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Dubai, Ramallah – with a unique precedent for the Palestinian banks, Bank of Palestine officially announced the launch of financial, investment and advisory services for Palestinians in diaspora in the Gulf region, through the recent inauguration of the Bank’s first representative office outside Palestine, in Dubai, United Arab Emirates, based at Dubai International Financial Centre (DIFC). This is an essential step towards the advancement of national banks and their expansion outside of Palestine for the first time in history, to significantly contribute in promoting the banking services and solutions provided by the Bank and the Palestinian banking sector, creating a communication channel for Palestinian in diaspora to economically communicate with the Palestinians around the world.
This new inauguration and the operationalization of the Office were announced during a ceremony held by the Bank at Jumeirah Beach Hotel, under the patronage of His Excellency Sheikh Maktoum Bin Mohamed Bin Rashed Al Maktoum, Deputy Governor of DFIC. The ceremony was attended by Mr. Azzam Al Shawa, Governor of Palestine Monetary Authority, Mr. Hashim Shawa, Chairman and General Manager of Bank of Palestine, His Excellency Essa Kazim, Governor of DFIC, His Excellency Mohammed Ali Bin Zayed Al Falasi, Deputy Governor if UAE Central Bank, and a group of Palestinian businessmen in diaspora from Chile, Malaysia, Unites States, Europe, Palestine, United Arab Emirates and the Gulf States, in addition to a crowd of journalists and media.
Mr. Hashim Shawa expressed his contentment and pride to inaugurate the first representative office at DIFC, which records the first presence for Bank of Palestine abroad and the first Palestinian institution to be located at DIFC. He described this achievement as one of the most important achievements since the Bank was established in 1960. He indicated that this was possible through the support provided to the Bank by the Palestinian government and Monetary Authority and various Palestinian institutions, along with the support by Dubai government and its governmental institutions, including DIFC and Dubai Financial Services Authority and through the Bank’s shareholders, customers, partners and employees.
Shawa added that he is proud to become a part of the global financial community, and one of the financial institutions at DIFC. He added that this presence is a testimony we are proud of, as it enshrines the robustness of the Palestinian financial and banking systems and Bank of Palestine’s strong system, to receive high trust, and become a part of an office that serves millions in the Gulf region.
Shawa indicated that the Palestinians in diaspora proved various successes and innovations wherever they are located. According to Shawa, they are able to serve their county in all fields, accordingly, this office will engage them to advance the Palestinian economy and society, through investment and advisory services provided by the Office’s staff, as we all a distinctive team working at the Diaspora Unit in Palestine. He expressed his hope for Bank of Palestine to provide complete services in UAE by providing integrated banking and financial services through a Bank’s branch, not only a representative office. Bank of Palestine holds high values and innovative ideas towards the development of financial services in international markets, based on is accumulated experience in the development of work plans and sustainable strategies. In addition to the Bank’s achievement in financial inclusion, and the development of financing programs for small and medium-sized enterprises, as well as its contributions to open new markets by developing an electronic payment system in the Arab region, which was proven after the establishment of PalPay for electronic payments.
Shawa added that the new representative Office in UAE will promote Bank of Palestine’s banking services and present the investment opportunities to attract investments into Palestine. The office will also represent an economic communication bridge with the Palestinians in diaspora in UAE, who amount to about a quarter of a million Palestinians. At a later stage, the Office will target a large number of Palestinians working in the Gulf regions to benefit from their experience and financial and academic capabilities. He indicated that the inauguration ceremony in Dubai includes various economic and cultural activities.
Mr. Azzam Al Shawa, Governor of Palestine Monetary Authority, expressed his pride for the inauguration of a representative office for Bank of Palestine in Dubai, which is a quantum leap for the banking sector and enhances Palestine’s status regionally and internationally. This is also a strategic development in the banking business outside of Palestine, which encourages investors to invest in Palestine. The Governor also indicated that Palestine Monetary Authority was able in the past few years to overcome challenges by enhancing the trust in the banking system, as Bank of Palestine became a leader in the Palestinian banking sector. The Bank’s assets represent 25% of the total banking sector’s assets, and a ratio of customer deposits that represent 23% of the total customer deposits.
The Governor confirmed the robustness and strength of the banking system in Palestine. The total customer deposits reached 10.6 billion dollars and total assets reached 12.4 billion dollars in the first quarter of 2016. He concluded his speech by congratulating Bank of Palestine on its efforts, successes and distinction.
His Excellency Essa Kazim, Governor of DFIC, said: “we are delighted that Bank of Palestine selected DFIC in Dubai to establish the first representative office for its international operations. This step is another testimony to the prestigious status of Dubai and UAE as a leading and ideal destination for companies and institutions who wish to launch their operations in the region”.
He added: “DIFC is committed to empower its customers and support them to develop their businesses, in addition to enhance their presence in the Middle East, Africa and South Asia, in line with the growth strategy of 2024. We are certain that the Bank will benefit from the wide and diverse network embraced by the center, including international banking and financial institutions, which will provide great support to the Bank’s efforts to expand its business internationally”.
About Dubai International Financial Centre (DIFC)
The Dubai International Financial Centre (DIFC) is the financial hub for the Middle East, Africa and South Asia, providing a world-class platform connecting the region’s markets with the economies of Europe, Asia and the Americas. It also facilitates the growth in South-South trade and investment. An onshore, international financial centre, DIFC provides a stable, mature and secure base for financial institutions to develop their wholesale businesses.
The Centre offers all the elements found in the world’s most successful financial industry ecosystems, including an independent regulator, an independent judicial system with a common-law framework, a global financial exchange, inspiring architecture, powerful, enabling support services and a vibrant business community. The infrastructure within the district features ultra-modern office space, retail outlets, cafes and restaurants, art galleries, residential apartments, public green areas and hotels.
Located midway between the global financial centers of New York, London in the West and Singapore, Hong Kong in the East, DIFC (GMT +4) fills a vital time-zone gap with a workday that bridges the market and business hours of financial centers in both Asia and North America.
In 2015, DIFC launched its 2024 growth strategy, a blueprint for the next decade of growth of the financial hub. The growth strategy aims to stimulate trade and investment flows along the South-South economic corridor encompassing Africa, Southern Asia and Latin America
Currently, 1,445 active registered companies operate from the Centre, with a combined workforce of 19,808 professionals. DIFC continues to pursue expansion into new services and sectors within the Middle East, Africa and South Asia region, an area comprising over 72 countries with an approximate population of 3.0 billion and nominal GDP of US$7.8 trillion.