| Company type | Non-profit financial institution; Hezbollah’s de facto banking arm |
|---|---|
| Industry | Financial services |
| Founded | 1982 |
| Founder | Hezbollah social services |
| Headquarters | , |
Number of locations | approx. 30 branches |
Area served | Shias in Lebanon |
| Products | Interest-free loans, money transfer, pawn broker, microfinance; allegedly money laundering |
| Owner | Hezbollah |
| Website | qardhasan |
| Part of a series on |
| Hezbollah |
|---|
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]
The association has been sanctioned by the United States due to its ties to Hezbollah since 2007.[4] The US Treasury says it also functions as Hezbollah’s de facto banking arm, used by Hezbollah to move funds through a network of shell accounts and facilitators.[5][6] Israeli news website Ynet said it is Hezbollah's main money laundering institution.[7] The Israeli military accused the Al-Qard Al-Hasan Association of being used to fund Hezbollah's military wing.[8][9]
It has approximately 30 branches in Lebanon, including in the Dahieh neighbourhood controlled by Hezbollah.[6] It is not regulated by the Lebanese central bank.[9]
In October 2024 the association was targeted by Israeli airstrikes.[4][10]
- ^ "Al-Qard al Hassan, la microfinance résistante - Salah Hijazi". Commerce du Levant (in French). 24 November 2020. Retrieved 3 October 2024.
- ^ 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.
- ^ "Hezbollah's Al-Qard Al-Hassan, Explained". www.the961.com. 4 January 2021. Retrieved 2 October 2024.
- ^ 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.
- ^ "Blasts heard across Beirut after Israel warns it will hit Hezbollah-linked finance group". The Guardian. 21 October 2024. Retrieved 21 October 2024.
- ^ a b "Israel Strikes Hezbollah-Affiliated Financial Institution in Lebanon," The New York Times.
- ^ Ari, Lior Ben (20 October 2024). "What is Al-Qard al-Hassan association, now a target of IDF?". Ynetnews. Retrieved 21 October 2024.
- ^ "What is the financial institution affiliated with Hezbollah that Israel is targeting in Lebanon". PBS. 21 October 2024.
- ^ 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.
- ^ "Israeli attacks on Hezbollah financing show group's reach in Lebanon". Washington Post.