Lebanon’s central bank bans 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.
The US Treasury Department imposed sanctions on Al-Qard Al-Hassan in 2007, saying 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 that 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 Shi’ite Muslim areas of Beirut, southern Lebanon, and the Beqaa Valley.
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