Bank of Palestine held a grand ceremony to celebrate the inauguration of the Bank’s first representative office at Dubai International Financial Centre (DIFC) in the United Arab Emirates. The ceremony was held at the Movenpick Hotel in Ramallah, and videoconferencing with “Roots” Hall in Gaza. A crowd of businessmen, economists and representatives of civil society representatives participated in the ceremony, in addition to the press and media, representatives of diplomatic missions, ambassadors, the Bank’s customers, Section and Department Heads, and members of the Board of Directors, and representatives of official institutions.
The ceremony was also attended by Mr. Hashim Shawa, Chairman and General Manager of Bank of Palestine, Mr. Azzam Shawa, Governor of Palestine Monetary Authority, Mrs. Abeer Odeh, Minister of National Economy, Dr. Laila Ghannam, Governor of Ramallah and Al-Bireh Governorate, and Mr. Ma’moun Abu Shahla, Minister of Labor from Gaza Strip.
In his opening remarks, Mr. Hashim Shawa confirmed that the inauguration of a representative office of Bank of Palestine at DFIC represents a center for external expansion and a communication bridge with our people in Diaspora in the Gulf region. This inauguration is another distinctive development within the journey of the Palestinian banking system, to prove once again that our Palestinian institutions are capable of development, growth, and innovation, and to keep up and compete with international institutions in all fields.
Shawa added that the choice of Dubai as the first destination for external expansion is due to its strength to attract investments and investors, being a significant global financial center. In addition, the United Arab Emirates hosts more than quarter a million of Palestinians working in various economic, financial, construction, and other fields, as Palestinians in Diaspora proved their capabilities to make a change in all aspects. He indicated the importance of a Palestinian financial presence that enables them to communicate with their homeland, Palestine, and encourages them to invest inside Palestine, by providing them with the necessary consultations and facilitating their various financial transactions to and from Palestine.
Shawa added that throughout the past few years, the Bank succeeded to communicate with Palestinian in diaspora, and provide them with compatible conditions that enabled several Palestinians abroad to establish various investment projects in Palestine. In addition, throughout this communication, the Bank engaged the Palestinians in Diaspora with several humanitarian and development projects implemented by the Bank, in partnership with civil society organizations in Palestine. According to Shawa, this is due the Bank’s belief that the Palestinians abroad have capabilities that can be utilized by creating compatible conditions, facilitating trade, and provide them with facilitations that encourage them to come back and invest inside Palestine, to contribute in the development and growth processes and employment of youth.
Shawa expressed his pride that Bank of Palestine is the first Palestinian financial institution to open a representative office in DIFC. He explained that the Bank met various conditions over the course of several months, in which DIFC studied the Palestinian banking sector in general, and the Bank’s strength in particular. Throughout this process, the Palestine Monetary Authority demonstrated that it works according to international laws and regulations and is capable to implement the principles and instructions as any central bank in the world. Bank of Palestine succeeded to overcome this stage after proving that is operations are implemented according to international laws and principles, and that it owns a robust system and sustainable strategy that operated and continuously advanced throughout the most difficult conditions. He indicated that as of the past August, the new representative office began its work to provide services and communicate with our people in the Arabian Gulf Region present in the United Arab Emirates.
Shawa also revealed that the Bank will open another representative office before the end of the year in Santiago, Chile, which hosts more than half a million of Palestinians.
Mr. Azzam Shawa, Governor of Palestine Monetary Authority, indicated that the inauguration of a representative office of Bank of Palestine in Dubai confirms the robustness and strength of this Bank in particular, and the Palestinian banking system in general. Mr. Azzam Shawa added that this inauguration is a unique and strategic development in the banking system’s expansion abroad, which enhances its economic position and encourages investment.
He added that the successes and distinctive growth achieved by Bank of Palestine enabled the Bank to expand outside of Palestine, starting with the Arab region, particularly the Gulf region. He indicated that this will make it easier for the Palestinian communities present in these areas to invest in Palestine, and will allow the Bank to view the operations of the international markets, particularly in Dubai, which is an example to the development, advancement and attraction of investors from all around the world.
Mr. Azzam Shawa presented the Monetary Authority’s efforts in strengthening the banking system, its implementation to instructions according to international banking standards, and keeping abreast of global developments in this field. He indicated the main tasks of the Monetary Authority focus on substantial matters that include ensuring the stability of the banking system, which achieves financial stability in Palestine. In addition to the management of a stable and secure payment system, control the banking sector and specialized lending intuitions, which guarantees their protection and stability, and guide loaning towards small enterprises, in line with the overall vision of the country.
According the Governor of Palestine Monetary Authority, the Authority undertook several measures to guarantee financial stability and depositors’ money, through the application of the most recent control methods and the regulation of the banks’ businesses and tasks according to the law. In addition to implementing risk scenarios to prepare for crisis, the application of the best governance principles in internal and external audit and anti-money laundering, and the establishment of the Deposit Insurance Corporation.
Dr. Laila Ghannam. Governor of Ramallah and Al-Bireh Governorate, praised the Bank’s efforts to advance the national economy; she indicated that the Bank contributes towards significant segments in our society. Dr. Ghannam congratulated the Bank for this new achievement, expressing her pride in the Palestinian private sector, which constitutes the right hand of the Palestinian Authority and a key partner to the National Authority to serve the Palestinian people.
Dr. Ghannam expressed her hope that we will soon celebrate a new achievement by the Bank with the next inauguration in Jerusalem, the capital of our Palestinian independent state.
During a brief speech, Mr. Ma’moun Abu Shahla praised the Bank’s expansion, indicating that the Bank made significant strides in terms of development of products and services. He congratulated the Palestinian people for this national achievement.