An agreement for partnership and cooperation between the “Bayt Mal Al-Quds Agency” and “Bank of Palestine”

In Ramallah, a framework agreement for partnership and cooperation was signed between the “Bayt Mal Al-Quds Al-Sharif Agency” and “Bank of Palestine”, in a number of development fields. The agreement was signed yesterday, Monday, by the director in charge of managing the “Bayt Mal Al-Quds Al-Sharif Agency,” Muhammad Salem Al-Sharqawi, and the Chairman of the Board of Directors of “Bank of Palestine,” Hashim Shawa, in the presence of the Moroccan ambassador to Palestine, Abdel Rahim Meziane.
Under the agreement, the “Bank” provides the “Wakala” with advisory services related to the investment and operation of the “Bayt Al-Mal Fund” deposits, by managing its investment in order to increase financial resources and enhance income. The “bank” also provides an e-commerce service for the “agency” through its website, allowing the agency to receive funds related to donations or sales of its platforms for Palestinian products displayed on the website. The agreement also provides for the cooperation of the two sides within the “Falestineya” program, which is part of the “Bank” programs, in order to organize joint activities to support Jerusalemite women, in addition to activating activities with a cultural and recreational dimension in the blessed month of Ramadan.
The agreement stipulates the cooperation of the Agency and the Bank to create financing tools for the benefit of the housing and tourism sectors, in order to achieve the principle of promoting economic development, including mobilizing financial resources from Arab and Islamic countries to guarantee loans to citizens and enhance their capabilities in the city of Jerusalem, in a way that achieves economic and social development.
The acting director, Muhammad Salem Al-Sharqawi, said, “This partnership translates the vision of the Beit Mal Al-Quds Agency for joint action in the next stage in serving the goals for which it was established, as the ideal tool for coordinating Arab and Islamic support directed to Jerusalem.” He stated that “the agency is working, in implementation of the instructions of King Mohammed VI, to select tangible social and economic projects, which will have a direct impact on the beneficiaries in the sectors of health, education, housing, youth, sports, culture, and social assistance projects.”
He referred to “the issue of funding and diversifying its sources, which makes the Agency responsible for searching for possible means and solutions to help it continue to perform its mission of serving Jerusalem and its stationed people.” He stressed, in this context, that «the Kingdom of Morocco bears sole responsibility for securing regular funding for the institution, both at the level of the management budget, which rose this year to 1.5 million dollars, and at the level of the project budget with which the Agency maintained an annual pace of completion ranging between 3.5 million And 4 million dollars.
For his part, the Chairman of the Board of Directors of Bank of Palestine, Hashem Shawa, praised the “vital role played by the Kingdom of Morocco in supporting the city of Jerusalem and its residents at the level of projects implemented by the Bayt Mal Al-Quds Al-Sharif Agency in the Holy City.” He expressed the bank’s readiness to “invest its expertise in the field of financing small and medium enterprises to keep pace with the agency’s work in this field, while taking care of income-generating projects that have an impact on youth and women.”