Jericho – February 24, 2019 – His Excellency Mr. Azzam Shawwa, the Governor of Palestine Monetary Authority, inaugurated today, Arab Islamic Bank branch in Jericho. Jericho Governor Mr. Jihad Abu A
Jericho – February 24, 2019 – His Excellency Mr. Azzam Shawwa, the Governor of Palestine Monetary Authority, inaugurated today, Arab Islamic Bank branch in Jericho.
Jericho Governor Mr. Jihad Abu Al-Asal, Jericho Mayor Mr. Salim Ghroof, Deputy Chairman of Jericho Chamber of Commerce and Industry Mr. Sa’ada Dahdah, Jericho Governorate Mufti Sheikh Mohammad Al-Haj Mohammad, Chairman of the Board of Directors of Arab Islamic Bank Dr. Atef Alawneh, General Manager of Arab Islamic Bank Mr. Hani Nasser, Head of Fatwa and Shari’a Supervisory Commission at Arab Islamic Bank Dr. Jamal Al-Kilani, and bankers and economists and heads of security apparatuses attended the inauguration.
Mr. Shawwa said in his remarks that he was pleased to see the inauguration of the branch of the Arab Islamic Bank in the resilient and beloved Jericho as well as the registration of new trademark of the Arab Islamic Bank, which had taken place on previous occasion. The new trademark expresses new meanings of originality and history as well as modernity and technological advancement that was happening in the world around us, said Mr. Shawwa.
We hope that vibrant activities would have positive impact on Islamic banking in Palestine and to deliver new services to people and enhance financial inclusion and Islamic banking services especially digital services, said Mr. Shawwa.
Mr. Shawwa said Palestine Monetary Authority was proud with the stability and soundness of the banking system in performance and speed in development and spreading. According to indicators at the end of December 2018, the net assets of the banking sector reached more than $15.6 billion. The net assets of Islamic banks hit more than $2.3 billion. Overall direct facilities hit more than $8.4 billion including $163 million in Jericho Governorate.
Overall direct facilities at Islamic banks reached approximately $1.48 billion, including $22.3 million in Jericho Governorate. Clients’ deposits totaled $12.22 billion including $141 million in Jericho Governorate. Clients’ deposits at Islamic banks totaled approximately $1.84 billion including 15.7 million in Jericho Governorate. The number of bank branches across the country was 351 at the end of last year, including 11 in Jericho Governorate and the number of Islamic banks’ branches reached 71 across Palestine, said Mr. Shawwa.
Mr. Shawwa said electronic clearance would be launched in April this year. It would allow check collection within two working days in phase one and in one working day at later phase. Mr. Shawwa thanked the management and staff at the Arab Islamic Bank for the continuous development of the bank and for improving banking services delivered to people.