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The Israel Defense Forces (IDF) confirmed on Friday that it carried out an overnight airstrike targeting the “Al-Cairo” currency exchange office in Gaza City, accusing the business of playing a central role in funding terrorist activities by Hamas and Palestinian Islamic Jihad.
The military said the operation, conducted in coordination with the Shin Bet (Israel Security Agency), was part of a broader strategy to dismantle the financial infrastructure that sustains militant operations in the Gaza Strip.
In a statement released Friday morning, the IDF said the targeted facility had been used in recent years to “store and transfer tens of millions of dollars” to Hamas and Palestinian Islamic Jihad, contributing directly to their operational capabilities.
“Despite prior action and warnings, the Al-Cairo exchange continued to act as a financial lifeline for terrorist groups,” the statement read. “Its elimination marks another step in weakening the enemy’s economic foundation.”
Originally operating under the name “Dubai,” the currency exchange office changed its name to “Al-Cairo” in 2022, shortly after it was blacklisted by Israel’s Defense Ministry for facilitating financial transactions on behalf of designated terror organizations.
The IDF alleges that, under both names, the office was heavily involved in transferring funds to Hamas’s military wing, including during the ongoing conflict that erupted in late 2023.
A notable figure tied to the exchange, Tahseen Al-Nadiyya, was killed by Israeli forces in August 2024. According to military sources, Al-Nadiyya played a significant role in channeling funds to Hamas and was instrumental in maintaining the group’s financial channels.
“Al-Nadiyya’s death dealt a blow to the financial network,” the IDF noted. “However, the exchange continued its operations and support of terrorism, necessitating further action.”
Images released by the IDF Spokesperson’s Unit show troops operating in the Gaza Strip on August 19, 2024, as part of a wider campaign aimed at dismantling Hamas’s military and financial capabilities.
While the exact extent of the damage caused by Thursday night’s strike remains unclear, the military emphasized that the attack was “surgical” and aimed at minimizing civilian casualties.
Israeli officials have long emphasized the importance of targeting the financial infrastructure of terrorist groups, arguing that restricting cash flows can significantly degrade their ability to carry out attacks, manufacture weapons, and recruit fighters.
There has been no immediate response from Hamas or the Gaza-based authorities regarding the strike on Al-Cairo, though similar operations in the past have prompted accusations of collective punishment and targeting civilian infrastructure.
The IDF said it remains committed to disrupting the economic networks that underpin terrorist operations in the region, calling the strike a “necessary measure in the ongoing fight against Hamas and Islamic Jihad.”
As of Friday afternoon, no injuries or additional casualties from the airstrike had been independently confirmed. The situation in Gaza remains volatile, with airstrikes and military operations continuing amid an unresolved conflict now in its tenth month.