Hamas Money Man: Zaher Jabarin's $500M Turkish Terror Empire
Hamas Elite in Qatar; cc Y
The Man Behind Hamas Money How a Former Israeli Prisoner Built a $500 Million Terror Empire That Survived the Doha Strike
The September 9, 2025 Israeli airstrike in Doha, Qatar, had Zaher Jabarin, in their sights. Jabarin is known to many in the al-Qassam and political wing of Hamas as the financial mastermind behind Hamas's $500 million global investment network. While Hamas leadership survived the attack, the failed assassination attempt has put a spotlight on the Palestinian man who transformed from a convicted terrorist to a financial architect of one of the world's most sophisticated terror funding operations.
Who Is Zaher Jabarin?
Born September 18, 1968 in Salfit in the West Bank, Jabarin's journey from student activist to terror financier spans decades of conflict and imprisonment. After studying Islamic law at Al-Najah University in Nablus, he joined Hamas's military wing, the al-Qassam Brigades, in 1987 - a full ten years before Hamas took control of Gaza.
During the First Intifada, Jabarin led what Hamas called "the Shooting Squads" and played a key role in recruiting bomb-maker Yahya Ayyash. His activities caught up with him in 1993 when Israeli forces arrested him. A military court sentenced him to life imprisonment plus 35 years for killing Israelis during the uprising.
Prison became Jabarin's classroom. He learned Hebrew, earned a degree, and wrote a book. Most importantly, he survived 18 years behind bars until the 2011 Gilad Shalit prisoner exchange set him free. Instead of disappearing into quiet exile, Jabarin relocated to Istanbul, Turkey, where he would build Hamas's most successful financial empire.
From Prison to Financial Power
After his release, Jabarin didn't waste time. Turkish authorities welcomed him and other Hamas operatives with open arms. President Recep Tayyip Erdogan's government even granted some Hamas members Turkish citizenship and new identities to help them blend in.
Working from a dark-glass building in Istanbul, Jabarin established what U.S. Treasury officials describe as Hamas's most sophisticated financing operation. His network spans across Turkey, Lebanon, Qatar, and the Persian Gulf, managing investments worth an estimated $500 million.
The Turkish Financial Empire
The centerpiece of Jabarin's operation is Trend GYO, a real estate investment company listed on the Turkish stock exchange. Founded in 2006 under the name Anda Gayrimenkul, the company changed its name to Trend GYO in 2017. U.S. intelligence reports that Hamas controls 75% of the company through front men.
Trend GYO isn't just a paper company. It has completed major construction projects, including the new building for Istanbul Commerce University. The company's shares have actually gained value despite U.S. sanctions, showing how effectively Hamas has integrated into Turkey's legitimate business world.
The Shell Company Network
Zaher Jabarin's Complex Web of Hamas Financial Operations
• Real estate investment fund
• Publicly traded on Istanbul Stock Exchange
• Planned $15+ million private share issuance
• Primary vehicle for legitimizing terror funds
• Processes millions of dollars annually
• Camouflages terror fund transfers
• Connects to Dirgham Jabarin network
• Turkish authorities "turn blind eye"
• $10 million transfer to Hamas military (March 2019)
• Deputy Director: Isma'il Tash
• Employee Mohammed Sarur facilitated transfers
• Direct conduit from Iran to Hamas
• Shares same Istanbul address as Redin
• Import-export business cover
• Suspected front company operation
• Part of coordinated laundering network
• Construction and development
• Provides operational legitimacy
• Part of broader real estate empire
• Enables large-scale fund movement
• Expert construction services
• Additional operational layer
• Diversifies business appearance
• Supports overall network infrastructure
• Enables unrestricted financial transfers
• Turkish government 24.49% ownership
• Active US federal lawsuit (Case 1:19-cv-05394)
• Wall Street Journal: US officials demand halt to Hamas financing
How the Money Flows
The financial network operates like a sophisticated business empire. Funds flow in from multiple sources:
Iranian support: An estimated $70-120 million annually from Tehran
Investment returns: Real estate profits and business dividends
Cryptocurrency: Though less secure than traditional methods
Charitable donations: From supporters worldwide who may not know their money funds terrorism
Money moves through the network via several methods:
Traditional banking through Turkish institutions
Currency exchange offices
Cash courier networks
Business transactions disguised as legitimate trade
The funds ultimately reach Hamas operatives in Gaza and the West Bank, where they purchase weapons, pay fighters, and compensate families of deceased militants.
