With “Al-Qard Al-Hassan” target… what will happen to investors money? An economist explains to CNN

After the targeting in recent days of the headquarters and branches of the “Al-Qard Al-Hassan” Society in Lebanon by the Israeli army, which the United States includes in its sanctions lists due to involved in the transfer and laundering of funds for the benefit of individuals and armed groups linked to Hezbollah, as well as his contribution to “undermining the stability of… Al-Qard Al-Hassan Association” on Lebanese economy and investors.

Abu Chakra said that the association “Al-Qard Al-Hassan” was established in 1982 on the basis that it was a civil society association, and was granted permission in 1987 after receiving “knowledge and information”. from the Lebanese Ministry of Interior.

He also said that, like most NGOs in Lebanon, the establishment of the association aims to achieve interdependence and solidarity among its members and facilitate their financial affairs, with the possibility of loans to give small grants to encourage businesses and others, without charging any interest, which comes within the framework of solidarity and community work.

The economic expert continued, saying that the association went through several stages over the past years, and the decisive stage was in 2006, when many of its branches were subjected to Israeli strikes at during the July War. After 2006, the association saw a significant expansion, as the number of its branches increased from about 9 branches to more than 34 branches before the start of the conflicts between Israel and Hezbollah in October 2023. The value of the He also had a lot of work, and the number of those who dealt with him increased, until he started.