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Israeli banks have informed Palestinian financial institutions that they plan to end key banking services within the coming weeks, a move that has sparked concerns about serious economic disruption in the occupied West Bank. Officials on both sides say the decision could affect trade, salaries, and the daily financial operations that rely on cooperation between the two banking systems. The banking relationship allows Palestinian institutions to process transactions in Israeli shekels, the currency widely used in the Palestinian territories. These services are essential for paying for electricity, water, fuel, food imports, and other goods purchased from Israel. They also help transfer wages earned by thousands of Palestinians employed in Israel. According to Palestinian banking officials, five local banks that depend on Israel’s Bank Hapoalim for correspondent banking services have been told those arrangements will end on August 13. Other Palestinian banks that work through Discount Bank have reportedly been informed that their services will stop on September 1 unless a solution is reached. Israel’s Finance Ministry confirmed that both banks had announced plans to discontinue their correspondent banking services. The ministry said the decision reflects increasing legal and financial risks faced by Israeli banks while handling transactions for Palestinian institutions. In a statement, the ministry said it is holding discussions with the banks to find a way to continue these services while protecting Israel’s economic and security interests. Officials are exploring options that would allow financial cooperation to continue under conditions that reduce legal exposure for the banks involved. The banking arrangements have long depended on a government backed legal guarantee that shields Israeli banks from liability related to transactions carried out on behalf of Palestinian financial institutions. This protection is renewed every six months by the Israeli government. However, banking officials say commercial lenders no longer believe the existing guarantees provide enough protection. They argue that the risks of possible money laundering claims or allegations linked to terrorist financing have increased over time. According to one Israeli banking official, the banks believe the responsibility should now be taken over directly by the government instead of remaining with private financial institutions. Discount Bank confirmed that it had informed Israeli authorities of its concerns regarding the growing risks associated with these services. The bank said it has a responsibility to protect its depositors and shareholders while operating within an increasingly complex legal environment. Bank Hapoalim said the issue remains under review and did not provide further details. Economic experts warn that ending these banking links could have serious consequences for the Palestinian economy. Without access to correspondent banking services, businesses and individuals may be forced to rely more heavily on cash transactions. That shift could weaken the formal banking sector, reduce financial transparency, and encourage the growth of an informal economy. The decision could also place additional pressure on the Palestinian Authority, which already faces severe financial difficulties. The Authority depends heavily on local banks to finance public sector salaries and cover budget shortfalls. Financial analysts warn that if banks lose access to essential payment systems, the government’s ability to meet its financial obligations could be significantly weakened. A Palestinian businessman with close connections to the banking sector said the stability of local banks is closely tied to the stability of the Palestinian Authority. He warned that serious disruption to the banking system could have wider political and economic consequences across the West Bank. The latest development comes as the Palestinian Authority continues to struggle with reduced revenues after Israel suspended the transfer of customs and tax funds collected on its behalf. Those funds account for around two thirds of the Authority’s income, leaving its finances under increasing strain. Unless an agreement is reached soon, officials fear the planned banking cutoff could deepen the economic challenges already facing Palestinians in the occupied territory.

Pakistani American physician and human rights advocate Dr Asif Mahmood has been unanimously elected as chair of the US Commission on International Religious Freedom, becoming the first South Asian to lead the independent bipartisan body. Dr Mahmood, who previously served as the commission’s vice chair, described his election as a great honour and reflected on his journey from a small village in Pakistan to leading one of the world’s leading organisations focused on protecting freedom of religion and belief. In his acceptance remarks, he said he remains committed to defending the rights of people from all religious backgrounds as well as those who do not follow any faith. He expressed hope for a world where religious freedom, human dignity and peaceful coexistence are respected and protected. His appointment follows his reappointment to the commission for a second term in May 2026, extending his service until 2028. Earlier this year, he noted that he was the first Pakistani, the first Muslim and the first Asian American to serve consecutive terms on the commission. The US Commission on International Religious Freedom was established in 1998 under legislation signed by former President Bill Clinton. It serves as an independent advisory body that monitors religious freedom around the world and provides policy recommendations to the White House, the US State Department and Congress. The commission is made up of nine members appointed by the US president and congressional leaders from both major political parties. Dr Mahmood was reappointed by House Minority Leader Hakeem Jeffries and now succeeds former congresswoman Vicky Hartzler as chair. Political observers have described his election as significant because of his Democratic Party affiliation despite receiving his latest appointment during the Trump administration. His leadership is expected to draw international attention, particularly because of his work on religious freedom issues in South Asia. Dr Mahmood has played a leading role in preparing reports examining allegations of religious freedom violations in India. He has publicly called for greater international scrutiny of the treatment of religious minorities and urged the United States to consider stronger measures in response to concerns raised by the commission. The commission has also recommended that US officials seek independent assessments of religious freedom conditions in India and consider targeted measures against individuals or organisations found responsible for serious violations. Those recommendations have generated considerable debate and have been strongly rejected by Indian authorities in the past. Beyond his work on religious freedom, Dr Mahmood has remained active in public service and politics. In 2022, he contested California’s 40th Congressional District as the Democratic candidate but was defeated by Republican incumbent Young Kim. Earlier, he also ran for California Insurance Commissioner and received hundreds of thousands of votes. A native of Kharian in Pakistan’s Punjab province, Dr Mahmood completed his medical education at Sindh Medical College before moving to the United States. He later completed his medical training at the University of Kentucky Medical Center and pursued a fellowship in pulmonary medicine at Harlem Hospital, which is affiliated with Columbia University. He currently serves on the Medical Board of California after being appointed by Governor Gavin Newsom in 2023. Over the years, he has also worked with several humanitarian and community organisations and has received recognition for providing free medical care to patients who could not afford treatment. His election as chair marks another milestone in a career that combines medicine, public service and advocacy for human rights.