A word of warning: Al-Intaj Bank, which operates in the Palestinian Territory of Gaza, does not have a banking license from the Palestinian Monetary Authority. Apparently, the bank reportedly deliberately refrained from applying for one, because PMA-licensed banks, with retail facilities in Gaza, will not open accounts for certain Hamas-controlled entities; It opened this year.
Unfortunately, this also means that Al-Intaj has never been required to meet minimum capitalization requirements. it is not known how, or even if, the bank has established relationships with financial institutions abroad, but doing business with an unlicensed bank could have serious consequences regarding risk, and may itself violate either banking regulations in your country, or have an adverse effect on your insurance coverage. It is always prudent to avoid unlicensed entities, but in this case, where accounts for Hamas-controlled entities exist there, you want to be extremely careful to avoid any terrorist financing issues.
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