“Palestine Islamic Bank” Holds the General Assembly Meeting and Decides to Raise its Capital & Distribute Cash Dividends

The General Assembly of Palestine Islamic Bank endorsed the Bank Board of Directors’ recommendation to raise the company’s paid-up capital to become (USD 77 Million) by distributing bonus shares at the value of 3 Million Shares/Dollar, with a nominal value of one dollar per share and by 4.05% of the nominal value of the share, as well as the Bank Board of Directors’ recommendation to distribute cash dividends among the shareholders at a rate of 8.5% of the nominal value of the share, of the retained earnings for the year 2018.

Such decisions were issued during the Bank’s General Assembly meeting which was held on Wednesday, corresponding to 17/04/2019 in Ramallah and Gaza via videoconference, whereas the meeting was attended by the Chairman of Palestine Islamic Bank’s Board of Directors, Mr. Maher Masri, the members of the Board of Directors, the Bank’s General Manager, Mr. Bayan Qasem, the Executive Management, the Chair of the Bank’s Shari’a Supervisory Board, Mr. Hussam El-Din Afaneh, the Companies’ Controller, Representatives of Palestine Monetary Authority, Palestine Exchange and Palestine Capital Market Authority, the External Auditor, the Bank’s shareholders and Journalists.

The shareholders considered, discussed and endorsed the Board of Directors’ report on the company’s business for the fiscal year ended on 31/12/2018, moreover, they listened to the company’s auditor report, conducted discussion, approved and endorsed the financial statements.

In addition, the shareholders decided to reward the members of the Board of Directors for the bank’s results of 2018 and to discharge them, also, they elected Ernst & Young Company to conduct the company’s auditing activities for the fiscal year 2019, authorized the Board of Directors to determine their fees, and ratified the Board of Directors’ decision of reconstituting the Shari’a Supervisory Board, and authorized the Board to determine their fees.

The Chairman of Palestine Islamic Bank’s Board of Directors, Mr. Maher Masri, emphasized that despite of the economic and financial conditions faced by the Palestinian institutions, in light of the ongoing local and regional political crises, and the interruption of several internationally funded projects which has generally resulted in the fluctuation and decrease in the cash-flow, however, the bank was able to achieve the objectives set out in its strategic plan.

Furthermore, Masri referred to the bank’s pursuit of developing Islamic products, improving the efficiency and quality of the bank’s work through providing an adequate infrastructure for digital transformation, in addition to the development of all operations of the bank in conformity with such transformation and enhancing access to customers, as well as benefiting from the proper opportunities of collaboration with the National bank, without compromising the Bank’s Islamic identity or its commitment to the highest standards of Islamic banking rules, while stressing the role of the Bank’s Shari’a Supervisory Board in achieving such pursuits.

Masri stated that the achievement of financial growth in all of the bank’s indicators and the effective community-based contributions provided by the bank to the society are the result of collective work and synergy of efforts between the Board of Directors, the Executive Management of all ranks and places and the Shari’a Supervisory Board; with the support of shareholders and the persons who deal with the bank of all categories, as they believe in the Bank’s vision, mission, objectives and attitudes, thus, Masri extends his thanks to them for everything that they have provided and still providing to the bank.