Hamas’ financial troubles were first reported earlier this month by Asharq Al-Awsat, a London-based Arabic newspaper, which described an “organizational vacuum” following Israeli strikes that eliminated senior leaders and disrupted decision-making within the group.
Eyal Ofer, a researcher specializing in Gaza’s economy, estimated that Hamas still controls assets worth up to $3 billion. However, he said the group’s ability to distribute funds is severely limited. Hamas traditionally uses couriers and designated cash distribution points in the territory—methods that are difficult to carry out under wartime conditions.
Before the war, Hamas received $15 million in monthly cash transfers from Qatar and raised additional funds from West Africa, South Asia and the United Kingdom. Qatar also maintained a $500 million reserve on behalf of the group. Much of that money is now believed to be in Turkey, according to Arab and Western officials.
Israel restricted cash transfers into Gaza at the start of the war. Palestinian officials told The Wall Street Journal that Hamas was involved in stealing $180 million from Bank of Palestine branches and other banks in Gaza. The group also taxed goods entering the Strip and merchants operating in local markets, using these tactics to generate income. Additionally, it used foreign cash to purchase goods abroad, which were then sold locally, allowing Hamas to bring cash into Gaza for its own use.
The financial pressure has been compounded by Israeli strikes targeting Hamas’ financial infrastructure. Among those killed was Saeed Ahmed al-Abed al-Khodari, the group’s top money exchanger and head of Al-Wafaq Exchange, which Israel designated a terrorist organization for its role in financing terror activities. The Israel Defense Forces said al-Khodari played a key role in transferring money to Hamas’ military wing, particularly during the war.
