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Palestine Islamic Bank review

Updated September 28, 2026 · SumCue Editorial Team · Facts checked September 26, 2026

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Our verdict

Palestine Islamic Bank suits savers in Palestine who want an easy-access, multi-currency account with no monthly charge. The yield is variable, so returns move with the market, and the account sits with a bank regulated by the Palestine Monetary Authority.

Key facts

Best for
Flexible multi-currency saving in Palestine with no monthly fee.
Rate type
Variable↗
Term
up to 84 months↗
Access terms
On-demand savings account: deposits and cash withdrawals at any time, yield calculated on average daily balance, multi-currency, age 18+ (minors via legal guardian)↗
Monthly fee
$0↗
Account kind
Easy access↗
Legal entity
Palestine Islamic Bank PLC↗
Headquarters
Palestine↗
Founded
1995↗
Support channels
Email, Chat, Phone, Help-centre↗
Pricing model
No monthly fee
Official website
islamicbank.ps

Loans

Loan amount
up to $80,000↗
Credit check
Hard↗
Lender type
Direct lender↗
Free early repayment
No↗
Loan types
Personal, Car, Student, Secured, Business↗

Credit cards

Card kind
Credit↗

Facts checked September 26, 2026, 8 sources

Apps and profiles

Elsewhere
WikidataLinkedInfacebook.com

Pros and cons

Pros

  • No monthly charge on the savings account, so keeping the balance costs nothing in account fees
  • Withdrawals and deposits at any time, with the yield worked out on the average daily balance
  • Support runs through email, chat and phone
  • Lends directly, covering personal, car, student, secured and business lending

Cons

  • The rate is variable, so the return can fall as well as rise
  • Free early repayment is not offered, so settling a loan early carries a charge
  • Car finance runs to a term of up to 84, the longest borrowing term listed
Palestine Islamic Bank

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Scored 9.3 / 10 by SumCue.

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Who it suits

  • Adults saving in several currencies who want access whenever they need it
  • Residents of Palestine banking with an established Islamic bank
  • Borrowers looking for personal, car, student, secured or business finance in dollars

Who should look elsewhere

  • Anyone wanting a fixed return, since the rate is variable while the listed alternatives are fixed
  • Savers able to lock money away, as notice and fixed accounts are thin in the savings set
  • Borrowers planning to settle a loan early without a charge

Rates and card terms

The savings yield is variable, so the return follows market moves rather than staying locked. A variable rate suits savers who might need the money at short notice, and less well those chasing a guaranteed figure. The bank also lends directly for cars and other purposes, and car finance runs to a term of up to 84. Its card is a credit card, and borrowing decisions use a hard credit check.

How Palestine Islamic Bank compares

Where Palestine Islamic Bank is available

Available
Palestine
Licence in Palestine
Palestine Monetary Authority, checked September 26, 2026

Countries from the brand (Source, checked September 26, 2026)

Frequently asked questions

What does the Palestine Islamic Bank savings account cost to run?+

There is no monthly charge on the account, and the fee is listed as $0 in dollars. The bank describes the account as a no monthly fee product, so the balance can sit there without an account fee eating into the yield.

Is the savings rate fixed or variable?+

It is variable, which means the return can move up or down as conditions change. That suits savers who value access to their money more than a locked rate, and suits them less if they want certainty.

Who regulates Palestine Islamic Bank?+

The bank is supervised by the Palestine Monetary Authority in Palestine, where the banking group is headquartered. It has operated as Palestine Islamic Bank PLC since 1995, lending directly rather than through a broker.

Can I withdraw money at any time?+

Yes. The account is easy access, so deposits and cash withdrawals can happen at any time, and the yield is calculated on your average daily balance. That average balance method means the money you keep in the account all month is what earns the return.

What currencies can I hold in the account?+

The account is multi-currency, so you can hold deposits in more than one currency. That makes it a practical home for money you receive in different currencies rather than converting to a single one.

What kinds of loans does the bank offer?+

It lends directly across several purposes, including personal, car, student, secured and business lending. Car finance runs to a term of up to 84, and applications use a hard credit check, so a record affects what you are offered.

Can I repay a loan early without a charge?+

Free early repayment is not offered, so there is a cost attached to clearing borrowing sooner than agreed. Plan the repayments around the full term rather than expecting to exit early at no cost.

How do I get help with the account?+

Support runs on email, chat and phone, so you can reach the bank by email, chat, phone or the help centre. Pick whichever suits you, though the bank is a single market operation rather than a global network.

Sources

Compiled from 9 source pages, checked September 26, 2026. We did not open an account.

Not confirmed yet: Headline rate, Minimum deposit, Deposit protection.

Palestine Islamic Bank

Palestine Islamic Bank

Flexible multi-currency saving in Palestine with no monthly fee.

9.3/10See alternatives