On October 20, the Israel Defense Forces issued evacuation orders for the southern Beirut suburb of Dahieh and the Bekaa Valley in Lebanon. Shortly after, they launched attacks against financial institutions linked to Hezbollah in those areas. According to Ynet News, the IDF specifically named the Al-Qard al-Hassan association as a focus for future strikes related to its financial infrastructure.
IDF spokesperson Lt. Col. Jonathan Hagari warned just before the operation commenced, stating, “Anyone near the sites used for terrorist financing by Hezbollah must evacuate immediately.” An Arabic-speaking spokesperson echoed this warning on social media.
Eyewitnesses reported widespread panic, resulting in traffic congestion in parts of Beirut, with at least ten explosions reported, according to Reuters.
Hagari indicated that in the coming days, the IDF would reveal how Iran is utilizing civilian institutions, associations, and charities to finance Hezbollah’s terrorist activities. He mentioned that the IDF would target these locations on the evening of the 20th and provide updates on their progress in the following days.
The military disclosed that infrastructure associated with the Al-Qard al-Hassan association, which has over 30 branches across Lebanon—15 of which are located in densely populated areas of greater Beirut—would be among the targets.
The IDF stated that a significant portion of Hezbollah’s activities, funded by the Iranian national budget, involves these financial resources supporting terrorist operations, including arms, weapon storage facilities, launch sites, salaries, and other activities.
Military intelligence suggested that the banks the IDF plans to target handle significant amounts of Iranian currency that are converted to U.S. dollars in Syria before being sent to Lebanon, annually amounting to hundreds of millions to over a billion dollars. This money is primarily used to pay salaries and bolster military infrastructure.
The IDF also noted that since the ongoing economic crisis began in 2019, Hezbollah has become Lebanon’s most powerful and wealthy employer, with its armed personnel earning an average monthly salary of $500. Although Hezbollah’s economic association, which functions as their banking system, is heavily sanctioned and lacks connections to international financial systems, it operates 35 branches across Lebanon and has ATMs. According to IDF reports, Hezbollah’s financial reserves are held in cash and gold at these locations.
Moreover, Hezbollah’s financial power centers are set to be targeted as well, aiming to undermine the organization’s stability and its ability to secure income for its militants and employees. The group has established a system that includes schools and clinics to support its economic interests and activities, which will lead to the destruction of numerous buildings and further asset targeting.
