Already struggling to cope with an ongoing political crisis, the Palestinian economy has been severely battered over the years and things took a turn for the worse when the coronavirus pandemic delivered its blow. But this has not stopped Palestine Islamic Bank (PIB) from soldiering on to support its operations, and the national economy, with a new digital experience for its customers.
Already looking at mobilizing resources to upgrade its digital and technological infrastructure, PIB recently partnered with the territories’ first licensed e-wallet service provider, Jawwal Pay. Regulated by the Palestine Monetary Authority, Jawwal Pay will enable the customers of the Islamic bank to transact digitally including placing and withdrawing deposits and making payments online. Conversely, the users of Jawwal Pay also have the option to make deposit-related transactions through PIB under this agreement.
Ibrahim Khammash, the general manager of Jawwal Pay, revealed that the company is working on building more partnerships with other ecosystem players to increase the level of cashless transactions in Palestine.
The cooperation between PIB and Jawwal Pay builds upon an existing relationship between the two entities: PIB provides banking services to Jawwal Pay, supporting the company and its merchants.