dividends at a value of 8.5% of each share’s nominal value for fiscal year 2015.
  • Ratification of remunerations made to the members of the Board for year 2015.
  • Election of Deloitte & Touche as an external auditor for year 2016 and delegation of the Board to determine their fees thereof.
  • Ratification on assigning Mr. Ali Abu Zuhdi as an independent member of the Board of Directors in lieu of the resigning Board member, Mr. Jawdat Al-Khudari.

Brief of the General Assembly’s major decisions for year 2014, concluded on 21/04/2015:

  • Ratification of the Board’s report on the company’s businesses for the financial year ended 31/12/2014.
  • Ratification of the Shari'a Supervisory Board’s report for year 2014.
  • Ratification of financial statements for year 2014.
  • Discharge of the Board members for year 2014.
  • Ratification of the Board’s decision to distribute cash dividends at a value of 8.5% of each share’s nominal value for fiscal year 2014.
  • Ratification of remunerations made to the members of the Board for year 2014.
  • Election of Ernest & Young as an external auditor for year 2015 and delegation of the Board to determine their fees thereof.

Brief of the General Assembly’s major decisions for year 2013, concluded on 16/04/2014:

  • Confirmation and ratification of the administrative and financial report of the bank’s operations for year 2013.
  • Ratification of the Shari'a Supervisory Board’s report for year 2013.
  • Ratification of financial statements for year 2013.
  • Discharge of the Board members for year 2013.
  • Ratification of the Board’s decision to distribute cash dividends at a value of 6% of each share’s nominal value for fiscal year 2013.
  • Ratification of remunerations made to the members of the Board for year 2013.
  • Ratification of amendments pertaining to the Board members.
  • Election of Ernest & Young as an external auditor for year 2014 and delegation of the Board to determine their fees thereof.

Brief of the General Assembly’s major decisions for year 2012, concluded on 31/03/2013:

  • Confirmation and ratification of the administrative and financial report of the bank’s operations for year 2012.
  • Ratification of the Shari'a Supervisory Board’s report.
  • Ratification of financial statements for year 2012.
  • Discharge of the Board members for year 2012.
  • Ratification of the Board’s decision to distribute dividends in kind under the instructions of paid-up capital to amount to 50,000,000 at a value of 6% of the shares nominal value.
  • Ratification of the Board’s decision to distribute 2.5 of the value of nominal shares.
  • Ratification of remunerations made to the Board members for years 2011/2012.
  • Ratification of amendments pertaining to the members of the Board as well as the Shari’a Supervisory Board.
  • Election of Ernest & Young as an external auditor for year 2013 and delegation of the Board to determine their fees thereof.

Brief of the General Assembly’s major decisions for year 2011, concluded on 02/06/2012:

  • Approve the administrative and financial report of the bank’s operations for year 2011.
  • Approve the Shari'a Supervisory Board’s report.
  • Discharge of the Board of Directors for year 2011.
  • Approve the Board’s decision to distribute 2.5 of the value of nominal shares in the form of shares.
  • Election of Ernest & Young as an external auditor for year 2011.

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