The Board of Directors of “Palestine Islamic Bank” Recommends an Increase in the Bank’s Capital
Palestine Islamic Bank’s Board of Directors recommended an increase in the bank’s paid-up capital to reach USD 77 Million, up from USD 74 Million, by capitalizing an amount of 3,000,000 dollar/share, and by 4.05% of the nominal value of the share, with a nominal value of one dollar per share, provided that the above shall be achieved through the retained earnings and upon the completion of necessary approvals by the competent bodies.
During the meeting, held by the Board at the bank’s General Management Head Office in Ramallah, the date of the bank’s General Assembly meeting was set on the 17th April, 2019 in both the West Bank and Gaza Strip. The Board also recommended the distribution of cash dividends equivalent to 8.5% of the nominal value of the share.
The Chairman of Palestine Islamic Bank, Maher Masri, stated that the Board of Directors operates according to a carefully conceived plan to increase the paid-up capital in a manner that guarantees the preservation of the bank’s financial stability and shareholders’ dividends.
Masri added: “despite of the difficult economic condition that we are experiencing in Palestine, the bank was able to preserve its stability and growth, owing to the support provided by the General Assembly along with the constructive cooperation between the Board of Directors and the Executive Management.”
Moreover, Masri referred to the quality growth experienced by the Palestine Islamic Bank’s indicators in 2018, whereas its profits increased by 4.14%, achieving net profits exceeding USD 15 Million. The thing that was clearly reflected in the bank’s obtainment of several prestigious awards, the most recent of which was “The Best Islamic Bank in Palestine 2018” award, presented by EMEA Finance Magazine, “The Most Innovative Islamic Bank in Palestine 2018” award according to International Finance Magazine and the award of “Best Islamic Banking Services” presented by the World Union of Arab Bankers.
Masri also stressed the commitment of the Board of Directors to manage the shareholders’ interests in accordance with the rules of governance, in addition to the commitment to the Islamic banking rules and the implementation of international best practices to ensure the achievement of objectives for which they were elected.