His Excellency the Governor of Palestine Monetary Authority Inaugurates New Arab Bank Branch in Jenin Governorate

December 7, 2020- His Excellency Mr. Azzam Shawwa the Governor of Palestine Monetary Authority has inaugurated new Arab Bank branch in Jenin Governorate with the Governor of Jenin Major General Akram Rjoob, the Director of the area of Palestine in the Arab Bank Mr. Jamal Hourani, President of Jenin Chamber of Commerce and Industry Mr. Ammar Abu Bakr, and a number of businesspeople and security officials. 

Mr. Shawwa congratulated the Arab Bank during the inauguration ceremony on the new branch in Jenin Governorate, which comes against the backdrop of health and financial crises that have had a direct impact on the economic situation. However, the banking sector with all its components has proved its strength and stability and that it has been a fundamental supporter of the Palestinian economy and the Palestinian government and able to continue to develop and provide the latest banking services, especially electronic banking services, said Mr. Shawwa.  

Mr. Shawwa also said that the opening of this new Arab Bank branch was in line with the banking branching policy and Palestine Monetary Authority’s Financial Inclusion Strategy of delivery of banking services to all Palestinian areas. The Arab Bank, whose net assets account for 23% of net assets, 24% of customer deposits and 19% of facilities, is one of the first and largest Jordanian banks operating in Palestine. The Arab Bank has been able to provide distinctive electronic banking services to citizens and has contributed to enhancing the use of these services, in addition to its contributions to the community, according to Mr. Shawwa.

Mr. Shawwa also added that the total direct credit of banks operating in Jenin Governorate had amounted to about $372 million, the deposits of clients at banks operating in the Governorate had reached about $980 million, and the number of branches and offices of banks in Jenin Governorate had amounted to 30.

Palestine Monetary Authority's achievements are significantly reflected in the performance indicators of the Palestinian banking system and its active contribution to developments in the Palestinian economy. The net assets of the banking sector amount to about $18 billion, direct facilities amount to about $10 billion, clients’ deposits amount to about $14 billion, the equity rights of banks are nearly $2 billion, and the paid capital amounts to $1 billion, says Mr. Shawwa.

Mr. Shawwa said that despite the magnitude and length of the current crisis, Palestine Monetary Authority had been working to provide an appropriate environment for maintaining financial and banking stability in a way that ensured that banks play their role in helping support investment and achieve high growth rates in order to ensure their contribution to sustainable economic development, increase employment opportunities and improve living standards in Palestine.