Saudi Arabia just classified Hezbollah’s Al-Qard Al-Hasan as a terrorist entity
Saudi Arabia has designated Al-Qard Al-Hasan as a terrorist entity because of its ties to Hezbollah.
Hezbollah created Al-Qard Al-Hasan in the 1980s to manage community charitable funds and interest-free loans.
Although it is registered as a charity, it carries out regular banking activities such as savings and loan services.
It has grown over time with over 60 branches in Lebanon, sidestepping taxes and banking regulations under the guise of being a charity. It functions as the financial backbone of Hezbollah and all of its activities and organizations.
Funded by the Islamic Republic of Iran, memberships, donations, subscriptions and community funds, Al-Qard Al-Hasan’s assets are now frozen in Saudi Arabia, as state security claimed Saudi Arabian (SPA) in its statement.
The SPA accused the association of providing financial support to Hezbollah.
It thus prohibits the company from carrying out “any direct or indirect relations with or for the benefit of the association by all financial, professional, non-financial companies and all legal and natural persons”.
The US Treasury Department previously added Al-Qard Al-Hasan and other Lebanese organizations to the list of sanctioned Hezbollah foundations in July 2007.
He said: “Strict measures will be taken against anyone whose relationship with the above association [Al-Qard Al-Hasan] he confirmed, or those in charge of the above group [Hezbollah]. “
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