The militant Palestinian group Hamas that rules Gaza is establishing its first bank to serve thousands of its employees, the bank's director said on Wednesday, a blow against an international boycott.
Israel, the United States and the European Union list Hamas as a terror group and boycott it from using banks linked to international financial systems.
The new bank, which is scheduled to open next month, is expected to partially resolve banking problems facing Hamas in governing the Gaza Strip.
The establishment of the bank also highlights the extent of Hamas' power in Gaza.
The board of the National Islamic Bank is raising $20 million (Dh73.46) in capital by selling shares valued at one dollar each. They have raised one-third of the total so far and will have about 6,000 customers when their first branch opens, said Alaa Al Deen Rafati, the director of the bank's board.
The bank's first customers will be Hamas government employees, who will receive their May salaries through the bank, Rafati said.
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