GAZA CITY, Gaza Strip — The National Bank (TNB) announced April 17 the inauguration of the Dahiat al-Barid branch in al-Ram, northeast of Jerusalem, in a first for banks in Palestine since 1967 after the annexation of East Jerusalem to Israel. Hundreds of Palestinian customers residing in Jerusalem have been flocking to the branch to open bank accounts and have their banking transactions executed by a Palestinian bank.

TNB’s move encouraged two other banks to take the same step. The Bank of Palestine and the Bank of Jordan obtained approval by the Palestinian Monetary Authority (PMA) but are waiting for equipment requirements to be met to start operating in the city of Jerusalem. The opening of bank branches aims to facilitate banking operations with the Palestinian Jerusalemites living on the other side of the separation wall, in light of the difficulty of movement from Israel to the West Bank to reach Palestinian banks.

“Since the beginning of our work, we have been looking forward to serving the residents of Jerusalem. We obtained the initial approval from the PMA two years ago, but we encountered some hindrances and procedures that delayed the opening,” said TNB general manager Ahmad al-Haj Ali. He told Al-Monitor that TNB had to meet several conditions set by Israel concerning the entry of supplies and equipment in order to open its new branch.

“Last year we obtained the needed approvals and permits from Israel, mainly the license to work in premises suitable to be operated as a bank,” he added, pointing to the difficulty of obtaining permits for Palestinians to construct new buildings in Jerusalem amid strict Israeli procedures and obstacles.