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Saudi Arabia puts Hezbollah financial arm on terror blacklist


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Times Of Israel

Al-Qard al-Hasan Association, which gives small, interest-free loans to hundreds of thousands in poverty-stricken Lebanon, accused of managing funds for terror group

Emanuel Fabian and Agencies

Oct. 28 2021

Saudi Arabia on Wednesday declared the Lebanese Qard al-Hasan Association a terrorist entity due to its direct connection with Hezbollah as the terror group’s financial arm.

Al-Qard al-Hasan, whose name in Arabic means “the benevolent loan,” offers interest-free loans up to $5,000 and is considered Lebanon’s largest non-banking financial institution giving microloans.

The association, officially a non-profit charity, is one of the tools by which the Iran-backed Hezbollah entrenches its support among the country’s Shiite population, even as the group has come under enormous criticism over the past year among Lebanese furious at the political elite.

“The association works on managing funds for the terrorist organization (Hezbollah) and its financing, including support for military purposes,” the Saudi Presidency of State Security said in a statement.


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