During the nineteenth century, whether as ṣarrāfs (financial advisers) in the Middle East or tujjār al-sulṭān (royal merchants) in Morocco, members of the Jewish commercial elite used assets accumulated from money-changing, moneylending, and trade to open banks and to invest abroad. Middle Eastern Jewish bankers, in partnership with the European merchant bankers who were penetrating the region economically, provided the capital for factories, railroad construction, and real estate development in the Middle East. The European financiers were ma…