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Al-Qard Al-Hassan (AQAH) or Al-Qard Al-Hasan Association (Template:Lang-ar) is a Hezbollah-affiliated non-profit financial institution, that provides interest-free loans and other financial services to the Shia community, providing support amidst widespread poverty. It is based on the Islamic principle of interest-free loans of the same name (Qard al-Hasan). It is used by Hezbollah to move funds through a network of shell accounts and facilitators. It is believed to hold billions in assets and cash and is believed to Hezbollah's main money laundering institution. The association has been sanctioned by the United States due to its ties to Hezbollah. In October 2024 the association was targeted by Israeli airstrikes.
History
Established in 1982 with the primary goal of supporting local communities that were affected by the hardships of the Lebanese Civil War. It was officially registered as a social association in 1987. Its primary role is to provide loans, typically secured by gold collateral, to individuals who may not have access to traditional banking services due to Lebanon's ongoing liquidity crisis and the collapse of its banking sector.
Controversy
Despite being registered as a charitable organization, Qard Al-Hassan has been accused of operating more like a bank, performing outside the regulation and the Central Bank of Lebanon, potentially serving as a channel for money laundering.
Sanctions
Due to its ties to Hezbollah, Al-Qard has been subject to sanctions by the U.S. Treasury Department, which designates Hezbollah as a terrorist organization. These sanctions limit Qard Al-Hassan's access to international financial systems and complicate its operations outside of Lebanon. The organization is often described as Hezbollah's financial arm, providing microfinance services to individuals and small businesses in Lebanon.
Israeli airstrike
The association was hit by Israeli airstrikes in October 2024 because of its role as part of the economic infrastructure of Hezbollah.
References
- ^ "Al-Qard al Hassan, la microfinance résistante - Salah Hijazi". Commerce du Levant (in French). 2020-11-24. Retrieved 2024-10-03.
- ^ Torbey, Natasha Metni (2023-02-17). "Al-Qard al-Hassan: le réseau illégal du Hezb qui ronge l'économie". Ici Beyrouth (in French). Retrieved 2024-10-02.
- ^ "Hezbollah's Al-Qard Al-Hassan, Explained". www.the961.com. 2021-01-04. Retrieved 2024-10-02.
- "Blasts heard across Beirut after Israel warns it will hit Hezbollah-linked finance group". The Guardian. 21 October 2024. Retrieved 21 October 2024.
- Ari, Lior Ben (20 October 2024). "What is Al-Qard al-Hassan association, now a target of IDF?". Ynetnews. Retrieved 21 October 2024.
- ^ Staff (2024-10-21). "Blasts heard across Beirut after Israel warns it will hit Hezbollah-linked finance group". The Guardian. ISSN 0261-3077. Retrieved 2024-10-21.
- ^ NOWLEBANON (2023-05-30). "The legal and financial implications of Al Qard Al Hassan". Nowlebanon. Retrieved 2024-10-02.
- ^ Topalian, By Nohad. "Hizbullah expands financial activity via Al-Qard al-Hasan foundation". Al-Mashareq. Retrieved 2024-10-03.
- ^ "Lebanese Forces MPs ask judiciary to open an investigation into Al-Qard Al-Hasan". L'Orient Today.
- "Hezbollah's al-Qard al-Hasan and Lebanon's Banking Sector". FDD.
- ""القرض الحسن".. بنك حزب الله لغسل الأموال | إرم نيوز". www.eremnews.com (in Arabic). Retrieved 2024-10-03.
- منير يونس. "القرض الحسن: مصرف ظلّ أسود موازٍ... كيف ولماذا؟". نداء الوطن.
- ""القرض الحسن" تتوسع في لبنان ومخاوف من اختراقها النظام المصرفي العالمي". اندبندنت عربية (in Arabic). 2023-02-21. Retrieved 2024-10-03.
- ^ "US-sanctioned Hezbollah's Qard al-Hasan installs ATMs, violating Lebanon's fiscal law". Al Arabiya English.