Overview of Al-Qard Al-Hassan Foundation
The Al-Qard Al-Hassan Foundation, often referred to as Hezbollah's bank, operates in Lebanon as a social financial association. Established in the 1980s, the foundation aims to provide interest-free loans, primarily to those in need. Despite its close ties with Hezbollah, the organization asserts that it is a non-profit entity focused on charitable activities rather than traditional banking practices.
Establishment and Operations
Founded in 1983 and licensed in 1987 by the Lebanese Ministry of Interior, Al-Qard Al-Hassan claims to adhere to Lebanese laws and regulations. The foundation emphasizes its non-discriminatory approach, offering loans to all individuals in Lebanon without regard to religion, sect, or political affiliation. Currently, it operates 34 branches across the country, significantly expanding from nine branches in 2006, despite facing destruction during conflicts, including the 2006 Lebanon War.
Services and Challenges
The foundation offers a variety of loan services, including solar energy loans, loans secured by gold, and financial support for home purchases and marriages. However, it faces significant challenges, including sanctions from the U.S. Treasury Department for allegedly facilitating Hezbollah's financial operations, as well as threats from the Israeli military during periods of conflict. In recent statements, the Israeli army has warned citizens to avoid branches of the foundation, reflecting ongoing tensions in the region.
