Palestine Islamic Bank review
Updated September 28, 2026 · VaultCue Editorial Team · Facts checked September 26, 2026
We earn a commission when you sign up through links on this site. Partner status can affect where a brand appears in our rankings. Partners with a live offer in your country come first, then every other brand by score.
Our verdict
Palestine Islamic Bank gives adults in Palestine an on-demand Islamic savings account with no monthly charge, holding 4 currencies. It suits savers who need local IBAN details and cash access at any time, though a long currency list is out of reach.
Key facts
- Best for
- Adults in Palestine who want an easy-access Islamic savings account with no monthly charge and local IBAN details.
- Monthly fee
- $0↗
- Currencies
- 4↗
- Local account details
- IBAN↗
- Transfer fee
- Branch to other PIB branches USD 2, free through e-channels; RTGS to other banks in Palestine USD 3 up to USD 3,000, USD 4 to USD 10,000, USD 6 to USD 100,000, USD 12 to USD 200,000, 0.006% capped at USD 50 above; abroad USD 7 up to USD 10,000, USD 15 to USD 20,000, USD 30 to USD 75,000, 0.04% capped at USD 200; incoming from abroad USD 2 up to USD 5,000, USD 4 above↗
- 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
Savings
- Rate type
- Variable↗
- 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)↗
- Account kind
- Easy access↗
Facts checked September 26, 2026, 5 sources
Apps and profiles
- Elsewhere
- WikidataLinkedInfacebook.com
Pros and cons
Pros
- Deposits and cash withdrawals at any time, with the yield worked out on the average daily balance.
- No monthly charge on the savings account, listed under no monthly fee.
- Local account details run on IBAN, listed as iban for receiving payments.
- Support covers email, chat and phone for account questions.
Cons
- The currency list is short at 4, against 24 at PayPal Colombia.
- The rate is variable, so the return can move while the balance stays available.
- Branch transfers to other PIB branches are charged, with the free route running through the bank's e-channels.
Who it suits
- Adults in Palestine who want an Islamic savings account they can draw on at any time.
- Savers who want a monthly charge of $0 on the account they hold.
- Households that need local IBAN details to receive payments rather than a multi-market wallet.
Who should look elsewhere
- Readers who need a long currency list: PayPal Colombia offers 24 against 4 here.
- Anyone holding a balance outside Palestine: Skrill and eToro list monthly fees of €0 and £0 for other markets.
Fees and currency costs
Palestine Islamic Bank charges a monthly fee of $0 on the savings account, so holding it costs nothing each month. Transfers are the cost to watch: sending money to other PIB branches over the counter is charged, while the same move through the bank's e-channels is free. RTGS to other banks in Palestine, payments abroad and incoming transfers from abroad are charged on rising tiers, and the abroad tiers are the steepest.
How Palestine Islamic Bank compares
9.2 vs 8.7
9.2 vs 8.6
9.2 vs 8.0
9.2 vs 8.9A monthly fee of £0 for readers who want a no-charge monthly balance outside the local market.
9.2 vs 9.1
9.2 vs 9.2
9.2 vs 8.7
9.2 vs 8.7
9.2 vs 8.7
9.2 vs 9.0A monthly fee of €0 suits readers who bank outside Palestine rather than through a local IBAN.
9.2 vs 8.7
9.2 vs 9.5
9.2 vs 9.4
9.2 vs 9.3
9.2 vs 9.2
9.2 vs 9.2
9.2 vs 9.2
9.2 vs 9.2
9.2 vs 9.2
9.2 vs 9.2
9.2 vs 9.1
9.2 vs 9.0
9.2 vs 9.0
9.2 vs 8.9
9.2 vs 8.9- 9.2 vs 8.9
9.2 vs 8.7
9.2 vs 8.5
9.2 vs 8.5
9.2 vs 8.5
9.2 vs 8.4
9.2 vs 8.3
9.2 vs 8.2
9.2 vs 8.1- 9.2 vs 8.1
9.2 vs 8.0
9.2 vs 8.0
9.2 vs 8.0
9.2 vs 9.1
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
How much does the Palestine Islamic Bank savings account cost to hold?+
The monthly fee is $0 on the savings account, so nothing leaves the balance for keeping it open. The charges sit on transfers: a branch transfer to another PIB branch is charged, while the same payment through the bank's e-channels is free.
Can I withdraw cash from the account whenever I want?+
Yes. The savings account runs on demand, so deposits and cash withdrawals happen at any time, and the yield is worked out on the average daily balance rather than a locked end figure. It is listed as an easy access account.
What rate does the account pay?+
The rate is variable, so it moves with the bank's pricing rather than sitting still for a set period. Because the account is on demand, there is no fixed term to serve, and the return follows the average daily balance you keep.
How many currencies can the account hold?+
The account covers 4 currencies, and the bank is multi-currency, which is modest against wider platforms such as PayPal Colombia at 24. For local saving in Palestine that is workable, though thin for a multi-market wallet.
Who regulates Palestine Islamic Bank?+
The bank is supervised by the Palestine Monetary Authority in Palestine, and the legal entity behind the savings account is Palestine Islamic Bank PLC. The provider has operated since 1995 and keeps its headquarters in Palestine.
How do I reach someone about the account?+
Support runs on email, chat and phone, so help is available by email, chat, phone and a help centre. The savings account is aimed at adults, and minors can be set up through a legal guardian.
Can I receive payments to the account?+
Local account details are in IBAN format, listed as iban, so incoming domestic payments can go straight to the account. Incoming transfers from abroad are charged on a tiered scale rather than being free, so the cost depends on the amount arriving.
Is this account suited to saving for a fixed period?+
Not really. The account is listed as easy access, with money available at any time, so it suits a rainy-day pot rather than a locked deposit. A fixed-term product would hold the balance for a set period and fix the return, which this account does not do.
Sources
- islamicbank.ps/en/About%20/corporate-governance/supervisi... checked September 26, 2026
Backs: Licences
- islamicbank.ps/en/About%20/overview/pib checked September 26, 2026
Backs: Founded, Legal entity
“Palestine Islamic Bank PLC (PIB) was established in 1995”
- islamicbank.ps/en/contact-us checked September 26, 2026
Backs: Headquarters, Support channels
“Our Headquarter ... 55 Al Jihad Street, Al Masyoon, Ramallah, West Bank”
- islamicbank.ps/en/personal/accounts/saving checked September 26, 2026
Backs: Access terms, Account kind, Pricing model, Monthly fee, Rate type
“Our Savings Account is a personal deposit on-demand account ... allows deposits and cash withdrawals ... Be 18 years old or over; minors can open an account in their name under the supervision of...”
- islamicbank.ps/en/personal/services/fees checked September 26, 2026
Backs: Transfer fee
“Transfer made to branches of other banks abroad, for transfers of less than or equal to USD 10,000 ... 7 USD”
- islamicbank.ps/en/personal/services/iban checked September 26, 2026
Backs: Currencies, Local account details
“Account Number ... Currency USD JOD NIS EUR”
Compiled from 6 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Licence type, Deposit protection, Currency conversion fee.
Palestine Islamic Bank
Adults in Palestine who want an easy-access Islamic savings account with no monthly charge and local IBAN details.