Palestinians opt for Islamic banking
Islamic banks operating in Palestine have experienced remarkable growth in the past decade compared to conventional banks.
GAZA CITY, Gaza Strip — Sumaya is standing in a line at a commercial bank in the Gaza Strip to ask about the possibility of applying for an Islamic loan with zero interest. She wants to buy a small apartment as an investment. Asked why she was looking into an Islamic loan, she said, “I have no intention of yielding to the exploitative gains of an interest-based loan. The money is more blessed when the Sharia is applied.”
Islamic banks in Palestine have been doing remarkably well over the past few years as a result of increased demand for their services. They have not only increased their market share of customers, but are also making more investments compared with their conventional, commercial competitors.
