Al-Qard Al-Hasan Association

Al-Qard Al-Hasan Association
Company typeNon-profit financial institution; Hezbollah’s de facto banking arm
IndustryFinancial services
Founded1982; 42 years ago (1982)
FounderHezbollah social services
Headquarters
Beirut
,
Lebanon
Number of locations
approx. 30 branches
Area served
Shias in Lebanon
ProductsInterest-free loans, money transfer, pawn broker, microfinance; allegedly money laundering
OwnerHezbollah
Websiteqardhasan.org
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Al-Qard Al-Hassan (AQAH) or Al-Qard Al-Hasan Association (Arabic: جمعية مؤسسة القرض الحسن, lit. 'the benevolent loan') is a Hezbollah-affiliated non-profit financial institution, that provides interest-free loans and other financial services to the Lebanese Shia community,[1] providing support amidst widespread poverty.[2] It is based on the Islamic principle of interest-free loans of the same name (Qard al-Hasan).[3]

It also functions as Hezbollah’s de facto banking arm, used by Hezbollah to move funds through a network of shell accounts and facilitators.[4][5] It is believed to hold billions in assets and cash, and is believed to be Hezbollah's main money laundering institution.[6] The quasi-banking system has been accused of being used to fund Hezbollah's military wing.[7][8]

It has approximately 30 branches and its own ATM network in Lebanon, including in the Dahieh neighborhood controlled by Hezbollah. [5] It is not regulated by the Lebanese central bank.[8]

The association has been sanctioned by the United States due to its ties to Hezbollah since 2007.[9] In October 2024 the association was targeted by Israeli airstrikes.[9][10]

  1. ^ "Al-Qard al Hassan, la microfinance résistante - Salah Hijazi". Commerce du Levant (in French). 24 November 2020. Retrieved 3 October 2024.
  2. ^ Torbey, Natasha Metni (17 February 2023). "Al-Qard al-Hassan: le réseau illégal du Hezb qui ronge l'économie". Ici Beyrouth (in French). Retrieved 2 October 2024.
  3. ^ "Hezbollah's Al-Qard Al-Hassan, Explained". www.the961.com. 4 January 2021. Retrieved 2 October 2024.
  4. ^ "Blasts heard across Beirut after Israel warns it will hit Hezbollah-linked finance group". The Guardian. 21 October 2024. Retrieved 21 October 2024.
  5. ^ a b "Israel Strikes Hezbollah-Affiliated Financial Institution in Lebanon," The New York Times.
  6. ^ Ari, Lior Ben (20 October 2024). "What is Al-Qard al-Hassan association, now a target of IDF?". Ynetnews. Retrieved 21 October 2024.
  7. ^ "What is the financial institution affiliated with Hezbollah that Israel is targeting in Lebanon". PBS. 21 October 2024.
  8. ^ a b Baker, Aryn (21 October 2024). "What Is Al-Qard al-Hasan, the Hezbollah-Linked Finance Group Targeted by Israel?". The New York Times.
  9. ^ a b Staff (21 October 2024). "Blasts heard across Beirut after Israel warns it will hit Hezbollah-linked finance group". The Guardian. ISSN 0261-3077. Retrieved 21 October 2024.
  10. ^ "Israeli attacks on Hezbollah financing show group's reach in Lebanon". Washington Post.