Harel Financial Services

🚨 Harel Financial Services Boycott Reasons

Harel Insurance Investments and Financial Services Ltd. is one of israel's largest insurance and financial groups, headquartered in Ramat Gan, israel, and trading on the Tel Aviv Stock Exchange (TASE: HARL). The company operates in life insurance, general insurance, health insurance, provident and pension funds, and capital market activities. According to reports documented by Who Profits, Harel routinely finances and insures construction projects in illegal settlements in the occupied West Bank. Through its wholly-owned subsidiary Gamla Harel Residential Real Estate Ltd., the company provides direct loans for residential construction projects in illegal settlements. Harel also finances settlement infrastructure and natural resource exploitation projects such as the Jerusalem Light Rail, the Emek Habacha wind farm in the occupied Golan Heights, and solar energy projects in the Jordan Valley. The company provides services to the israeli Ministry of Defense. Harel's Turkish subsidiary, Türk Nippon Sigorta, is 99.98% owned by Harel.

Key Boycott Drivers:

1. Direct Construction Financing in Illegal Settlements through Gamla Harel: Through its wholly-owned subsidiary Gamla Harel Residential Real Estate Ltd., Harel provides direct loans for residential construction projects in illegal settlements in the occupied West Bank and East Jerusalem. In April 2021, Gamla Harel granted israeli construction company Effi Capital a NIS 12,895,000 loan for a construction project of 236 housing units in the Givat Hamatos settlement neighborhood in occupied East Jerusalem. In March 2024, Gamla Harel granted israeli construction company Bialik - Beit Yerushalmi Group a NIS 5,180,000 loan for a construction project of 35 housing units in the Gilo settlement neighborhood in occupied East Jerusalem. In February 2020, Gamla Harel granted israeli construction company A. Barkan a NIS 25,200,000 loan for a construction project of 110 housing units in the Ariel settlement in the occupied West Bank. In 2021, Gamla Harel provided loans or insurance to construction companies for building 693 housing units in illegal israeli settlements.Who Profits: Harel Insurance — Gamla Harel construction loans (Givat Hamatos, Gilo, Ariel) (2026)Investigate.info: Harel Insurance — 693 housing units (2021)
2. Financing and Operating the Jerusalem Light Rail System: Between 2011 and 2021, Harel owned 20% of the CityPass consortium, which built and operated the Red Line of the Jerusalem Light Rail (JLR). The JLR is a transportation project that cuts through occupied Palestinian land and connects illegal israeli settlements in occupied East Jerusalem with the western part of the city, entrenching the occupation. Harel invested NIS 25 million in the JLR and generated NIS 46 million in revenues through CityPass. Harel is also a partner (40%) in the israel Infrastructure Fund, a private equity fund that supports infrastructure projects, including in and around illegal settlements.Who Profits: Insuring Dispossession — Harel's JLR investment and CityPass stake (November 2022)Investigate.info: Harel Insurance — Jerusalem Light Rail financing (2026)
3. Financing a Wind Farm in the Occupied Golan Heights: Harel financed the construction of the Emek Habacha wind farm located in the occupied Syrian Golan. Harel, together with Bank Hapoalim and Phoenix, provided a NIS 525 million loan covering 80% of the project's total cost. The wind farm is owned by Enlight Renewable Energy and became operational in 2022. Harel holds a 6.8% stake in Enlight. This investment directly contributes to the exploitation of natural resources in occupied Syrian territory by israel.Who Profits: Harel Insurance — Emek Habacha wind farm financing (2026)Investigate.info: Harel Insurance — Golan Heights wind farm (2022)
4. Tera Light and Solar Energy Projects in the Jordan Valley: Harel holds a 5.88% stake in Tera Light, an israeli company involved in establishing a solar energy field and illegal settlement agricultural cooperatives in the occupied Jordan Valley. In July 2023, Tera Light was one of five companies awarded a tender issued by 19 settlements in the West Bank, supported by the israeli Ministry of Energy. The tender covers the construction of photovoltaic solar systems with a planned capacity of 173.6 MW on more than 1,541 dunams of land. Tera Light is also the financier, developer, and operator of a planned 340 MW solar energy project in the Jordan Valley, which will take up a total of 3,250 dunams of occupied land.Who Profits: Teralight — Jordan Valley solar projects and settlement tender (2026)Investigate.info: Harel Insurance — Tera Light 5.88% stake (2026)
5. Provision of Services to the israeli Ministry of Defense: According to a report documented by Who Profits, Harel provides services to the israeli Ministry of Defense. The company serves the defense sector as part of israel's military-industrial complex. This demonstrates Harel's role in financing israel's occupation and military operations.Who Profits: Harel Insurance — Services to the israeli Ministry of Defense (2026)
6. Turkish Subsidiary: Türk Nippon Sigorta: Harel's Turkish subsidiary, Türk Nippon Sigorta A.Ş., is 99.98% owned by Harel. Every insurance policy underwritten through Türk Nippon Sigorta indirectly provides resources to Harel's activities in financing illegal settlements and contributing to the occupation economy.Türk Nippon Sigorta: Capital Structure Report — 99.98% Harel (2012)

👉 Turkish subsidiary: View Türk Nippon Boycott Profile.

🌐 Sources

• Who Profits: Harel Insurance Investments and Financial Services
• Investigate.info: Harel Insurance — Settlement financing and natural resource exploitation
• Who Profits: Insuring Dispossession — Complicity of Five israeli Insurance Companies (November 2022)
• Who Profits: Teralight — Jordan Valley solar projects
• Türk Nippon Sigorta: Capital Structure Report — 99.98% Harel (2012)