The al-Fadil exchange and remittance company has denied reports claiming it received threats from Israeli sources accusing it of financing the Lebanese group Hezbollah.
In a statement on its Facebook page on the evening of October 22, al-Fadil described the circulating news as “false, unfounded, and baseless.” The company emphasized that it is a private joint-stock entity that operates independently, adhering to the regulations and laws of Syria, and is supervised by the Central Bank of Syria.
Local website Sowt al-Asimah reported that al-Fadil’s management received threatening calls from individuals speaking “broken” Arabic. According to the report, these callers accused the company of financially supporting Hezbollah and labelled it as one of the party’s economic arms.
Additionally, the website cited an internal source claiming that vehicles linked to Hezbollah had transferred large sums of money from the company’s branch in the Mezzeh neighbourhood to an undisclosed location under strict security measures.
These threats follow an Israeli army operation that targeted branches of the al-Qard al-Hassan association in Beirut, which Israel designated as a “terrorist entity” for allegedly facilitating Hezbollah’s financing and arms procurement.
US sanctions on the company
Al-Fadil is one of the largest remittance companies in Syria, known for operating outside the laws that criminalize dealings in foreign currency. The company publicly facilitates money transfers in foreign currencies at its branches, receiving funds from beneficiaries located outside Syria.
On May 30, 2023, the US Department of the Treasury placed three brothers who own al-Fadil on its sanctions list for providing financial support to the Syrian regime, Hezbollah, and the Quds Force of the Iranian Revolutionary Guards. According to the Treasury, al-Fadil is owned by Fadel, Mouti’, and Muhammad Balawi, who come from the town of Nubl in the Aleppo countryside. They are reportedly the only individuals authorized by the Central Bank of Syria to act on behalf of Hezbollah.
The Treasury noted that al-Fadil has facilitated millions of dollars in transfers since 2021 to accounts at the Central Bank of Syria, which is also under US sanctions. These transfers have primarily benefited the Syrian government. Additionally, Hezbollah, which is on the US sanctions list, has used al-Fadil to move funds from other countries in the region into Syria.
Until mid-2021, al-Fadil also facilitated payments from the Syrian regime to Muhammad Qassem al-Bazzal, Hezbollah’s financial official who is also on the US sanctions list, in exchange for shipments of Iranian oil.
This article was translated and edited by The Syrian Observer. The Syrian Observer has not verified the content of this story. Responsibility for the information and views set out in this article lies entirely with the author.
