The Kuwait-linked Production Bank has been opened in Gaza Strip, kitted out with $20m in capital, local media has reported.
Kuwaiti businessman Riyadh al-Khuilfi will be the chairman of the bank’s new board of directors.
However, the launch has not been without its controversies.
The Palestinian Monetary Authority (PMA) has warned citizens to not deal with the bank due to a lack of licensing according to 1997 and 2010 PMA regulations.
“The PMA does not bear any responsibility for any losses that may arise from dealing” with Production, officials said.