The Hamas de facto cabinet in Gaza has for the first time approved the establishment of a new bank in the Gaza strip. The Islamic National Bank is to be chaired by Ala al-Rafati. According to Rafati, the bank has no factional affiliation.
The bank is not accepted by the Palestine Monetary Authority (PMA) in Ramallah, which registers and regulates established bank, and the institution may have to function without access to funds in the West Bank or the global banking system.
Read: Reuters Alertnet, “Hamas approves first Gaza bank under its authority,” 16 Dec 2008, http://www.alertnet.org/thenews/newsdesk/LG129222.htm.
Read: Maan News, “Hamas to open first Gaza bank in defiance of PA, Israel,” 17 December 2008, http://maannews.net/en/index.php?opr=ShowDetails&ID=34021