National Insurance Company and Bank of Palestine sign an agreement on Bancasssusrance

Mr. Muhammad Masrouji and Mr. Hashim Shawa during the signing of the Memorandum of Understanding


For the first time in Palestine, Bank of Palestine and National Insurance Company announced signing Bancasssurance agreement. The ceremony took place in the headquarter of the National Insurance Company (NIC), Al-Bireh city, with the presence of the chairman of NIC Mr. Mohammad Masrouji, the chairman of Bank of Palestine Mr. Hashim Shawa, the general manager of NIC Mr. Ahmad Musha’sha’, Mr. Khalil Khoury operation innovation manager, and Mr.Thaer Hamayel Head of Marketing and Public relations at Bank of Palestine.
This agreement came upon both company’s efforts in providing the best services to the society even within the economical and political turmoil the Palestinian society are living in. As per agreement, the Bank will be selling NIC’s products directly to customers of the bank, making the bank staff a point of sale for these products.
Mr. Mohammad Masrouji, the chairman of the NIC, pointed out that the agreement was made after discussing the idea with the management of the Bank and placing the correct building stones and agreeing on the main points of the agreements. In addition to the previous points, the agreement were made after obtaining the required approvals from Palestine Monetary Authority and the Insurance Department in the Palestinian Capital Market Authority. These points were to be fulfilled for paving the road to go forward with beginning bancassurence services. He added that the agreement is an obligation on both parties and that both should cooperate in implementing the items stated in the agreement in addition to the required training and programs and systems to be able to provide the best services for the bank’s customers and ensure the speed of the communication between all parties.
Mr. Masrouji clarified that the agreement has mutual benefits for both NIC, the Bank, BOP customers and NIC customers. This relation will provide numerous numbers of insurance products including vehicle insurance, house insurance, and travel insurance.
Mr. Hashem Al-Shawa, the chairman of Bank of Palestine, expressed his happiness that BOP is the first bank to make an agreement of this kind with NIC, which is considered to be one of largest insurance companies in Palestine. Mr. Shawa pointed out that this agreement is based on the bank’s vision to cooperate with other national institutions and companies, to provide new services to the society in general and the bank’s customers in particular through its 45 branches that are spread throughout the West Bank and Gaza.
Mr. Shawa also added that the bank strives since its establishment in 1960 to cooperate with different institutions from different sectors to provide Palestinians the facilities to save time, efforts and money. Moreover, insurance services that are going to be provided by the bank as per the agreement, will be at the highest quality and standards that customers may get from any insurance companies. This agreement has come in the time where the bank is celebrating the GOLDEN Jubilee in the occasion of 50 years of the establishment of the bank under the slogan “50 years of building”. This is an attempt to confirm the bank’s important and major role in the process of building and development.


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