Lebanon's central bank bans Hezbollah's financial institution 'Al-Qard al-Hassan'

Beirut (Web Desk): Lebanon's central bank has imposed a complete ban on Al-Qard al-Hassan, a financial institution linked to Hezbollah. The country’s banks have been instructed to avoid any financial dealings with this institution.

Founded in 1983, Al-Qard al-Hassan is considered Hezbollah’s main financial body and presents itself as a charitable organization. However, the United States has had sanctions imposed on it since 2007, and Israel views it as Hezbollah’s covert financial network that provides funding to the organization.

Lebanon is currently undergoing a severe economic crisis, and the European Commission has included it in the list of high-risk countries for money laundering. The Financial Action Task Force (FATF) has placed Lebanon on its grey list.

The decision by Lebanon’s central bank comes in response to global pressure and demands for financial transparency.

Interestingly, just one day before this ban was announced, Israel carried out airstrikes on various Hezbollah weapons storage sites and training camps in Lebanon, resulting in the deaths of 12 individuals, including 5 Hezbollah fighters. It is worth noting that last year, Israel also destroyed several branches of Al-Qard al-Hassan in airstrikes.