IslamicFinance.de

FNB and Al Baraka Bank froze the bank accounts of Al Aqsa Foundation after it was added to the US Department of Treasury's Office of Foreign Assets Control list. According to the US departments website Al Aqsa funnels money collected for charitable purposes to Hamas terrorists. However, foundation spokesman Melissa Hoole denied ties to that organisation. Al Baraka had since agreed to allow some activity in the account.

The banking facilities of the Al Aqsa Foundation with two banks in South Africa have been recently suspended. Even though the foundation is registered with the South African government as a bona fide charity, it is suspected by the US government to be covertly funnelling funds to Hamas. First National Bank (FNB) gave a notice to the foundation three months in advance before completely shutting its account. The move encountered rather negative reception from the South African Muslim community. It was even called for a boycott of FNB. There have been further discussions on the reasons to close the account and the relations between the bank and the US government.