Governor of Palestine Monetary Authority Inaugurates Palestine Islamic Bank Branch in Qabatia in Jenin District

His Excellency Mr. Azzam Shawwa, the Governor of Palestine Monetary Authority, inaugurated today Tuesday, December 4, 2018, Palestine Islamic Bank branch in Qabatia in Jenin District with participation from Mr. Mahir Al-Masri, the Chairman of the Board of Directors of Palestine Islamic Bank, Major General Akram Al-Rjoob, Governor of Jenin District, Mr. Ammar Abu Bakir, Chairman of Jenin Chamber of Commerce and Industry, and Mr. Bilal Assaf, Qabatia Mayor, Dr. Husam Al-Deen Afaneh, head of the Shari’a Supervisory Commission of Palestine Islamic Bank.

Mr. Shawwa congratulated Palestine Islamic Bank for the inauguration of the new branch in Qabatia; one of the major localities in resilient and beloved Jenin. The inauguration is continuation of the approach and strategy of Palestine Monetary Authority to boost spread of bank branches in all districts, according to Mr. Shawwa.

Palestine Islamic Bank is a vibrant and active bank with diverse products and contributions. It has branches in all districts of Palestine and at remote areas. It effectively and noticeably contributes to corporate social responsibility added Mr. Shawwa.

The assets of Islamic banks hit more than $2.3 billion. Clients’ deposits totaled $1.8 billion including $165 million in Jenin District. Overall facilities hit approximately $1.5 billion including $84 million in Jenin District. The number of Islamic banks’ branches reached 67 across Palestine including 6 in Jenin District. The figures were until October 31, 2018, said Mr. Shawwa.

PMA Governor expressed pride over the stability and soundness of the banking system in performance and speed in development and spreading. The net assets of the banking sector reached more than $15.4 billion. Clients’ deposits hit more than $12 billion including 855 million in Jenin District and 28 of the bank branches out of 347 were in Jenin District. Facilities portfolio hit approximately $8.3 billion including $367 million in Jenin District.

Mr. Shawwa also pointed out to the National Financial Inclusion Strategy, launched few days ago under the auspices of His Excellency the President, and that the electronic clearance system would be soon launched. Mr. Shawwa said that the Palestine Central Bank Law was in the final of stages of completion and expected to be finalized soon. Work was underway to establish national electronic payments strategy, including payment via mobile phones, said Mr. Shawwa.

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