Palestine Islamic Bank Holds its Ordinary General Assembly Meeting
PIB’s General Assembly has approved the distribution of bonus shares to shareholders at a value of 3 million shares / dollars, and at a nominal value of $1 per share at 3.90% of the nominal value of the share, thus making the Bank’s capital at $80 million.
This had taken place during the Bank’s Ordinary General Assembly Meeting, conducted on Monday corresponding to 20/04/2020, at Ramallah HQ, and via a video conference call with Gaza HQ; while taking all precautions, preventive measures and public safety measures and determining the number of attendees in line with the instructions of the state of emergency declared by Prime Minister Dr. Mohammad Shtayyeh.
Maher Al-Masry, PIB’s Chairman of the Board of Directors, attended the meeting via video conference; whereas the meeting was chaired by Vice President of the Board Mr. Talal Nasser Al-Din at the Bank’s HQ; in the presence of the members of the Board of Directors and the Bank’s General Manager, Bayan Qassem, the Executive Management and His Excellency the Chairman of the Sharia Supervisory Board of the Bank Dr. Ali Al-Sartawi, as well as representatives of the companies’ controller, the Palestinian Monetary Authority, the Palestine Stock Exchange, the Capital Market Authority and the external auditor and a limited number of the Bank’s shareholders.
During the meeting, the shareholders discussed the report of the Board of Directors on the company’s business for the financial year ended 31/12/2019 and approved it thereof. They also listened to the report of the company’s auditors, and approved the financial statements thereof; and listened to the report of the Sharia Supervisory Board as well.
Additionally, the shareholders approved the remuneration of the members of the board of directors for the results of the Bank’s business for the year 2019, and cleared their liability thereof. They elected Ernst & Young to audit the company's accounts for the fiscal year 2020 and authorized the board of directors to determine their fees, in addition to electing the members of the Sharia Supervisory Board and determining their fees as well.
Moreover, the Board of Directors stressed that, despite the difficult conditions and challenges that Palestine has experienced during the year 2019, which affected various sectors, the Bank’s financial indicators showed growth commensurate with what was planned within their strategic plan.
The Board indicated that the Bank intensified its efforts and harnessed the necessary human and financial resources to move forward in the digitization plan and develop its products in order to provide a distinguished banking experience for its customers and enable them to enjoy banking services quickly and easily; while stressing that the realized indicators and good results for this year was the result of the executive management’s efficiency and the commitment of the all the Bank’s levels to the principles of governance and Sharia rules in Islamic banking.
Furthermore, the Board also indicated that the cooperation between PIB and TNB, without compromising the privacy of PIB, had a positive impact on the development of both Banks, as well as on strengthening business rules, and on the utilization of advanced technology programs.
Thus, in the interest of the safety of attendees, and within the framework of the Bank’s digitization strategy, the annual report and financial statements were launched digitally this year to facilitate viewing and access thereof; and whereas a printed copy was not distributed in line with the instructions issued in this regard.