|10-26-2014, 05:00 PM||#1|
Arab Bank begins appeal procedures against Hamas finance verdict
Jordan’s Arab Bank Group announced on Sunday it had begun preliminary legal actions to submit an appeal to a U.S. jury ruling that found the bank liable for financing Hamas, an Islamic militant group.
U.S. jury found the bank liable for giving material support for Hamas, and ordered a compensation for victims of more than 20 attacks attributed to Hamas in Palestinian territories and in Israel.
The civil case brought against the Group was the first of its kind to reach trial, according to lawyers.
The Arab Bank said the appeal will start in over a year.
The Group’s chairman Sabih Masrii said the verdict was unjust and exposed the bank and other banks to “enormous liability” for just providing routine services, adding that the bank is preparing an appeal case against the ruling.
The bank has a regional reputation of conservative banking methods and risk evasion. The Arab Bank has been named The Best Bank in the Middle East by Global Finance.
Also, the bank is financial strong with a solid level of liquidity and capitalization. It is also known for its appeal to capitalism more than profitability, with a prudent low-risk strategy.
The bank reported earlier today a 10% increase in the nine months-ended September 30.
The compensation ensued by the civil case will greatly harm the bank’s finances, not to mention the effect on the bank’s global reputation.
The Arab Bank Group is the main pillar of Jordan’s financial system, with a balance sheet of $46.4 billion, which is nearly 150% of Jordan’s gross domestic product.
The bank’s shares climbed 0.7% following the appeal announcement and the earnings report on Sunday’s trading session on the Amman Stock Exchange.
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