Lebanon central bank bans interactions with Hezbollah financial group
Lebanon’s central bank has banned licensed financial institutions from any direct or indirect interactions with Iran-backed Hezbollah’s financial institution Al-Qard Al-Hassan, according to a circular seen by Reuters on Tuesday.
The US Department of Treasury imposed sanctions on Al-Qard Al-Hassan in 2007, saying the Iran-backed militant group Hezbollah used the institution as a cover to manage “financial activities and gain access to the international financial system.”
Al-Qard Al-Hassan, founded in 1983, describes itself as a charitable organization which provides loans to people according to Islamic principles that forbid interest.
Israel struck branches of the institution during its war with the group last year.
The organization, which operates under a license granted by the Lebanese government, has more than 30 branches, mostly in predominantly Shiite Muslim areas of Beirut, southern Lebanon and the Bekaa Valley.
