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Al-Qard Al-Hasan Association
Al-Qard Al-Hassan 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 in Lebanon. It is based on the Islamic principle of interest-free loans of the same name (Qard al-Hasan).
Al-Qard Al-Hasan was founded as an Islamic financial institution by Hezbollah social services in 1982. Its primary aim was to financially assist the Libanese Shiite community during the hardships of the Lebanese Civil war. It was officially recognised as a social association by the Lebanese government in 1987, and has developed over 30 branches all across Lebanon, including in the Dahieh neighbourhood controlled by Hezbollah. Since the 2019 Lebanese liquidity crisis and the further financial catastrophe as a result of the 2020 Beirut port explosion and COVID-19, Al-Qard Al-Hasan has become increasingly more important as a financial refuge for citizens.
The association operates outside of the regulation and control of the Central bank of Lebanon. This has raised concerns about illicit practices and corruption. The association has been sanctioned by the United States due to its ties to Hezbollah since 2007. Al-Qard Al-Hasan has also been classified a terrorist entity by Saudi Arabia in 2021 and Israel in 2024 due to its funding of Hezbollah including support to the group's militant activity.
In October 2024 the association was targeted by Israeli airstrikes.
In the wake of the Lebanese civil war and the subsequent invasion of Lebanon by the Israeli Defence Forces (IDF), the Al-Qard Al-Hasan association was founded as an Islamic financial institution in 1982 by Hezbollah social services. Its primary aims have been described as providing loans as means to assist Lebanese society in the long term, opposed to the use of short term aid grants, creating long term public support for Hezbollah as a result. The organisation furthermore received an official registration as a social association by the ministry of interior in 1987 under number 217/AD. Since its founding the Al-Qard Al-Hasan association has been estimated to have provided loans worth more than 4 billion dollars in total, currently supporting more than 1.900.000 people with its financial services. In addition, the association has developed over 30 branches all across Lebanon.
Recently the Al-Qard Al-Hasan association has become increasingly relevant in the Lebanese financial sphere, especially so since the country has faced several crises over the last few years. As a result of the still ongoing 2019 liquidity crisis, the traditional banking system has almost completely collapsed. Citizens have not been able to access their savings for several years, and for many people Al-Qard Al-Hasan is an economic lifeline since it is still giving out loans. part from its focus on supporting the Lebanese Shiite community, the association has broadened its range of customers since the crisis, giving out 221.000 loans in 2020 and 2021. The 2020 Beirut port explosion and the COVID-19 crisis have exacerbated financial hardship for the country and there is little optimism regarding swift significant improvements, making Al-Qard Al-Hasan increasingly important for the financial situation of many Lebanese citizens.
Al-Qard Al-Hasan primarily grants micro-loans to individuals and small businesses and collects deposits in accounts which bear no interest. Loans are mainly granted in United States dollar currency, against the equivalent value in gold and jewellery. Lenders pay a monthly administrative fee of approximately three United States dollars and a fee for the storage of their collateral valuables or gold. Lenders must also save approximately twelve dollars per month in an interest-free account.
Al-Qard Al-Hasan grants micro-loans of up to 5,000 United States dollars. The value of a loan may not exceed 70% of the value of the mortgage. Loans can be repaid over a period of 30 months. When a lender can not repay a loan, their gold or jewellery is sold by Al-Qard Al-Hasan as a means of repayment.
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Al-Qard Al-Hasan Association
Al-Qard Al-Hassan 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 in Lebanon. It is based on the Islamic principle of interest-free loans of the same name (Qard al-Hasan).
Al-Qard Al-Hasan was founded as an Islamic financial institution by Hezbollah social services in 1982. Its primary aim was to financially assist the Libanese Shiite community during the hardships of the Lebanese Civil war. It was officially recognised as a social association by the Lebanese government in 1987, and has developed over 30 branches all across Lebanon, including in the Dahieh neighbourhood controlled by Hezbollah. Since the 2019 Lebanese liquidity crisis and the further financial catastrophe as a result of the 2020 Beirut port explosion and COVID-19, Al-Qard Al-Hasan has become increasingly more important as a financial refuge for citizens.
The association operates outside of the regulation and control of the Central bank of Lebanon. This has raised concerns about illicit practices and corruption. The association has been sanctioned by the United States due to its ties to Hezbollah since 2007. Al-Qard Al-Hasan has also been classified a terrorist entity by Saudi Arabia in 2021 and Israel in 2024 due to its funding of Hezbollah including support to the group's militant activity.
In October 2024 the association was targeted by Israeli airstrikes.
In the wake of the Lebanese civil war and the subsequent invasion of Lebanon by the Israeli Defence Forces (IDF), the Al-Qard Al-Hasan association was founded as an Islamic financial institution in 1982 by Hezbollah social services. Its primary aims have been described as providing loans as means to assist Lebanese society in the long term, opposed to the use of short term aid grants, creating long term public support for Hezbollah as a result. The organisation furthermore received an official registration as a social association by the ministry of interior in 1987 under number 217/AD. Since its founding the Al-Qard Al-Hasan association has been estimated to have provided loans worth more than 4 billion dollars in total, currently supporting more than 1.900.000 people with its financial services. In addition, the association has developed over 30 branches all across Lebanon.
Recently the Al-Qard Al-Hasan association has become increasingly relevant in the Lebanese financial sphere, especially so since the country has faced several crises over the last few years. As a result of the still ongoing 2019 liquidity crisis, the traditional banking system has almost completely collapsed. Citizens have not been able to access their savings for several years, and for many people Al-Qard Al-Hasan is an economic lifeline since it is still giving out loans. part from its focus on supporting the Lebanese Shiite community, the association has broadened its range of customers since the crisis, giving out 221.000 loans in 2020 and 2021. The 2020 Beirut port explosion and the COVID-19 crisis have exacerbated financial hardship for the country and there is little optimism regarding swift significant improvements, making Al-Qard Al-Hasan increasingly important for the financial situation of many Lebanese citizens.
Al-Qard Al-Hasan primarily grants micro-loans to individuals and small businesses and collects deposits in accounts which bear no interest. Loans are mainly granted in United States dollar currency, against the equivalent value in gold and jewellery. Lenders pay a monthly administrative fee of approximately three United States dollars and a fee for the storage of their collateral valuables or gold. Lenders must also save approximately twelve dollars per month in an interest-free account.
Al-Qard Al-Hasan grants micro-loans of up to 5,000 United States dollars. The value of a loan may not exceed 70% of the value of the mortgage. Loans can be repaid over a period of 30 months. When a lender can not repay a loan, their gold or jewellery is sold by Al-Qard Al-Hasan as a means of repayment.