On Tuesday 17/05/2016, Bank of Palestine celebrated the inauguration of its new sub-branch at the campus of the Arab American University (AAUJ), south of Jenin governorate. The ceremony was attended by Mr. Hashim Shawa, Chairman and General Manager of Bank of Palestine, Dr. Ali Zeidan Abu Zuhri, President of the University, Mr. Kamal Abu Al-Rub, Deputy Governor of Jenin, Mr. Riyad Abu Shehadeh, Assistant Governor of the Palestine Monetary Authority for Financial Stability, Mr. Hani Salah, Assistant General Manager of the Bank, Mr. Abdel Halim Al-Mwahad, Deputy Chairman of AAUJ, and a group of the University’s staff and faculty, with participation by students and representatives of formal institutions and the private sector.
With the inauguration of this new sub-branch at AAUJ, the number of Bank of Palestine’s branches increases to reach 61 branches and sub-branches present in all governorates, fully equipped with financial and banking services, to reach the customers with high quality and excellent performance.
In his opening speech at the ceremony that was held at the Commerce College’s Hall, Shawa welcomed the attendees and expressed his contentment for this occasion and his pride for the Bank’s presence at AAUJ’s campus, a distinctive university on the national level. He indicated that the number of the Bank’s branches in Jenin governorate increased to six branches.
Shawa revealed the Bank’s plan to open a new group of other branches in various Palestinian governorates, for the Bank to preserve its position as the biggest Bank nationally, with the largest banking network in Palestine that includes 61 branches and sub-branches, and more than one hundred and thirty ATMs located in all Palestinian governorates. He added that this is due the Bank’s commitment to continue building and investing in Palestine and deliver its services to their customers wherever they are. Shawa added that the number of branches are expected to reach 70 branches and sub-branches by the end of this year.
Shawa presented a range of factors that strengthened the Bank’s services and its various programs that contributes to the advancement of the Palestinian Banking Sector. Most importantly is the establishment of a specialized unit to support medium, small, and micro-sized enterprises, due to their effective role in the Palestinian economy and the creation of new job opportunities, particularly to recent university graduates. He revealed that Bank of Palestine is the second largest employer for recent graduates in Palestine, as the Bank employed more than 700 graduates in the past five years. In addition to providing various programs and distinctive services to workers at the Palestinian universities, and for students who are in need for special programs to help them continue their university education, advance their academic lives and provide them with the opportunity to closely view the reality of the Palestinian banking sector.
Shawa also indicated the Bank’s collaboration with the University in enhancing the expertise of AAUJ’s students by signing an agreement for training and preparing the students within the “My Bank for Training” Program. In addition to another agreement between the University and PalPay, a subsidiary of the Bank, to facilitate installments of university tuitions electronically. He also explained the integration of services through the application “Mobile Banking”, which enables the customers to execute their banking transactions through their smart phones.
Shawa added that the Bank, along with a group of local partners from businessmen and private sector institutions, contributed to the establishment of the Palestinian Innovation Fund. This is an essential project to support youth entrepreneurs and innovators, with a capital of 10 million dollars, to invest in youth entrepreneurial projects in order to enable them to work and employ unemployed graduated, as these projects integrate with the energies and ideas of youth. Shawa also indicated that the Bank seeks to enhance the engagement of the faculty to benefit from the academic program “Zamaleh”, implemented by the Bank, in partnership with the Welfare Association and thirteen Palestinian universities, including AAUJ. “Zamaleh” program works on sending lecturers and professors to field visits abroad, to come back to Palestine and deliver this experience to our university students, as the Bank dedicated 2 million dollars to support this program, and more than 96 university lecturers benefited from this program during two years only.
Dr. Ali Zeidan Abu Zuhri, President of AAUJ, confirmed that the university is distinctive in seeking new and modern initiatives by adopting unique academic programs that meet national needs. In addition to adopting international teaching methods based on thinking, learning and research, as well as creating academic partnerships and adopting joined academic programs with international universities. For example, the MBA program is delivered through full collaboration with Indiana University in Pennsylvania, USA; in addition, recently, a collaboration agreement was signed between AAUJ and an American University to provide a Bachelor’s degree in Medicine and Surgery, and part of the courses will be taught at AAUJ and the other part at the American University in USA. In addition to the collaboration with Coventry University in the UK to teach Conflict Resolution and Development Program.
Abu Zuhri congratulated Bank of Palestine for the inauguration of the new branch at the university, and for the distinctive partnership between the university and the Bank. The University signed an agreement to train the students of the Administrative and Financial Science College through “My Bank for Training” program provided by Bank of Palestine, and will result in the establishment of a virtual bank to train students on all banking transactions through full partnership between the university and Bank of Palestine.
Dr. Riyad Abu Shehadeh commended the Bank’s role in keeping up with the banking developments on the local, regional and international levels, in addition to its continuous keenness to expand. He indicated that the Bank took important steps to switch to Bank of Palestine Group, as it recently achieved a merger agreement with one of the local banks and increased its Islamic market share by increasing its shares at the Arab Islamic Bank. In addition to the inauguration of a representative office in Dubai International Financial Center, United Arab Emirates, and receiving approval to open another representative office in Chile.
Abu Shehadeh added that the Bank receives high regulatory interest by the Palestine Monetary Authority, which considers it a systemic bank on the local level and is in accordance with the general framework for regulating banks adopted by the Board of Palestine Monetary Authority’s management. This requires the Bank to continue in enhancing its capital adequacy and continue to develop its risk management system and internal monitoring controls, which contributes in enhancing its solvency, durability, and its ability to face shocks and risks. He added that the Bank achieved solvency ratios higher than those set by the Palestine Monetary Fund. Abu Shehadeh concluded by congratulating Bank of Palestine on this achievement and for the inauguration of the sub-branch at the university.
Abu Al-Rub congratulated Bank of Palestine for the inauguration of the new sub-branch at AAUJ’s campus. He indicated that the inauguration of this sub-branch will play multiple roles, including the employment of labor force, and contribute in the building and development process in Palestine, as well as attracting more investments within the stable conditions in Jenin governorate. Abu Al-Rub added that the Bank delivers a high and noble message, wishing further advancement to the Bank that supports various health, academic and cultural projects, including Khaled Hasan Cancer Hospital and the Palestinian Museum, which will be inaugurated soon.