Hamas's Turkish Financial Empire
Zaher Jabarin's $500+ Million Terror Network Infrastructure
• Born 1968 in Salfit, West Bank
• Life + 35 years sentence (1993)
• Released in Gilad Shalit exchange (2011)
• Current Hamas West Bank operations leader
• Trend GYO - 75% Hamas owned
• Real estate investment fund
• Publicly traded in Istanbul
• $15M+ planned share issuance
• "Knowingly maintained Hamas accounts"
• US Federal lawsuit active
• Turkish govt 24.49% ownership
• Unrestricted financial transfers
Redin Exchange - $10M transfer (2019)
Smart Trading - Import/export front
SADAT - Turkish govt connections
• Academic scholarships for operatives
• West Bank terrorist cell coordination
• Suicide bombing operations directed
Secondary: Sudan, UAE, Algeria
Courier Routes: Jordan, Lebanon
Training: Iran via Turkey
10 Hamas operatives to Turkey
Control Established
15 Operatives
12 Hamas Members
West Bank Leadership
The September 9 Doha Strike: What Really Happened
The Israeli airstrike targeted a secure residential area in Doha where Hamas's top negotiating team was meeting. The operation involved approximately ten Israeli aircraft dropping precision bombs. The target was clear: eliminate Hamas's senior leadership, including Jabarin.
However, according to Al Jazeera, Hamas quickly announced that its leadership had survived. The attack killed six people:
Jihad Labad (director of negotiator Khalil al-Hayya's office)
Humam al-Hayya (al-Hayya's son)
Abdullah Abdul Wahid (bodyguard)
Moamen Hassouna (bodyguard)
Ahmed al-Mamluk (bodyguard)
Corporal Bader Saad Mohammed al-Humaidi al-Dosari (Qatari security officer)
The failed assassination means Jabarin remains free to continue managing Hamas's financial operations from Turkey.
Why Turkey Protects Hamas's Money Man
Turkey's relationship with Hamas isn't accidental. President Erdogan has consistently supported the organization, calling it a "resistance movement" rather than a terrorist group. This support extends to practical help:
Citizenship grants: Twelve Hamas operatives received Turkish citizenship in 2020, some with fake names
Banking freedom: No restrictions on Hamas financial activities
Safe haven: Protection for expelled Hamas operatives
Business integration: Allowing Hamas companies to operate on Turkish stock exchanges
Turkish officials publicly deny knowledge of Hamas military activities while privately enabling the financial networks that fund them.
The $500 Million Question
Intelligence estimates place Hamas's global investment portfolio between $500 million and $1 billion. This isn't cash sitting in bank accounts - it's a diversified investment portfolio including:
Real estate developments across Turkey
Mining operations in Sudan
Agricultural businesses in multiple countries
Twin skyscrapers in the United Arab Emirates
Property developers in Algeria
These investments generate ongoing revenue estimated at $10-20 million annually. More importantly, they provide a reserve fund that Hamas can tap during crises. After the 2014 Gaza conflict, Hamas reportedly sold $75 million in assets to rebuild its infrastructure.
The Sanctions Game
The United States has repeatedly sanctioned Jabarin's network, but with limited success. Key sanctions include:
May 2022: Trend GYO designated as part of Hamas's "global asset group"
September 2019: Fifteen Hamas operatives and financial facilitators were sanctioned
November 2024: Six senior Hamas figures sanctioned, three living in Turkey
December 2023: $10 million bounty placed on information about five Hamas financiers
Despite these measures, the companies continue operating. Turkey's refusal to enforce sanctions and the complexity of the financial networks make enforcement extremely difficult.
What Comes Next?
The failed Doha strike leaves Jabarin's financial empire intact and operational. With Hamas's Gaza leadership decimated, the external financing network becomes even more critical for the organization's survival.
Several factors will determine what happens next:
Pressure on Qatar: If Qatar expels Hamas leaders under U.S. pressure, Turkey could become Hamas's primary headquarters.
Turkish Elections: Local elections in March 2024 could influence Erdogan's willingness to continue protecting Hamas operatives.
Israeli Operations: Israel may attempt other methods to disrupt the financial network, including cyber operations or diplomatic pressure.
U.S. Sanctions: Washington could impose secondary sanctions on Turkish banks and businesses working with Hamas entities.
The Bigger Picture
Jabarin's story illustrates how modern terrorist organizations adapt and evolve. Today's Hamas isn't just a militant group - it's a multinational corporation with investments, subsidiaries, and sophisticated financial operations.
The organization has learned to exploit gaps in international sanctions, friendly governments, and legitimate business sectors. Turkey's protection provides Hamas with something invaluable: a safe space to operate sophisticated financial networks that fund terrorism while appearing to conduct legitimate business.
As long as Jabarin remains free, whether he is dead like Israel claims or alive like Qatar claims, and Turkey continues its current policies, Hamas will maintain the financial capabilities to rebuild, rearm, and continue its operations against Israel. The failed Doha strike wasn't just about eliminating individual leaders - it was about dismantling the financial infrastructure that makes Hamas's terrorism possible.
The $500 million empire that began in an Israeli prison cell continues to grow from the glass offices of Istanbul, proving that in the modern world, the pen - and the investment portfolio - can be as powerful as the sword.
Sources:
Eliza Glass
Investigative Researcher & Journalist
Specializing in dark money networks and institutional infiltration. 5+ years exposing complex connections others won't investigate.