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Arab Financiers Create Bank in Palestine

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A new Arab bank has just been established here by a group of Arab financiers. It is known as the Ela Rabi Bank and its purpose is to provide credits to small merchants in the urban areas of Palestine. Though the bank has an authorized capital of $75,000, only $20,000 has been paid in thus far, and it is therefore expected that its limited funds will not enable it to carry on activities on a large scale.

The new Arab bank does not expect to give any credit to farmers. Among the Arab financiers who have helped to establish the new bank is Abdul Hamid Shamaan, who formerly lived in the United States and became an American citizen.

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