Palestine Islamic Bank Joins the UN Global Compact

Palestine Islamic Bank “PIB” has joined the UN Global Compact for sustainable development, making it the first Islamic Bank in Palestine that signs this agreement. The UN Global Compact is an initiative launched by the United Nations to encourage institutions from around the world to adopt sustainable and socially responsible policies and practices.

Bayan Qasem, General Manager at PIB commented: “We are proud to join the UN Global Compact; this confirms our commitment and willingness to maintain socially responsible best practices in our daily works, as well as to support sustainable development and protecting the environment.”

Qasem further added: “It’s our pleasure to partner with the UN in building a better future for humanity. While developing our policies, procedures and programs we always ensure to integrate the concepts of sustainability in all of our activities. Our corporate social responsibility program for instance focuses on supporting health and education sectors and making sure that this support impose positive sustainable effects on society.”

Additionally, Qasem said: “PIB conducts all of its activities in accordance to the values of integrity, justice and respect, and always seeks to strengthen such values among its employees. We are very proud as an Islamic bank to say that the principles of Shari'a are the basis of our business; which participates in building an economy which will positively affect the whole community”.

Qasem considers that joining the UN Global Compact is inline with PIB’s corporate social responsibility strategy, and is a step forward in a series of steps taken by the bank over the past years with regards to improve and protect the environment. Qasem added that PIB has been increasingly adopting clean energy since 2014, operating 15 branches and offices via solar energy, which contributed to reducing emissions CO2 and other gases in one year equivalent to planting more than 2000 square meters of trees. PIB has managed to reduce huge amounts of paper consumed by its internal operations and by clients through digitization and the use of online services. In addition, PIB has established many water desalination plants offering drinking water to hundreds of families in the Gaza Strip, which suffers from water shortages. These projects are among others executed in accordance to a strategic plan and that is regularly evaluated and updated to better serve the community needs.

The United Nations Global Compact is a global initiative aims to develop and implement responsible and sustainable development goals worldwide. Institutions that adopt this initiative are committed to align their operations and strategies with its ten principles in the fields of human rights, labor, the environment and anti-corruption. The Global Compact is the largest voluntary sustainability initiative for companies, adopted by more than 13,000 participant around the world.