June 16, 2019 - His Excellency Mr. Azzam Shawwa, the Governor of Palestine Monetary Authority, inaugurated today the representative office of Quds Bank in Jordan. The inauguration was attended by Dr. Mahir al-Sheikh Hassan, the Deputy Governor of the Central Bank of Jordan, Mr. Akram Jarab, the Chairman of the Board of Directors of Quds Bank, and Salah Hidmi, the Chief Executive Officer Quds Bank.
Mr. Shawwa expressed joy over the inauguration of the representative office, which was a continuation of the efforts of Quds Bank to expand and to develop banking services and to be up-to-date with international developments. Mr. Shawwa praised Quds Bank for such efforts and contributions.
Mr. Shawwa expressed gratitude to His Excellency Dr. Ziad Fariz, the Governor of the Central Bank of Jordan, for giving approval to the opening of the Quds Bank representative office in Jordan, which was the first official representation of a Palestinian bank in Jordan. Mr. Shawwa also thanked Dr. Mahir al-Sheikh Hassan for attending the inauguration ceremony. Mr. Shawwa affirmed the developed and strong relationship between Palestine Monetary Authority and the Central Bank of Jordan that was based on cooperation and consultations and coordination for the benefit of both parties. This is originally based on the strong relationship between the two countries and between His Majesty King Abdullah II and His Excellency President Mahmoud Abbas, according to Mr. Shawwa.
Mr. Shawwa said the size of the Jordanian banking functions in Palestine reflected the depth and strength of the relationship between the Jordanian and the Palestinian people. The overall direct credit of the Jordanian banks that operate in Palestine was 37% at the end of April 2019 reaching $3,178.5 million out of $8,639.1 million. The percentage of clients’ deposits is 43% or $5,419.3 million out of $12,463.6 million and the number of Jordanian banks that operate in Palestine was 6 out of 14 banks or 43% at the end of May 2019. The branches and offices of the Jordanian banks that operate in Palestine is 120 out of 359 branches and offices or 33%, according to Mr. Shawwa.
Mr. Shawwa said despite the difficult circumstances in Palestine, the Palestinian banking system was safe and sound and had excellent Arab, regional, and international relations. Palestinian banks aspire to expand outside of Palestine because that would have many benefits for banking functions. Hence, in recent years, representative offices of Bank of Palestine were inaugurated in Chile and Dubai, a branch for the Palestine Investment Bank was opened in Bahrain, and a branch of Arab Islamic Bank was opened in Dubai, according to Mr. Shawwa.
Mr. Shawwa said local banks sought through opening representative offices outside Palestine to realize several objectives, including most prominently, promote their services in the host country such as giving facilities and attracting deposits, provide businesses at host countries that seek to develop business activities in Palestine with information and to provide information to businesses in Palestine about investment opportunities in hosting countries and to attract deposits of Palestinian expatriates and local businesses.