Safa Bank Holds Its Ordinary and Extraordinary General Assembly Meeting for 2024

Ramallah – Wednesday, June 18, 2025

Safa Bank held its Ordinary and Extraordinary General Assembly meeting for the year 2024 on Wednesday, June 18, 2025, at the Bank’s headquarters in Ramallah, with an attendance rate of 68% in person.

The meeting was attended by the Chairman of the Board of Directors, Mr. Yazeed Adnan Al-Mufti, Vice Chairman of the Board H.E. Mr. Mohammad Kamal Hassouneh, and the representative of the Sharia Supervisory Board, Dr. Suhail Al-Ahmad, who joined via Zoom. Also present were several members of the Board of Directors, the General Manager Mr. Bayan Qassem and the executive management team, Mr. Bilal Kataneh representing the Companies Controller, Ms. Ameera Al-Hussein representing the Palestine Monetary Authority, Mr. Murad Al-Jadba representing the Palestine Capital Market Authority, Mr. Abdul Karim Mahmoud from the external auditor Ernst & Young, and Legal Advisor Mr. Muhannad Assaf, along with shareholders of the bank.

The meeting opened with a speech by the Chairman of the Board, in which he welcomed the attendees and reviewed the Bank’s key achievements during the fiscal year ending December 31, 2024. He emphasized that despite the difficult economic challenges in Palestine, Safa Bank managed to maintain its financial stability and continue developing its digital banking services in accordance with Islamic Sharia principles.

Mr. Al-Mufti highlighted the Bank’s significant progress in its digital transformation journey, including the launch of its electronic wallet and the Islamic covered credit card (Safa Credit Card), along with the enhancement of electronic payment and digital financing services. These advancements reflect the Bank’s ambitious vision to promote financial inclusion and meet the needs of its clients with efficiency and innovation.

Regarding financial performance, Mr. Al-Mufti explained that Safa Bank, like other financial institutions, was affected by the overall economic downturn, leading to a 17% decline in assets, a 30% drop in the financing portfolio, and an 18% decrease in deposits. Nevertheless, the Bank succeeded in maintaining a strong capital adequacy ratio of 24%, enabling it to receive an unqualified audit report.

On the topic of governance, the Chairman affirmed the Bank’s commitment to regularly evaluating the performance of the Board of Directors and its committees, while fully adhering to Islamic Sharia principles and the resolutions of the Sharia Supervisory Board.

The meeting included the discussion and approval of the items on the agenda of the Ordinary General Assembly, which covered the ratification of the Board of Directors’ report for the fiscal year 2024, as well as the reports of the Sharia Supervisory Board and the external auditor. The financial statements for the year ending December 31, 2024, were approved, the Board members were discharged of liability, a new Board of Directors was elected, and an external auditor for 2025 was appointed with authorization granted to the Board to determine their fees.

As for the Extraordinary General Assembly proceedings, the meeting approved the policy on rewards, allowances, and incentives for the Board of Directors, in addition to approving the incentives and rewards policy for employees and the executive management team.

In conclusion, the Chairman affirmed that Safa Bank will continue to pursue its strategy aimed at strengthening its position as a leading Islamic digital bank in Palestine while maintaining its commitment to serving the local community and contributing to economic development.

Shareholders and interested parties may access the full annual report and financial statements by visiting the Bank’s website:

www.safabank.ps