Analyzing the Role of Qard al-Hasan Funds in Enhancing Financial Inclusion in Iran: A Structural Equation Modeling Approach (مقاله علمی وزارت علوم)

چکیده

In recent decades, financial inclusion has been recognized as a key pillar of sustainable development and economic justice in developing countries. This study analyzes the performance of Qard al-Hasan funds as community-based Islamic financial institutions in promoting financial inclusion in Iran. Three core dimensions, access, usage, and quality, were examined in relation to macroeconomic variables such as poverty reduction and economic stability. Using structural equation modeling (SEM), time-series data for 2017-2024 (1396-1403 in the Iranian calendar) were collected from the Central Bank of Iran and the Statistical Center of Iran. The findings showed that Qard al-Hasan funds significantly improved financial inclusion, which mediated reductions in multidimensional poverty and enhanced stability. Access to financial services (β = 0.529) and quality of services (β = 0.639) had the strongest impact on poverty reduction, while inflation and unemployment (β = 0.240) affected fund performance. By mobilizing deposits, fostering investment, and reducing financial volatility, the funds assumed a pivotal role in sustainable development. The results emphasize the need to integrate modern financial technologies with the traditional structure of these institutions and highlight policy reforms to strengthen their social and economic effectiveness. By providing an applied empirical model, the study offers a basis for designing comprehensive financial policies to promote justice and inclusive development in Iran. All analyses were conducted under sanction conditions (2017-2024), directly reflecting the funds’ role in managing economic constraints. Notably, even amid international sanctions, when access to external finance and banking resilience were severely restricted, Qard al-Hasan funds contributed meaningfully to financial inclusion. Iran’s experience can thus serve as a practical model for other countries facing international pressures.