Tue 28 Mar 2023 3:32 pm - Jerusalem Time
The Arab Islamic Bank holds the twenty-seventh ordinary and extraordinary general assembly meeting
The Arab Islamic Bank held the twenty-seventh ordinary and extraordinary meeting of the General Assembly today, Tuesday, in the city of Ramallah, in the presence of a number of legal persons. The meeting was chaired by the Chairman of the Board of Directors of the Bank, Mr. Rushdi Al-Ghalayini, and in the presence of the Bank’s General Manager, Mr. Hani Nasser, the representative of the corporate controller and the bank’s legal advisor, and representatives On behalf of the Palestine Monetary Authority, the Palestine Stock Exchange , the Capital Market Authority , the external auditor of the bank, Ernst & Young Palestine, a number of the bank’s shareholders, members of the Board of Directors, the session writer, Mrs. Adiba Afana, Director of the Legal Affairs Department, and the session observers, the Director of the Financial Department, Mr. Maysara Salameh, and the Director of Risk Management, Mr. Saed Miqdadi, and the shareholder attendance rate was 91.5%.
The Chairman of the Board of Directors of the Bank, Mr. Rushdi Al-Ghalayini, welcomed the guests and presented to them the most important achievements achieved by the Bank for the year 2022, indicating that the year 2022 was a complement to the march of the Bank’s strategic goals, as the required growth was achieved for this year, and the banking services it provided were improved and developed, which were clearly reflected in the expansion of its results. The Bank's customer base and its strong financial performance, as the Bank continued during the past year to harness relevant technological developments to develop its digital capabilities, maintaining them as the basis for its operations and strategies, and striving to be the leading digital Islamic bank in the corporate and retail banking services sector in Palestine.
For his part, the general manager of the bank, Mr. Hani Nasser, indicated that the bank achieved after-tax profits amounting to about $13.1 million by the end of 2022, compared to profits of about $11.7 million in 2021, achieving a growth of about 12%, and its operating profits before Taxes are about $22 million, compared to $18.5 in 2021, with a growth rate of 18%, mainly due to the significant growth in the Bank's operating revenues.
In terms of other financial indicators, the General Manager of the Bank, Mr. Hani Nasser, added that the bank's assets amounted to 1,660,725,735 dollars, while the total customer deposits amounted to 1,392,048,763 dollars, while the balance of direct credit financing amounted to 1,028,339,808 dollars, achieving growth compared to last year, in order for the bank to maintain its market shares. In terms of assets, the market share reached about 8%, and in terms of direct financing, it reached 9.42%. As for customer deposits, the market share reached about 8.61%. The bank was also able to maintain sufficient credit provisions to face any potential credit losses, whether on direct or indirect financing. Other financial instruments.
The General Assembly approved the distribution of cash dividends in the amount of $4,000,000, or 4.15% of the nominal value of the share, and the distribution of bonus shares in the amount of $4,900,000, or 5.09% of the nominal value of the share. The liability of the members of the Board of Directors for the year ending on 12/31/2022 in accordance with the provisions of the law.
It was also approved to raise the paid-up capital to $101,119,252, in addition to authorizing the Board of Directors to increase the capital within a period not exceeding five years, with a ceiling of $12,880,748, so that the capital after the increase becomes $114,000,000, and authorizing the Board to take the decision to determine the mechanism and method for the timing of the increase for each stage, and approval To amend the memorandum of association and articles of association with articles related to capital.
Finally, the policy of rewards, bonuses, incentives, and fees prescribed for the Board of Directors, executive management, and employees of the bank was approved, as well as the approval of the amended system for the Arab Islamic Bank Employees Provident Fund.