Hezbollah-linked Financial Institution Al-Qard Al-Hassan Examined by Authorities

Israel Strikes Al-Qard Al-Hassan Branch in Beirut’s Southern Suburbs

A branch of Al-Qard Al-Hassan, a Hezbollah-affiliated financial institution, was targeted by Israel on Monday in the southern suburbs of Beirut. The attack is part of Israel’s ongoing campaign against organizations linked to the Lebanese group.

Al-Qard Al-Hassan offers interest-free loans to individuals and operates as a quasi-banking institution. Founded in 1983, it provides microcredit services to people in Lebanon, often backed by gold deposits. The organization has expanded its operations since Lebanon’s banking system collapsed in 2019.

Hezbollah established Al-Qard Al-Hassan as part of its broader network of charity organizations, which include schools, hospitals, and low-price grocery stores. The US Treasury Department imposed sanctions on the institution in 2007, citing allegations that it was used to hide Hezbollah’s financial activities and gain access to the international financial system.

Israel claims its attacks are aimed at destroying Hezbollah’s capacity to attack its northern area. Since March 2, Israel has launched hundreds of attacks on Lebanon, killing nearly 500 people and wounding thousands more. Human Rights Watch has described these attacks as “war crimes.”

Al-Qard Al-Hassan is not regulated by the Banque du Liban or part of the international banking network. A local resident who has used the institution for 15 years reported that it continues to operate despite Israeli attacks. The Depositors Union, which advocates for depositors’ access to their money blocked during Lebanon’s financial crisis, has also highlighted Al-Qard Al-Hassan’s role in providing financial services to those unbanked.

The attack on Al-Qard Al-Hassan is the latest in a series of strikes by Israel against Hezbollah-affiliated organizations. The Israeli military’s actions have been criticized for targeting civilian institutions and violating international law.

Source: Al Jazeera