IslamicFinance.de

The new Islamic National Bank is regarded as sign of divide between the Palestinians. The Palestinian Monethariy Authority refused the license, being the recognised body according to the Oslo agreement in 1993 and Paris economic agreement on 1994 between the Palestinians and Israelis. Alternatively the bank has sent its establishing papers to the Prime Minister's office in Gaza and they have given it authorisation to start banking activities in Gaza.

Unlike other banks, it has no global serial number (swift code) which makes it impossible to work with other banks around the world or even in the Palestinian territories. The main clientele of the bank are Gaza Government employees, approximately 31,000.