Hamas opened INB in April 2009. Hamas officials provided $20 million of the initial capital.
While posing as a legitimate financial institution, INB is providing Hamas with a means to receive and store large amounts of smuggled cash to use at the organization’s discretion.
In May 2009, Hamas’s finance office in Gaza moved 1.1 million Euros to INB, with which it then paid the salaries of members of Hamas’s military wing who held accounts there.
Hamas has also opened thousands of accounts for its members at INB through which it pays salaries.
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