Palestine Islamic Bank Opens New Branch Office in the Suburbs of Jineen , Qasem: looking forward to greater contributions to Silat ad-Dhahr Community

Under the patronage of the Governor of the Palestine Monetary Authority (PMA), Palestine Islamic Bank opened its 34th branch at Silat ad-Dhahr in Jenin. The grand opening drew in the presence of a huge crowd which included representatives from the PMA, Jineen’s Governorate, Jineen’s Chamber, Silat Ad-Daher Municipality and prestigious figures in the governorate were all a part of the large crowd that attended that day alongside the Bank’s management and its Sharia Board chair.

Bayan Qasem, Palestine Islamic Bank’s General Manager welcomed the attendees and thanked them for responding to the invitation and for their participation in the opening of the new branch. Mr. Qasem asserted that this expansion is one of a number of strategic and ambitious goals that have been set by the board of directors. “The Bank’s expansion plan responds to the ambitious Financial Inclusion strategy set that the PMA.” He said.

Mr. Qasem added that this expansion extends to provide distinguished and qualitative banking services that are Sharia compliant throughout all the branches and offices located throughout Palestine.

“The Bank is twinning its geographical expansion with its technological expansion” he said. “We are working assertively on developing our e-service channels and enhancing and updating our database. We’ve launched a new face for the website, a total new Mobile App named IslamiMobile and enhanced totally the IslamiOnline Banking portal.”

Mr. Qasem also noted that a significant increase on the bank’s ATMs which reached over a 60 machines many of them supported by the cash deposit service.

Qasem indicated that the Palestine Islamic Bank has opened 4 new branches in the northern part of the West Bank in addition to installing over 10 ATM machines. “It is a vital industrial and commercial area where its citizens are known for their economic sophistication and distinguished productive projects.” He commented.

Qasem addressed his thanks and gratitude to Silat ad-Dhahr municipality Mayor for all the facilitations provided while setting up for the branch. He also gave special attribution to the PMA for their efforts and the attention given to the banking sector in general, and Palestine Islamic Bank in Particular.

Mr. Mustafa Abu Salah (Head of the Control Department of Local Banks at the Monetary Authority) gave a speech on behalf of the Palestine Monetary Authority. He extended through it greetings from HE Mr. Azzam Shawwa, PMA’s Governor congratulating the Bank on opening its 34th branch.

Mr. Abu Salah affirmed that PIB’s expansion comes in conformity with the Palestine Monetary Authority strategy which is dedicated to the continual spread of the banking sector in all Palestinian areas. The purpose of this dedication is to achieve financial inclusion, economic development and to provide opportunities to support small and medium business.

Mr. Abu Salah exalted the continuing growth of the Bank and the various Islamic Banking services it provides. He explained that the financial indicators for Palestine Islamic Bank by the end of August 2017 showed that the Bank's net assets reached approximately $946 million and a growth rate of 164.4% compared to the year 2016. The total assets of the Palestine Islamic Bank reached $103.8 million and a growth rate of 116% for the same period; all these indicators are strong signs for the bank’s sound and substantial performance.

Abu Salah asserted that the PMA is permanently working to achieve more financial and monetary stability in Palestine by developing the work of the Palestinian banking system and enhancing its durability. It is also doing this through keeping up with the most recent world banking developments; he stated that the PMA will soon announce the implementation of an electronic tax clearance system, which will replace the automatic tax clearance system. The electronic system will rely on the scans of cheques aiming at providing an effective and safe payment system that can enhance the financial and banking stability in Palestine, as well as the growth and development of the economy.

In his speech, Mr. Kamal Abu Al-Rob, Deputy Governor of Jenin extended the greetings of Governor/ General Ibrahim Ramadan, he added “we are delighted to celebrate today the opening of the Palestine Islamic Bank’s new branch, one of the leading institutions in the Islamic Banking sector within Palestine.” He also extended his thanks to the bank’s management for their wise decisions to open new branches for the bank all over the country, aiming to reach out to local community with all its integral components in order to obtain different banking services, to enhance the local economy and support the community's needs.

Abu Al-Rub stressed that both banking and financial sectors are two main pillars for the development and progress of our national economy. "It is important that our economy is surrounded by a sophisticated and effective supervisory and monitoring system, under the umbrella of the Palestinian Monetary Authority." He concluded.

Speaking at the event, Mr. As’ad Hantouli Mayor of Silat ad-Daher Municipality praised the Palestine Islamic Bank, considering its presence a great addition and new opportunity to benefit from on various levels.

In his speech Dr. Tawfik Harzallah, representative of the Minister of Justice Dr. Ali Abu Diak, said that Palestinian national institutions have an important role to play in building the national economy by providing job opportunities and funding to open new prospects to the public. He thanked all the efforts made to enhance the Palestinian economic.

In a related context, Professor Hussam Al Din Afaneh, Chair of the Bank’s Sharia Supervisory Board, stressed that all transactions of the bank are subject to the supervision of the Shari'a Supervisory Board to ensure that transactions are free of any suspicion arising from Shari'a rules and regulations. “It is made through a compliant bank and is compliant with Shari'a rules” he stressed.

Afana noted that the town of Silat ad-Dhahr will receive special attention from the supervisory authority through field visits which the Authority intends to implement in the coming period in order to inform the public about the nature of Islamic banking transactions and the solutions they offer.