Palestine Islamic Bank holds the Ordinary General Assembly Meeting

The Palestine Islamic Bank’s Ordinary General Assembly Meeting was held on Tuesday, 23/03/2021 at the headquarters of the General Management in Ramallah, and via videoconference with the General Management office in Gaza, whilst managing the number of attendance and adhering to the guidelines of all health protocols and safety procedures due to the current health conditions.

The meeting was held in the presence of Chairman of the Board of Directors of Palestine Islamic Bank, Mr. Maher Masri, the board members, the Bank’s General Manager, Mr. Imad Al-Sadi, the executive managers, Dr. Maher Al-Hawli a member of Sharia Supervisory board, as well as representatives of the companies controller, Palestine Monetary Authority, Palestine Exchange, Palestine Capital Market Authority, external auditor, and also a limited number of bank shareholders.

During the meeting, Palestine Islamic Bank’s General Assembly approved the distribution of 5 million US dollars in stock dividends for a nominal value of 1 US dollar per share, equivalent to 6.25% of the nominal value of the share; raising the bank paid up capital to 85 million US dollars.

The shareholders also discussed and approved the report of the board of directors on the activities of the Bank for the fiscal year ended on 31/12/2020. The shareholders also endorsed and approved the financial statements after hearing the report of the company's external auditors and the report of the Sharia Supervisory Board. The shareholders also decided to reward board members for the results of bank’s activities for the year 2020 and discharged their liability. They also approved the board recommendation to elect Ernst & Young Company for auditing the company’s accounts for the fiscal year 2021 and authorized the board of directors to specify their fees. In addition, they approved the recommendation of board of directors to end the employment relationship with one of the members of the company’s Sharia Supervisory board and appoint an alternative member.

The Chairman of the Board of Directors, in his speech during the meeting, emphasized that despite the difficult and exceptional circumstances imposed by the coronavirus pandemic as well as the political and economic fluctuations during 2020, Palestine Islamic Bank has been capable of proceeding with its planned projects. Moreover, its financial indicators have reflected the achievement of good results that are consistent with the strategic plan.

Mr. Masri clarified that the Bank is considered as a role model with regards to dealing with the challenges imposed by the coronavirus pandemic. Thanks to the efficiency of the executive management and its commitment to serious work within the compelling circumstances and mounting threats, as well as the accuracy of applying the policies of the board of directors which the board of directors has adjusted to overcome the problems and obstacles through its vigorous follow-up of the developments associated with the pandemic; thus enabling the bank to maintain the sustainability of its activities, and continuation of offering its services to the customers, as well as maintaining asset integrity and interests of investors.

Mr. Masri indicated that during 2020 the bank proceeded in implementing its plan of digital transformation in order to facilitate for customers and enable them to enjoy the banking services at any time and any place, by enhancing electronic services and proceeding in readiness for applying the new core banking system which assists in simplifying the bank’s processes and establishing a developed and renewed approach for the service of customers and shareholders.

The Chairman of the Board of Directors indicated that the bank, through its social responsibility program, has supported the efforts exerted for addressing the negative consequences of the coronavirus pandemic. He has also supported several projects in different fields; particularly in the vital sectors such as health and education, within the framework of its efforts for contributing in achieving sustainable development.

It is worth to mention that the Bank has published the 2020 annual report and the financial statements for the year ended 31 December 2020, digitally for the second year respectively; so that they can be easily accessible at any time on the bank’s website islamicbank.ps/annual/2020

The mission and vision of Palestine Islamic Bank are represented in providing high quality, modern and comprehensive banking solutions in accordance with the rules of the Islamic Sharia, as well as investment in a developed technological perspective. The bank has also developed a well-thought strategy to proceed in the digital transformation process which has resulted in launching leading digital services such as the digital contact center which operates 24/7, as well as Islami Online and Islami Mobile services which provide a distinctive package of banking services within an easy and safe environment which fosters the digital experience of customers; individuals and companies.