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Palestinian Monetary Authority approves distributing $2.8 million of Arab Islamic Bank's profits as stock dividends.

2008-03-23

Palestinian Monetary Authority had approved the AIB balance sheet for the year 2007, also had notified the bank with its approval to distribute approximately $2.8 million as free stock dividends. The Authority declared that there is no deterrent to publish the bank"s financial results as of Dec 31, 2007. The Authority approved capitalizing 2,843,951 from the profits and distributes them as stock dividends after considering the necessary procedures. By this, AIB would the first bank that it its financials fort year 2007 had been approved by the PMA.