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During its ordinary and extraordinary ... The Arab Islamic Bank approves capital increase to $40,696,939

2009-04-30

Ramallah - The Arab Islamic Bank convened its ordinary and extraordinary meeting on Tuesday, and approved at the extraordinary meeting to increase the bank"s capital up to $ 40,696,939. Nizam Ayoub opened the meeting by announcing the presence of (%77), and then called Yahya Alqadmani the Vice-Chairman of the Arab Islamic Bank to open the meeting, and the meeting has been launched by welcoming the companies observer shareholders and the representative of the Palestinian Monetary Authority Awni Ahmed, also welcomed the representative of the capital market authority Raed Abu Zarour and the representative of the Palestine Stock Exchange Ali Saleh.
Alqadmani who read out the annual report said that in spite of the financial crisis in the world and the difficult circumstances in the region and the Palestinian territories in particular, the bank managed to achieve remarkable results and showed a distinct financial indicators to achieve the net profit before tax amounted to $ 6.9 million for the year 2008 compared with $ 4.5 million for the year 2007 a growth rate (%53).
On the other hand, total deposits increased from $291 million to $360 million, an increase of $69 million or a growth rate of %23.
The general assembly listened to the auditor"s report of the Bank of Ernst & Young regarding the results of the bank for the financial year ended and there were no notes on it, which was approved by the public assembly.
At the end of the regular meeting Yahya Alqadmani concluded to announce an increase in capital to 40,696,939 dollars, through the approval to capitalize 2,303,600 dollars of the profits and distribute to shareholders as free shares per each contribution in accordance with the law.