section_path: Organization/Finances and funding
section_name: Finances and funding
paragraph_text: Finances and funding
  
  Hamas, like its predecessor the Muslim Brotherhood, assumed the administration of Gaza's waqf properties, endowments which extend over 10% of all real estate in the Gaza Strip, with 2,000 acres of agricultural land held in religious trusts, together with numerous shops, rentable apartments and public buildings.
  
  In the first five years of the 1st Intifada, the Gaza economy, 50% of which depended on external sources of income, plummeted by 30–50% as Israel closed its labour market and remittances from the Palestinian expatriates in the Gulf countries dried up following the 1991–1992 Gulf War. At the 1993 Philadelphia conference, Hamas leaders' statements indicated that they read George H. W. Bush 's outline of a New World Order as embodying a tacit aim to destroy Islam, and that therefore funding should focus on enhancing the Islamic roots of Palestinian society and promoting jihad, which also means zeal for social justice, in the occupied territories. Hamas became particularly fastidious about maintaining separate resourcing for its respective branches of activity—military, political and social services. It has had a holding company in East Jerusalem (Beit al-Mal), a 20% stake in Al Aqsa International Bank which served as its financial arm, the Sunuqrut Global Group and al-Ajouli money-changing firm.
  
  By 2011, Hamas's budget, calculated to be roughly US$70 million, derived even more substantially (85%) from foreign, rather than internal Palestinian, sources. Only two Israeli-Palestinian sources figure in a list seized in 2004, while the other contributors were donor bodies located in Jordan, Qatar, Kuwait, Saudi Arabia, Britain, Germany, the United States, United Arab Emirates, Italy and France. Much of the money raised comes from sources that direct their assistance to what Hamas describes as its charitable work for Palestinians, but investments in support of its ideological position are also relevant, with Persian Gulf States and Saudi Arabia prominent in the latter. Matthew Levitt claims that Hamas also taps money from corporations, criminal organizations and financial networks that support terror. It is also alleged that it engages in cigarette and drug smuggling, multimedia copyright infringement and credit card fraud. The United States, Israel and the EU have shut down many charities and organs that channel money to Hamas, such as the Holy Land Foundation for Relief. Between 1992 and 2001, this group is said to have provided $6.8 million to Palestinian charities of the $57 million collected. By 2001, it was alleged to have given Hamas $13 million, and was shut down shortly afterwards.
  
  About half of Hamas's funding came from states in the Persian Gulf down to the mid-2000s. Saudi Arabia supplied half of the Hamas budget of $50 million in the early 2000s, but, under US pressure, began to cut its funding by cracking down on Islamic charities and private donor transfers to Hamas in 2004, which by 2006 drastically reduced the flow of money from that area. Iran and Syria, in the aftermath of Hamas's 2006 electoral victory, stepped in to fill the shortfall. Saudi funding, negotiated with third parties including Egypt, remained supportive of Hamas as a Sunni group but chose to provide more assistance to the PNA, the electoral loser, when the EU responded to the outcome by suspending its monetary aid. During the 1980s, Iran began to provide 10% of Hamas's funding, which it increased annually until by the 1990s it supplied $30 million. It accounted for $22 million, over a quarter of Hamas's budget, by the late 2000s. According to Matthew Levitt, Iran preferred direct financing to operative groups rather than charities, requiring video proof of attacks. Much of the Iran funding is said to be channeled through Hezbollah. After 2006, Iran's willingness to take over the burden of the shortfall created by the drying up of Saudi funding also reflected the geopolitical tensions between the two, since, though Shiite, Iran was supporting a Sunni group traditionally closely linked with the Saudi kingdom. The US imposed sanctions on Iran's Bank Saderat, alleging it had funneled hundreds of millions to Hamas. The US has expressed concerns that Hamas obtains funds through Palestinian and Lebanese sympathizers of Arab descent in the Foz do Iguaçu area of the tri-border region of Latin America, an area long associated with arms trading, drug trafficking, contraband, the manufacture of counterfeit goods, money-laundering and currency fraud. The State Department adds that confirmatory information of a Hamas operational presence there is lacking.
  
  After 2009, sanctions on Iran made funding difficult, forcing Hamas to rely on religious donations by individuals in the West Bank, Qatar, and Saudi Arabia. Funds amounting to tens of millions of dollars raised in the Gulf states were transferred through the Rafah Border Crossing. These were not sufficient to cover the costs of governing the Strip and running the al Qassam Brigades, and when tensions arose with Iran over support of President Assad in Syria, Iran dropped its financial assistance to the government, restricting its funding to the military wing, which meant a drop from $150 million in 2012 to $60 million the following year. A further drop occurred in 2015 when Hamas expressed its criticisms of Iran's role in the Yemeni Civil War.
  
  In 2017, the PA government imposed its own sanctions against Gaza, including, among other things, cutting off salaries to thousands of PA employees, as well as financial assistance to hundreds of families in the Gaza Strip. The PA initially said it would stop paying for the electricity and fuel that Israel supplies to the Gaza Strip, but after a year partially backtracked. The Israeli government has allowed millions of dollars from Qatar to be funneled on a regular basis through Israel to Hamas, to replace the millions of dollars the PA had stopped transferring to Hamas. Israeli Prime Minister Benjamin Netanyahu explained that letting the money go through Israel meant that it could not be used for terrorism, saying: "Now that we are supervising, we know it's going to humanitarian causes."
  
  According to U.S. officials, as of 2023 Hamas has an investment portfolio that is worth anywhere from 500 million to US$1 billion, including assets in Sudan, Turkey, Saudi Arabia, Algeria and the United Arab Emirates. Hamas has denied such allegations.
  
  In 2024, financial activity in Gaza is mainly carried out via money changers in order to bypass the international financial authorities. Also in 2024, the European Council added six people to its sanctions list for helping fund Hamas and Palestinian Islamic Jihad, including a senior official from the Iranian Revolutionary Guard Corps. Three businesses were also added, including companies in Spain and Sudan that functioned as front companies.