PIF is governed by its by-laws, and the Companies’ Law applicable for all matters that were not stipulated in the by-laws.
PIF adopts several measures to strengthen its governance, that are built on principles of integrity, transparency, and separation of powers, that were developed in cooperation with the relevant international companies according to the highest international standards, criteria and best practices. A number of policy manuals have been developed and constitute the reference documents for the implementation of measures and regulations under the various business operations. These are regularly reviewed and updated.
Full member of the International Forum for Sovereign Wealth Funds
PIF became a member in the International Forum for Sovereign Wealth Funds since 2016. PIF represents Palestine in this international forum due to the ongoing efforts to align its business operations with the effective principles endorsed by the forum that are known as ‘Santiago Principles’ that were developed under the auspices and support of the IMF.
Full membership in the International Network for Impact Investment
PIF has joined the International Network for Impact Investment that includes investment institutions and funds that contribute to financing the most difficult and challenging solutions in the world through the development of vital infrastructure, strategic projects, as well as education and research sectors that help accelerate the process of developing impact investment.
Board of Directors
Mr. Iyad Joudeh
Chairman of the Board
Mr. Judah is the founder and General Manager of Development Solutions
Consulting, a specialized consultancy company in the field of economic
development. He possesses over 30 years of diverse experience in private-sector
development and business strategies. Mr. Judah has previously served as a
board member of the Palestinian Monetary Authority and is currently a member of
the Board of Trustees of Birzeit University.
On April 15, 2024, a presidential decree was issued to reconstitute PIF’s Board of Directors and appoint Mr. Iyad Joudeh as Chairman of the Board.
Mr. Maher Al Masri
Board Member
Chairman of the Palestine Stock Exchange, as well as Chairman of the Board of Directors of the Palestine Islamic Bank. Mr. Masri is the former Minister of National Economy and has led several economic enterprises and institutions as chairman as well as on the board of directors. He holds a master’s Degree in Economics from the American University of Beirut.
Dr. Mohammad Nasr
Board Member
Associate Professor of Economics at Birzeit University and Chairman of the Board of Directors of Amaar, where he represents PIF. Dr. Nasr is also a member of the board of trustees and the research advisors group at the Palestine Economic Policy Research Institute (MAS). He holds a PhD in Economics from Ohio University and MBA from Wayne State University.
Mr. Mohammad Abu Ramadan
Board Member
Chairman of the Board of Directors of Wataniya Mobile, where he represents PIF. Mr. Abu Ramadan is the former Minister of Planning and Administrative Development. He is also member of the boards of directors of several companies and economic institutions. He holds a bachelor’s degree in business administration from Syracuse University.
Mrs. Lana Abu Hijleh
Board Member
Expert on local and international development and civil society. Mrs. Abu Hiljeh is currently the Director General of Global Communities in the West Bank and Gaza Strip, a position she has held since 2003. She previously served as Assistant Resident Representative for UNDP. She serves on the boards of many organizations in Palestine.
Mr. Tamer Bazzari
Board Member
Founder and CEO of Genero Capital and former CEO for Rasmala Investment Bank. Mr. Bazzari has held positions in the Dubai Financial Market, Ernst & Young in the UAE, and Deloitte in Canada. He serves on the boards of several leading financial and business enterprises in the Gulf. Bazzari obtained his postgraduate degree in Accounting from Concordia University, Canada, and is a chartered accountant and chartered financial analyst.
Mr. Ali Abu Diak
Board Member
Advocate and legal consultant, Mr. Abu Diak is the former minister of justice, former secretary general of the cabinet, and the former head of the fatwa and legislation bureau with the rank of Supreme Court judge. He holds a bachelor Degree in Law, from Applied Science University in Jordan and a master’s degree in Law from Birzeit University in Palestine.
Dr. Atef Alawneh
Board Member
Dr. Alawneh holds a Ph.D. in Public Finance and Banking from Ludwig Maximilian University of Munich 1983. A master’s degree in both economics and political science from the same university, previously held several positions such as:
Professor of economics at many universities in Palestine 1983 to date
Head of Al-Quds Open University in Ramallah, 1991-1994
Deputy at the Ministry of Finance 1994-2005
Founder and General Manager of the Palestine Capital Market Authority 2005-2009
Chairman of the Board of Directors of the Arab Islamic Bank, 2016-2021
Special Adviser to the Board of Directors of Bank of Palestine 2009-2014
Dr. Feras Milhem
Board Member
Feras Milhem is a PhD. holder of Law from the Vrije University Brussel in 2004, he got his master’s degree from Birzeit University at Commercial Law. He got his first degree in law from Fez-Morocco. He is a member of the Palestinian Bar Association.
He has gained in-depth experience in his field; he has served as the team leader of the Rule of Law (Justice and Security) in the office of the Quartet for more than seven years, also has been in charge of the Economic Relationship portfolio.
He was responsible of the Palestine Monetary Authority Ombudsperson Office, and was a member of its board of directors. He was an expert in judicial training in the Attorney-General’s Office through the United Nations Office of Project Services (UNOPS), and served for three years as Deputy Head of the Law Team and a key expert within the European Union-funded Palestinian Justice Project to strengthen the Palestinian Judiciary.
For nearly eighteen years, Dr. Milhem has worked as a researcher and consultant on several legal and economic projects. Dr. Milhem was a lecturer at Birzeit University Law School. He has also contributed to several studies, including with the MAS Institute.
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Board Committees
PIF’s Board of Directors includes four permanent committees that are comprised of board members in line with the Fund’s
bylaws and the governance manual. These committees are:
Investment Committee
Regularly reviews investment proposals and the performance of PIF and its subsidiaries, ensuring investments are made in sound, strategic sectors with acceptable returns and economic and development impact.
Audit Committee
Reviews outputs and results of the internal and external audits of PIF and its subsidiaries to ensure the transparency of financial statements and operations.
Governance and Nominations Committee
In charge of supervising and reviewing procedures and decisions related to governance in PIF and its subsidiaries, in addition to nominations for membership in the Boards of Directors representing PIF where applicable.
Human Resources Committee
Reviews PIF and subsidiaries’ human resources policies including determining the salary and benefits of the General Manager and the salary scale and policies for PIF staff.
PIF is subject to internal and external audit
General Assembly
PIF’s General Assembly is comprised of 30 individuals including members of the Board of Directors, from different backgrounds and specializations, including a range of public, private, and civil society organizations who represent the shareholders. Members of the General Assembly are appointed upon a decree of the President of the State of Palestine according to the by-laws.
The General Assembly members do not receive any financial remuneration for their work and membership.
The General Assembly meets periodically, where the ordinary annual meeting is held every year in the presence of the companies’ controller. A detailed press release of the meeting and its results is published immediately after the meeting.
A full list of the current General Assembly is below:
Chairman and board members of PIF
Chairman of the Private Sector Coordination Council
Representative of the Court of the Presidency
Representative of the Board of Directors of the Women’s Business Forum
Dr. Ola Awad
Mr. Ahed Bseiso
Mrs. Hind Khoury
Mr. Abdulkader Alhusseini
Dr. Safa’ Nasr Al Deen
Dr. Ziad Al Bandak
Eng. Mazen Karam
Dr. Basheer Zuhair Al Rais
Eng. Mazen Sinokrot
Mr. Alaa’ Alaa’ El Deen
Mrs. Rola Al Shonnar
Mr. Nassar Ali Nassar
Dr. Samah Abu Oun Hamad
Dr. Suheil Sultan
Ms Hanan Taha- Rayyan
Dr. Dawood Al Qawassmi
Ms Rasha Qawasmi
Mr Ayed Abu Ramadan
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