send to a friend by email

PSE and the Palestinian Islamic Bank agree to speed up the procedures for the bank's shares listing in the market

2009-06-18

Ramallah - Palestine Securities Exchange and the Palestinian Islamic Bank agreed to speed up the procedures for the bank"s shares listing in preparation for the start of trading in the market. This came during a meeting held at the headquarters of the PSE  representation in the city of Ramallah, in which each of the Chief Executive Ahmad Aweida and Mohamed Hegaz the director of the companies affairs department, and Khaled Hamdan the director of the CDS department in addition to the Palestinian Islamic bank"s regional director of the West Bank Emad Al- Saadi, and the director of the finance department Basem Bawatmeh, and Jamal Mulhim the CEO of Talal Abu-Ghazaleh, as the company in charge of the follow-up the issuance requirements of the bank. Aweida expressed during the meeting his welcome of the willingness of the Palestinian Islamic bank market to list its shares to start trading, stressing out the importance of the listing of non listed shareholding companies that are not listed so far as it represents a support of the national economy and strengthening the role of the Palestinian capital market, noting that; the listing is a legal requirement stipulated in the legislation, laws and regulations in force. He also presented a detailed description of the conditions and procedures for shares listing and trading, and disclosure requirements of the financial and non-financial statements that have impact on the securities. From his side, Emad Al-Saadi, the director of the regional branches of the West Bank of the Palestinian Islamic Bank stressed the importance of the listing of the bank"s shares to be traded in the Palestine Securities Exchange, referring to the expected positive implications of the shareholders, especially with the Bank"s policy to respond to the PSE policy in promotion the principles of disclosure, transparency and integrity. It is worth to mention that with the completion of procedures for the listing of the Palestinian Islamic Bank shares, it will be the first listing of this year, bringing the number of companies contributing to Palestine Securities Exchange to 38 public shareholding companies. It should be noted that the Palestinian Islamic bank was founded on November 2005, and take the city of Ramallah a headquarter for its  public administration.