Al-Fadel Exchange

Iran’s IRGC-QF — has used Al-Fadel Exchange to transfer money from other countries in the region to Syria

Status:Top Alert – Entity designated / sanctioned for terror, WMD and human rights violation

Risk Level:99%

May harm your business future. Persons or entities that engage in transactions with this entity will be exposed to sanctions or subject to an enforcement action.

Working with this entity means supporting Iranian Regime, Regime Terrorist Activities & development of WMD

Al-Fadel Exchange, headquartered in Damascus, has facilitated millions of dollars in transfers since 2021 to accounts at the U.S.-designated Central Bank of Syria that benefit the Syrian government and President Bashar al-Assad.

The U.S.-designated Hizballah terrorist organization — a key ally of the Syrian regime and Iran’s IRGC-QF — has used Al-Fadel Exchange to transfer money from other countries in the region to Syria. The Syrian government and Hizballah collect hard currency in cities outside of Syria and use Al-Fadel Exchange to transfer those funds to the Central Bank of Syria. As of mid-2021, Al-Fadel Exchange also facilitated payments from the Assad regime to U.S.-designated Hizballah financial official, Muhammad Qasim al-Bazzal, in return for shipments of Iranian oil.

Al-Fadel Exchange is owned and managed by three brothers—Fadel Ma’ruf Balwi (Fadel Balwi), Mut’i Ma’ruf Balwi (Mut’i Balwi), and Muhammad Ma’ruf Balwi (Muhammad Balwi). The Balwi brothers were the only individuals authorized by the U.S.-designated Central Bank of Syria to work on behalf of Hizballah. Further, Fadel Balwi and Muhammad Balwi moved billions of Syrian pounds within Syria in 2022 on behalf of the Syrian government.

Fadel Balwi, Mut’i Balwi, and Muhammad Balwi are being designated pursuant to E.O. 13582 for having acted or purported to act for or on behalf of, directly or indirectly, Al-Fadel Exchange. Fadel Balwi, Mut’i Balwi, and Muhammad Balwi are also being designated pursuant to the Caesar Act as foreign persons who knowingly provide significant financial, material, or technological support to, or knowingly engages in a significant transaction with, the Government of Syria.

Al-Fadel was established in 2010. In 2015, it went public and was issued on the stock exchange. The company’s headquarters are located in Damascus, and the company’s main shareholders are Muhammad Ma’aruf Balwi and Fadel Ma’aruf Balwi. The company’s CEO is Muti’ Balwi.

The dominant man in the company is Muhammad Ma’aruf Balwi. Muhammad is 41 years old; According to his Facebook page, he is currently a resident of Damascus. Married to Fatima Muhammad Balwi

In addition to its headquarters, the company has three other branches in Syria: another branch in Damascus – in the Al-Meza area, a branch in Aleppo, and a branch in Latakia. The company also has an extension in the Dahiya neighborhood in Beirut

The main branch in Damascus is headed by Muqtada Balwi (مقتدى بلوي), a resident of the Shi’ite village of Nubl (نبل) in northern Aleppo. The village is identified with the Syrian Ba’ath party, Shiite axis, and Hezbollah elements

The Balwi family is one of the privileged families in the village, and many of its members have been identified in recent years as associates of the Shiite axis in Syria

All of the company’s branch managers in Syria are directly affiliated with the head manager – Muqtada Balwi. The latter works in coordination with the company’s office in Dahiya in Beirut, which is called the “al-Fadel exchange” or “Zine El Abidine office” (مكتب زين العابدين).

Also Known As:
(Arabic: شركة الفاضل للصرافة والتحويلات المالية)


Al-Fardous Street, Damascus, Syria
March 8th Street, Al-Sarraj Building, Ground Floor, Lattakia, Syria
Al-Express Street, Al-Farqan Quarter, Aleppo, Syria
Al-Mazza Highway, Damascus, Syria; Sayyida Zeynab, Damascus, Syria
Main Street, Jeremana, Damascus, Syria


Reason for the color:
» Added to the Specially Designated Nationals (SDN) list maintained by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) on May 30, 2023 pursuant to Executive Order 13582 for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services in support of, the Central Bank of Syria;