Finance Banking institutions199
Palestine Islamic Bank was founded in 1995 commencing its banking activities in early 1997 with an authorized capital of 100 million shares and a nominal value of USD $1 per share. In 2017 the paid capital was increased to USD $69 million. And in 2018 the paid capital was increased to USD $74 million.
The Bank conducts its banking, financial, commercial and investment business according to Islamic Sharia, with a network of 44 branches and offices and 81 ATMs throughout Palestine, thus confirming its identity as the largest Islamic banking network in Palestine. The Bank realizes its vision as the leading Palestinian Islamic bank providing the utmost in excellence and quality in Islamic banking services to meet customer needs and requirements.
The client has to ask the bank buy goods or commodities and then buys it back from the bank, to finance a local trade or imported goods from a foreign market.
Mudarabah (Islamic Speculation) Program
> Simple Mudarabah: Whereas the bank pays full capital and the speculator initiates work and share the profit according to the signed contract between both and the loss is borne by the bank
> Limited profitability and ceiling Mudarabah: determined under a contractual agreement for the maximum profit share of the bank whether set or under negotiation
> Dwindling Mudarabah – whereas the bank pays the full capital and the speculator has the right to replace the bank by paying the capital in one go or on payments
Musharaka Types & Fixed Partnerships Program
> Constant and continuous partnership, specialized in ongoing projects and existing companies
> Fixed ended partnership relevant to temporary and finished projects during a limited period of time
> MMP: in which the bank's partner becomes the bank gradually or at once according to the terms agreed upon in the contract participation
Musharaka (Partnership) Program
> The client and the bank provides part of the capital to finance a project
> Both the bank and the client shares in the profit based on a previously agreed percentage, or as their capital share in-case of the inexistence of a prior agreement with a profit share
> Partner share against managing and supervising
> Profit balance after deducting partner’s share distributed according to the shares of each in the partnership agreement
How to Apply?
To request an application or learn more about our programs you can contact us directly or visit your local branch.