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Saudi Arabia Classifies Hizbullah’s Financial Arm as Terrorist Entity

Saudi Arabia Classifies Hizbullah’s Financial Arm as Terrorist Entity

Saudi Arabia has classified the financial arm of Hizbullah as a terrorist entity. The kingdom’s Presidency of State Security made the announcement regarding the Al-Qard al-Hasan Association on Wednesday. The organization, officially registered as a non-profit charity, provides interest-free loans of up to about $5,000 to poor people in Lebanon. This curries favor with the Shiite Muslim population in Lebanon, helping Hizbullah to gain political successes.

“The association works on managing funds for the terrorist organization (Hizbullah) and its financing, including support for military purposes,” the Presidency of State Security said in a statement. The declaration, under the Law on Combating Terrorism Crimes and its Financing, prohibits direct or indirect financial dealings with the association. Its assets reportedly will be frozen.

The association has been under US Treasury sanctions since 2007.

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