Ramallah – Ma’an – The Arab Islamic Bank held its twenty-eighth ordinary general assembly meeting, as well as its extraordinary meeting, today, Tuesday, in the city of Ramallah.
This came in the presence of a number of legal persons, headed by Mr. Rushdi Al-Ghalayini, Chairman of the Bank’s Board of Directors, and in the presence of the Bank’s General Manager, Mr. Hani Nasser, a representative of each of the companies’ controller and the bank’s legal advisor, and representatives of the Palestine Monetary Authority, the Palestine Stock Exchange, the Capital Market Authority, and the bank’s external auditor. Ernst and Young Palestine, a number of the bank’s shareholders, members of the Board of Directors, the clerk of the session, Ms. Adiba Afaneh, Director of the Legal Affairs Department, and the session observers, Director of the Financial Department, Mr. Maysara Salama, and Director of Risk Management, Mr. Saed Miqdadi, where the shareholder attendance rate was 92.02%.
For his part, the Chairman of the Ban
k’s Board of Directors, Mr. Rushdi Al-Ghalayini, welcomed the shareholders and guests and presented the most important achievements achieved by the Bank for the year 2023, in light of the difficult and exceptional circumstances during which our people are suffering, especially in the beloved Gaza Strip, which continues to have a negative impact on the Palestinian economy in general and the banking sector. In particular, the bank was able to continue achieving achievements with all efficiency and ability to continue its leadership in the Islamic banking sector within its strategic direction, and it was able to maintain and continue to achieve distinctive growth rates in the volume of its business, which reflected positively on the bank’s performance at the end of the year 2023, in harmony. With the bank’s strategy to diversify sources of income and provide appropriate financing solutions that meet customers’ needs, in addition to the bank’s continued control of operating expenses and relying on a solid asset b
ase supported by high levels of liquidity that take into account achieving the best rates of profitability, and in view of the war conditions in the Gaza Strip, the bank decided to follow a hedging policy. By raising credit allocations for the Gaza Strip portfolio, he emphasized that the bank possesses integrated banking experience in dealing with all variables and circumstances.
He also added that the Arab Islamic Bank intends to continue working to care for customers, encourage leadership and innovation, and provide digital banking services, as well as strengthen the principle of good governance, work to care for its customers, encourage leadership and innovation, provide digital banking services, enhance the principle of good governance, and commit to sustainability and social responsibility.
For his part, the General Manager of the Bank, Mr. Hani Nasser, indicated that the Bank was able, with God’s grace, to achieve good financial results despite the difficult circumstances that the Palestinian economy
went through and the conditions of war that greatly affected the Palestinian economy, as it achieved net profits after taxes and allocations amounting to about 5.5 million dollars with The end of the year 2023 after it recorded adequate and conservative allocations as a result of the war on the two parts of the country in the West Bank and Gaza. As for other financial indicators, the bank’s assets reached 1,738 million dollars, while the total customer deposits reached 1,464 million dollars, while the balance of direct financing reached To $1,108 million.
In addition, he pointed out that the bank maintained its distinctive market shares and the solidity of its financial performance and its natural growth. On the assets level, the bank maintained its market share, which amounted to about 8%, and on the direct financing level, its market share reached about 9.4%. As for customer deposits, it The bank’s market share was about 8.7%. The bank was also able to maintain sufficient credit allocations to confront any
potential credit losses, whether with regard to direct financing or other financial instruments. Finally, the bank follows up on developments and hedges with sufficient information it has about any losses that have occurred or are likely to occur.
During the general assembly, the Board of Directors’ report on the bank’s activities during the year 2023 was read, discussed, and approved. As well as discussing and approving the financial statements for the fiscal year 2023, the General Assembly also approved the restructuring of the Fatwa and Sharia Supervision Board in coordination with the Board of Directors and the Bank’s management, and approved the disbursement of the remuneration to the members of the Bank’s Board of Directors for the year 2023, and the members of the Board of Directors were discharged from their liabilities for the ending year. On 12/31/2023, in accordance with the provisions of the law, Ernst and Young was re-elected as the bank’s auditor for the year 2024. Finally, the amended articles
of incorporation and bylaws of the Arab Islamic Bank were ratified and approved during the meeting of its extraordinary body, and the Board of Directors was authorized to complete the legal and official procedures with the relevant departments.
Source: Maan News Agency