Latest news with #al-Qardal-Hassan
L'Orient-Le Jour
12 minutes ago
- Business
- L'Orient-Le Jour
BDL ban on al-Qard al-Hassan: Repercussions for Hezbollah's economy
After enduring Israeli strikes and American sanctions, Hezbollah now faces an economic offensive from the Banque du Liban (BDL). In a directive issued on July 14, the BDL banned Lebanese banks and financial institutions from dealing with al-Qard powerful charity NGO was founded in 1985, which the party uses to distribute interest-free microloans to its supporters and pay its is the first time that the BDL has formally targeted al-Qard al-Hassan, which has been on the U.S. Treasury blacklist since 2007, alongside Bayt al-Mal — Hezbollah's 'treasury,' according to Washington, and the investment company al-Yusor (sanctioned since 2006). Context BDL bans banks and financial institutions from dealing with companies like al-Qard al-Hassan The measure received immediate backing from Washington: U.S. envoy Tom...
L'Orient-Le Jour
4 days ago
- Business
- L'Orient-Le Jour
Hezbollah bloc criticizes BDL measures against al-Qard al-Hassan
In a statement following a broad meeting, Hezbollah's parliamentary group sharply criticized the measures taken Monday by Banque du Liban (BDL) against al-Qard al-Hassan, the financial institution linked to the party, calling them "a direct attack on the interests of Lebanese society, outside the constitutional and legal framework, and using the Central Bank as a tool to carry out foreign policies and orders contrary to the interests of Lebanese citizens." These "unjustified measures pose a serious danger to social stability, precisely when the country needs to avoid internal turbulence to preserve its resilience against external aggressions," said bloc leader Mohammad Raad, as cited in the statement. The bloc also asserted that "the al-Qard al-Hassan association is a non-profit charitable organization that serves Lebanese citizens without distinction and will fully pursue its humanitarian mission." In its principal circular No. 170 dated July 14, BDL has banned banks, financial institutions, brokerage firms, collective investment funds and any entity it regulates from dealing, directly or indirectly, with unlicensed companies. The decision primarily targets al-Qard al-Hassan, Bayt al-Mal, the al-Yusr company for financing and investment, or any other association, entity, company or organization similar to them, particularly those that are internationally sanctioned. Regionally, the group "strongly condemned" the violence that occurred in Syria's Sweida province and "called on all concerned parties, at the local, regional and international levels, to fully assume their responsibilities to protect Syria's unity and its people." On the issue of restoring the state's monopoly on arms, a topic at the center of U.S. envoy Tom Barrack's visit to Lebanon a few days ago, the group also reiterated its "willingness to discuss these matters with all serious Lebanese parties, free from any external pressure, to achieve a national strategy for defense and sovereignty for Lebanon."
