Latest news with #Al-QardAl-Hassan
Nahar Net
5 days ago
- Business
- Nahar Net
Barrack says ban of dealings with Al-Qard al-Hasan a 'valued' step
by Naharnet Newsdesk 16 July 2025, 13:32 U.S. envoy Tom Barrack has described the Lebanese Central Bank's decision to bar banks and brokerages from dealing with the Hezbollah-affiliated Al-Qard Al-Hasan financial institution as a 'step in the right direct by the Lebanese government.' 'Transparency and alignment of all financial intermediaries in Lebanon under the supervision of the Central Bank is a valued and necessary accomplishment,' Barrack said in a post on the X platform. In a circular dated Monday, the Central Bank prohibited all licensed financial institutions in Lebanon from dealing directly or indirectly with unlicensed entities and listed Hezbollah's Al-Qard Al-Hassan as an example. The bank had issued similar circulars in the past but this is the first time that it mentions Al-Qard Al-Hassan by name. The U.S. Department of the Treasury imposed sanctions on Al-Qard Al-Hasan in 2007, saying Hezbollah used it 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 that provides loans to people according to Islamic principles that forbid interest. Israel struck some of its branches during its war with Hezbollah last year. Operating as a not-for-profit organization under a licence granted by the Lebanese government, it has more than 30 branches, mostly in predominantly Shiite Muslim areas of Beirut, southern Lebanon and the Bekaa Valley. A Lebanese official said the central bank move had been in the works for months, and reflected U.S. pressure on Lebanon to take action against Hezbollah's financial wing. Nassib Ghobril, chief economist at Byblos Bank, said Lebanese banks were already careful to avoid dealing with Al-Qard Al-Hasan because it is under U.S. sanctions.
MTV Lebanon
6 days ago
- Business
- MTV Lebanon
15 Jul 2025 19:47 PM Barrack: Lebanon Takes 'Step in Right Direction' on Hezbollah Funding
US envoy Tom Barrack wrote on X: "A step in the right direction by the Lebanese government in harnessing the flow of Hezbollah militia finances that had been directed thru Al-Qard Al-Hassan." He added that "transparency and alignment of all financial intermediaries in Lebanon under the supervision of the Central Bank is a valued and necessary accomplishment.'
MTV Lebanon
6 days ago
- Business
- MTV Lebanon
Lebanon's Central Bank Bans Interactions with Hezbollah's Al-Qard Al-Hassan
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 Shia Muslim areas of Beirut, southern Lebanon and the Bekaa Valley.
NDTV
03-07-2025
- Business
- NDTV
US Imposes New Sanctions Targeting Iran oil Trade, Hezbollah, Treasury Dept Says
The United States imposed sanctions on Thursday against a business network that smuggles Iranian oil disguised as Iraqi oil, as well as sanctions targeting a Hezbollah-controlled financial institution, the Treasury Department said. The network of companies run by Iraqi businessman Salim Ahmed Said has been buying and shipping billions of dollars worth of Iranian oil disguised as, or blended with, Iraqi oil since at least 2020, the department said in statement. "Treasury will continue to target Tehran's revenue sources and intensify economic pressure to disrupt the regime's access to the financial resources that fuel its destabilizing activities," Treasury Secretary Scott Bessent said. The Treasury Department also sanctioned several vessels that are accused of engaging in the covert delivery of Iranian oil, intensifying pressure on Iran's "shadow fleet," it said. The Treasury Department also issued sanctions against several senior officials and one entity associated with the Hezbollah-controlled financial institution Al-Qard Al-Hassan. The officials, the department said, conducted millions of dollars in transactions that ultimately benefited, but obscured, Hezbollah.
Asharq Al-Awsat
25-02-2025
- Business
- Asharq Al-Awsat
Report: Hezbollah Orders Its Fighters to Vacate Areas South of Litani
Hezbollah has issued internal directives for its operatives who do not live south of the Litani River in Lebanon to vacate the area, The Wall Street Journal said in a report published on Monday. The party has also temporarily suspended payments for compensation checks to those affected by Israel's war on Lebanon, it revealed. The decisions come as Hezbollah announced the suspension of its military activities pending the outcome of diplomatic efforts currently initiated by the Lebanese state to secure a full Israeli withdrawal from Lebanese territory, and to stop air and ground violations. The Wall Street Journal said the damage inflicted by Israel on Hezbollah is becoming clear: its military abilities have been severely degraded and its finances are strained to the point that it is struggling to meet its commitments to followers. But the spiraling bill from its latest war is making many of those payments impossible, it explained. WSJ added, citing residents, that the group's primary financial institution Al-Qard Al-Hassan has recently 'frozen payments for compensation checks that had already been issued.' It said Hezbollah-run committees have evaluated hundreds of thousands of damaged homes and the group has issued $630 million in payments to people for loss or damage to their homes, according to an official at Al-Qard Al-Hassan. It also said the party has temporarily frozen compensation payments for its supporters and those affected, but not for party members and operatives. A person close to Hezbollah told the Journal that an internal memo was distributed to its combat units, ordering fighters who were not originally from areas south of the Litani River in southern Lebanon to vacate their positions, and that Lebanese army troops would be allowed to take control of the area in accordance with the ceasefire. 'The party has suffered heavy losses,' the person said, with some military units completely dismantled. But Hezbollah has partially replenished its ranks with fighters who had been stationed in Syria, the person added, with some restructured units ready for any resumption of fighting. 'The group has been weakened, but it is not defeated,' he stated. Hezbollah's new secretary-general, Sheikh Naim Qassem, has repeatedly emphasized the party's military readiness, asserting that the resistance remains strong in manpower and weaponry. However, he said United Nations Security Council Resolution 1701 only relates to Hezbollah's weapons south of the Litani River and not its north. Qassem suggested that his party's weapons in northern Lebanon be discussed by the Lebanese state and various political forces as part of a defensive strategy.
