Governor of Palestine Monetary Authority Inaugurates Safa Bank Branch in Al-Bireh

Al-Bireh – February 26, 2019 – His Excellency Mr. Azzam Shawwa, the Governor of Palestine Monetary Authority, inaugurated today, Safa Bank branch in Al-Bireh. Representative of the Governor of Ramallah and Al-Bireh Governorate Mr. Hamdan Al-Barghuothi, Chairman of the Board of Directors of Safa Bank Mr. Yazeed Al-Mufti, General Manager of Safa Bank Mr. Nidal Al-Barghuothi, the Mufti of Ramallah and Al-Bireh Governorate Sheikh Ibraheem Awad Allah- and bankers and economists attended the inauguration.
Mr. Shawwa said in his remarks during the inauguration that the Islamic banking sector in Palestine had been noticeably progressing and had been continuously focused on developing its work and improving the range of banking services to people. Mr. Shawwa praised Safa Bank for opening branches across the country, which ensured the policy of expansion of banks.

Mr. Shawwa said that the net assets of the banking sector reached more than $15.6 billion while the net assets of Islamic banks reached more than $2.3 billion. Mr. Shawwa added that the clients’ deposits totaled more than $12.22 billion including more than $4.5 billion in Ramallah and Al-Bireh Governorate. Clients’ deposits at Islamic banks totaled approximately $1.84 billion including $562 million in Ramallah and Al-Bireh Governorate.
Overall direct facilities reached more than $8.4 billion including $4.1 billion in Ramallah and Al-Bireh Governorate. Direct facilities at Islamic banks reached approximately $1.48 billion, including $644 million for Ramallah and Al-Bireh Governorate.
Mr. Shawwa said that Palestine Monetary Authority was going ahead with developing banking systems to ensure financial stability and develop the economic sector. Mr. Shawwa said electronic clearance would be launched in April this year, which would allow check collection within two working days in phase one and in one working day at later phase.

Categories: Banks, PMA