New bank opens in Gaza

Al-Intaj (production) Bank was inaugurated here on Monday with a capital of USD 20 million. Riyadh Al-Khulaifi, a Kuwaiti businessman and member of the International Islamic Fiqh Academy, is the chairman of the new bank board of directors. The opening ceremony was attended by Minister of Economy of the Palestinian government in Gaza Alaa Al-Refati, members of parliament and Palestinian and foreign businessmen and investors. Addressing the ceremony, Al-Refati underlined the significance of the bank to the Gaza Strip, which is the first of its kind in the region. "Its significance stems from the fact that the Israeli occupation is trying to make the Palestinian people just consumers of its goods and to make Palestinian territories a market for its products," he said. He said the bank was suggested by the Kuwaiti businessman Riyadh Al-Khulaifi, who sought to develop the deals of Islamic banks at both Arab and Muslim levels. He stressed the significance of the role of Islamic banks in the promotion of production and development. The Gaza official promised that he would give licenses to everyone wishing to contribute to the promotion of the private sector in Gaza in order to protect clients and investors and face unlicensed banks.