IslamicFinance.de

A new Islamic bank will open in the Palestinian territories later this year. Al Safa Bank, founded locally, will be based in Ramallah, the seat of the Palestinian government in the Israeli-occupied West Bank. It will be capitalised at $75 million. Co-founder Abdel-Rahim Al-Hassan said the bank has already bought some 37 million shares, valued at $37 million, with another 38 million shares now on sale to the public. Al Safa will be the third bank in the West Bank to operate under Islamic law. The bank's services will include project-funding, foreign currency trading and real estate investment.