General Assembly Meetings

Summary of main decisions taken at PIB’s 2023 General Assembly meeting, held on 4/24/2024.

• Approving, discussing and adopting the Board of Directors’ report on PIB’s business for the fiscal year ending 31/12/2023, and discussing its future plans.
• Approving, discussing and adopting PIB’s auditor report, and approving the financial statements as on 31/12/2023.
• Approving the Sharia Supervisory Board’s report for the fiscal year ending on 31/12/2023.
• Approving Board member remunerations for PIB’s 2023 business results.
• Discharging members of the Board of Directors from liability for the 2023 fiscal year.
• Selecting Ernst & Young as external auditors for the 2024 fiscal year and authorizing the Board to determine their fees.

Summary of main decisions taken at PIB’s 2023 Extraordinary General Assembly meeting, held on 24/4/2024.

• Approving amendments to the Bank’s Articles of Incorporation and Bylaws in line with Decree Law No. 42 of 2021.
• Approving amendments to the articles on the savings fund for bank employees.
• Approving the amendment to the Rewards and Incentives Policy.

Brief of the General Assembly’s major decisions in 2022, concluded on 10/04/2023:

• Approving, discussing and adopting the Board of Directors' report on the company's business for the fiscal year ending on 31/12/2022, in addition to discussing the company's future plans.
• Approving and discussing the company's auditors' report, and adopting financial statements as submitted on 31/12/2022.
• Approving the report of the Sharia Supervisory Board for the fiscal year ending on 31/12/2022.
• Approval of the Board of Directors' recommendation regarding the distribution of bonus shares to shareholders in the amount of 10 million shares / dollars, with a nominal value of one dollar per share, at a rate of 11.11% of the nominal value of the share, through capitalization of earnings rounded at $5 million and the inclusion of $5 million from capital cyclical fluctuation reserves, so that the nominal / paid-up capital becomes 100 million shares / dollars.
• Approval of the Board of Directors' recommendation regarding the distribution of cash dividends to shareholders in the amount of $5 million at a rate of 5.55% of the nominal value per share for the fiscal year 2022.
• Approving the remuneration of the members of the Board of Directors for the bank's business results for the year 2022.
• Discharging the members of the Board of Directors from liability for the fiscal year 2022.
• Electing Ernst & Young as an external auditor for the fiscal year 2023 and authorizing the Board to determine their fees.

Brief of the Extraordinary General Assembly’s major decisions in 2022, concluded on 10/04/2023:

• Approval of the general policy for bonuses and incentives.
• Authorizing the Board of Directors to increase the bank’s capital within a period not exceeding five years with a ceiling of (10,000,000$) ten million US dollars at once or in stages so that the capital after the increase becomes (110,000,000$) one hundred and ten million US dollars, and authorizing the Board to choose implementation mechanisms and take decisions on determining the mechanism and method of coverage and the timing of the increase and each stage thereof.

Brief of the General Assembly’s major decisions in 2020, concluded on 23/03/2021:

• Perusal, discussion and ratification of the Board’s report on the company’s businesses for the financial year ended 31/12/2021.
• Listening and discussing the auditor's' report and Ratification of the financial statements for the year ended 31/12/2021.
• Perusal of the Shari’a Supervisory Board’s report for the financial year ended 31/12/2021.
• Ratification of the Board’s recommendation pertaining to the distribution of bonus shares at a value of 5 million shares / dollars via retained earnings (bonus shares), and a nominal value of one dollar per share, and a 5.88% of each share’s nominal value so that the nominal / paid-up capital becomes 90 million shares / dollars.
• Ratification of the Board of Directors’ recommendation regarding the distribution of cash dividends to shareholders, amounting to $5 million, through retained earnings, with a nominal value of one dollar per share, and 5.88% of the nominal value per share for the fiscal year 2021.
• Ratification of remunerations made to the members of the Board for 2021.
• Discharge of the Board members for financial year 2022.
• Election of an auditor for financial year 2021 and delegation of the Board to determine their fees thereof.
• Election of a new board of directors for the bank.

Brief of the General Assembly’s major decisions in 2020, concluded on 23/03/2021:

• Perusal, discussion and ratification of the Board’s report on the company’s businesses for the financial year ended 31/12/2020.
• Listening and discussing the auditor's' report and Ratification of the financial statements for the year ended 31/12/2020.
• Perusal of the Shari’a Supervisory Board’s report for the financial year ended 31/12/2020.
• Ratification of the Board’s recommendation pertaining to the distribution of bonus shares at a value of 5 million shares / dollars via retained earnings (bonus shares), and a nominal value of one dollar per share, and a 6.25% of each share’s nominal value so that the nominal / paid-up capital becomes 85 million shares / dollars.
• Ratification of remunerations made to the members of the Board for 2020.
• Discharge of the Board members for financial year 2020.
• Election of an auditor for financial year 2020 and delegation of the Board to determine their fees thereof.
• Approval of the Board’s recommendation to terminate the contract with a member of the Company’s Sharia Supervisory Board and to appoint a replacement member for it.

Brief of the General Assembly’s major decisions in 2019, concluded on 20/04/2020:

• Perusal, discussion and ratification of the Board’s report on the company’s businesses for the financial year ended 31/12/2019.
• Listening and discussing the auditor's' report and Ratification of the financial statements for the year ended 31/12/2019.
• Perusal of the Shari’a Supervisory Board’s report for the financial year ended 31/12/2019.
• 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 3.90% of each share’s nominal value so that the nominal / paid-up capital becomes 80 million shares / dollars.
• Ratification of remunerations made to the members of the Board for 2019.
• Discharge of the Board members for financial year 2019.
• Election of an auditor for financial year 2019 and delegation of the Board to determine their fees thereof.
• Election of the Shari’a Supervisory Board members and delegation of the Board to determine their fees thereof.

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 2018.
• Ratification of the financial statements for 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 2018.
• Discharge of the Board members for 2018.
• Election of Ernest & Young as an external auditor for 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 in 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 in 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 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 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 2017 and delegation of the Board to determine their fees thereof.

Brief of the General Assembly’s major decisions in 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 2015.
• Ratification of financial statements for 2015.
• Discharge of the Board members for 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 2015.
• Election of Deloitte & Touche as an external auditor for 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 2014.
• Ratification of financial statements for 2014.
• Discharge of the Board members for 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 2014.
• Election of Ernest & Young as an external auditor for 2015 and delegation of the Board to determine their fees thereof.

Brief of the General Assembly’s major decisions for 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 2013.
• Ratification of financial statements for 2013.
• Discharge of the Board members for 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 2013.
• Ratification of amendments pertaining to the Board members.
• Election of Ernest & Young as an external auditor for 2014 and delegation of the Board to determine their fees thereof.

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

• Confirmation and ratification of the administrative and financial report of the bank’s operations for 2012.
• Ratification of the Shari'a Supervisory Board’s report.
• Ratification of financial statements for 2012.
• Discharge of the Board members for 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 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 2013 and delegation of the Board to determine their fees there

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 2011.
• Approve the Shari'a Supervisory Board’s report.
• Discharge of the Board of Directors for 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 2011.