Lebanon’s Central Bank bans dealings with Hezbollah-linked Al-Qard Al-Hasan Association
BEIRUT — In a move aimed at cutting off financial channels supporting Hezbollah, Lebanon’s Central Bank (Banque du Liban) barred banks and brokerage firms from dealing with unlicensed entities, specifically naming Al-Qard Al-Hasan in its 14 July circular.
Founded in 1983, Al-Qard Al-Hasan describes itself as a charitable organization providing Sharia-compliant loans. However, Israel targeted several of its branches during last year’s conflict with Hezbollah.
The US Treasury Department had previously sanctioned the association in 2007, alleging Hezbollah uses it as a front to access international financial systems.
US Ambassador to Turkey and Special Envoy for Syria Thomas Barrack praised the central bank’s decision, calling it a “significant and necessary step” toward enhancing transparency in Lebanon’s financial sector.
Operating under a Lebanese government license, Al-Qard Al-Hasan maintains over 30 branches, primarily in Shiite-majority areas of Beirut, southern Lebanon, as well as the Bekaa Valley.
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