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Arab Islamic Bank and the International Finance Corporation sign a joint cooperation agreement

2008-11-18

The general manager of the Arab Islamic Bank Mr.Atieh Alshananir had signed a joint cooperation agreement in the beginning of this November with the International Finance Corporation which was represented by Mr.Michel Esex, and had been signed in the prime ministry headquarter in the presence of Dr.Salam Fayyad and Dr. Jihad Al wazir the chief of the PMA in addition to several official personalities. The value of the agreement signed reached 3 million dollars where the International Finance Corporation guarantees the Foreign Trade and alleviate for the bank"s customers to cover foreign trade transactions. This convention came within the plan of the IFC for strengthening the dealing with Islamic banks in the Middle East and North Africa.

 Growth and development

On the other hand, Alshananir assured that according to the bank"s financial results which was disclosed until the third quarter of 2008 has achieved a net profit before tax that valued $ 5.4 million compared with $ 3.6 million for the same period of 2007 and growth of $ 1.7 million, in addition to a huge growth in the assets pointing out that the Arab Islamic Bank in particular and Islamic banks in general record a remarkable growth rates in the banking aspect. He assured that Islamic banks in Palestine especially the Arab Islamic Bank was far from the financial crisis that swept the world  and collapsed many institutions and companies, reassuring that the bank"s domestic and foreign investment are safe and the executive management of the bank are overseeing all the cautious standards in investment, and this was confirmed by the Financial statements that have been published and disclosed for the third quarter of 2008, which is expected to hit profits at the end of 2008 to nearly $7 million before tax.

 Spread and expansion

 In order to achieve the best banking services that is compliant with Shariah and because of the continued increase in the number of clients particularly in recent years, the Bank completed the initial phase of establishment the branches in the cities of Qalqilya and Bethlehem, which is expected to be finished by the first half of 2009 as the Bank Recently distributed approximately ten ATMs in all the provinces, which are expected to reach 25  during the next year to serve the communities and customers in all provinces which did not have banking services.