PMA Governor’s Assistant for Financial Stability Affairs – on behalf of PMA Governor –Inaugurates Palestine Islamic Bank Office at Al-Quds Open University in Nablus

Nablus – Dr. Riyad Abu Shehadah, PMA Governor’s Assistant for Financial Stability Affairs – on behalf of PMA Governor –inaugurated Palestine Islamic Bank office at Al-Quds Open University in Nablus. The Governor of Nablus, Akram Al-Rjoob and the Director of Nablus branch of Al-Quds Open University Dr. Yusif Awwad and the Chairman of Nablus Chamber of Commerce and Industry Omar Hashem and the General Manger of Palestine Islamic Bank Bayan Al-Qasim and representative of a number of institutions joined the inauguration ceremonies.

Dr. Riyad Abu Shehadah commended in the opening remarks of the ceremonies the performance of Palestine Islamic Bank, its various banking services, and its policy of having several branches in all Palestinian districts especially remote ones. This, according to Dr. Riyad Abu Shehadah, influenced realizing growth rates in the Bank’s net assets, which by the end of March 2017 recorded an increase of 24% compared to the same period of previous year. 

Dr. Riyad Abu Shehadah also stated that, according to the end of March 2017 indicators, Islamic banking had registered growth where net assets, granted financing portfolio, and clients’ deposits of Islamic banking grew by 25%, 22%, and 24%, respectively. This shows a trend among Palestinian citizens to seek more Islamic banking services, according to Dr. Abu Shehadah.

PMA is going ahead with developing the Palestinian banking sector and safeguarding its strength and stability. PMA has also moved to its new headquarters, which is one further step toward becoming a central bank of Palestine once the Central Bank Law is endorsed in the near future, according to Dr. Abu Shehadah.