The U.S. Department of the Treasury in Washington. (Credit: AFP archive photo)
The U.S. State Department has imposed new sanctions on seven senior individuals and one entity linked to al-Qard al-Hassan Association, an alternative Islamic banking institution that also functions as Hezbollah's financial arm, according to a Thursday press release from the Treasury Department.
The targeted officials held top leadership positions within the organization and played a key role in helping Hezbollah bypass U.S. sanctions, thereby maintaining access to the international financial network, the press release said.
“Today’s action underscores Treasury’s commitment to disrupting Hezbollah’s sanctions evasion schemes and supporting efforts by the new Lebanese government to limit the terrorist group’s influence, particularly as entities like AQAH continue to undermine the already fragile Lebanese economy," the statement said.
“As Hezbollah seeks money to rebuild its operations," Deputy Secretary Michael Faulkender stated, "the Treasury remains strongly committed to dismantling the group’s financial infrastructure and limiting its ability to reconstitute itself.”
According to the press release, the U.S. has sanctioned several individuals and one entity for their roles in supporting Hezbollah through al-Qard al-Hassan Association (AQAH).
The non-profit organization functions under the Islamic concept by the same name, of interest-free loans based on the principle of providing support without expecting financial gain from doing so.
It is used by many in Lebanon as an alternative Islamic banking system and, following Israeli bombardment of several of its branches during the all-out war between Israel and Hezbollah in fall of 2024, AQAH released a statement saying it had previously taken measures to protect people's deposits.
AQAH suspended the disbursement of compensation to victims of the recent war on June 23, due to a growing lack of liquidity despite an aid campaign launched after the conflict. It has been under U.S. sanctions since 2007 for its affiliation with Hezbollah. Nearly 500 million dollars have been paid to war victims since the November 2024 cease-fire, but these funds cover only about half of the needs, while the World Bank estimates the war damages at nearly $7 billion, with reconstruction costs approaching $11 billion.
One of the sanctioned individuals, Issa Hussein Kassir, is described as a senior AQAH official who "oversees the department responsible for supplying equipment to AQAH branches and handling procurement and logistics." He opened bank accounts in the formal financial system for AQAH and sent nearly $1 million to designated AQAH shadow bankers Yazbeck, Gharib, and Othman between 2007 and 2019.
Samer Hasan Fawaz is the head of AQAH’s management division and has served as "administrative director for AQAH since at least 2010," coordinating logistics and liaising with supporting companies.
Imad Mohamad Bezz leads AQAH’s evaluation and storage department and "is responsible for AQAH’s gold deals." He transferred over $2.5 million to AQAH officials involved in shadow banking.
Ali Mohamad Karnib, head of AQAH’s purchase department, "oversaw the purchase of over a thousand ounces of gold for AQAH" as of July 2024.
Ali Ahmad Krisht, AQAH’s branch manager in Tyre, Lebanon, previously "held at least three bank accounts on behalf of Hezbollah" and worked closely with designated AQAH director Mansour and Hezbollah financial advisor Hassan Moukalled, who was designated in 2023 for helping the group operate within Lebanon’s financial system.
Mohammed Suleiman Badir served as deputy director at AQAH’s Nabatieh branch and held a joint bank account with Subayti as part of "a Hezbollah plan to circumvent the formal financial system" by having members open personal accounts.
The sanctioned individuals — Jamil, Kassir, Fawaz, Bezz, Karnib, Krisht, and Badir — are being designated "pursuant to E.O. 13224, as amended, for being owned, controlled, or directed by, or to have acted or purported to act for or on behalf of, directly or indirectly, AQAH."
In addition, Tashilat SARL is being sanctioned "for being owned, controlled, or directed by, or to have acted or purported to act for or on behalf of, directly or indirectly, Jamil, Yazbeck, and Shami."
In May, the U.S. State Department's "Rewards for Justice" (RFJ) program announced it was offering a reward of up to $10 million for information leading to the disruption of Hezbollah's financial networks.
