No reference to a current law on the charging of interest on loans in Lebanon could be found among the sources consulted by the Research Directorate. However, the following information may be useful.

Several sources consulted acknowledged that interest rates are applied on certain bank loans in Lebanon (Arab Finance 13 Apr. 2003; ibid. 18 May 2003; The Daily Star 29 Jan. 2005). In 2004, Agence France-Presse (AFP) indicated that "the first Islamic finance house" to be based in Lebanon, the Arab Finance House, opened its doors on 12 January 2004, in a ceremony attended by then Lebanese Prime Minister Rafiq Hariri (12 Jan. 2004). The AFP article further stated that "[a] number of Islamic institutions operate in Lebanon" and mentioned that these banks manage their affairs "on the basis of sharia, or Islamic law, which bans the payment of interest" (12 Jan. 2004). The Website of Al Baraka Bank Lebanon, an Islamic bank (n.d.a), indicates that the only loan allowed by Islam is the interest-free loan (n.d.b). Islamic banks must also refrain from investing in ventures that involve alcohol or gambling (Al Baraka n.d.b).

For further information on Lebanese laws, mostly available in Arabic, which are related to banking and financial services, please consult http://www.bdliban.com/circ/en/listlaw.asp. For more details about Islamic legal precepts on loans according to Al Baraka Bank Lebanon, the "first developing Islamic bank in Lebanon" (Al Baraka n.d.a) please consult http://www.al-baraka.com/more-pns.html.

This Response was prepared after researching publicly accessible information currently available to the Research Directorate within time constraints. This Response is not, and does not purport to be, conclusive as to the merit of any particular claim for refugee protection. Please find below the list of additional sources consulted in researching this Information Request.

Agence France-Presse (AFP). 12 January 2004. "First Islamic Bank Opens in Beirut." (Dialog)

Al Baraka Bank Lebanon. n.d.a. "About BBL." http://www.al-baraka.com/index.html [Accessed 16 Feb. 2005]

_____. n.d.b. "Al Baraka Bank Lebanon." http://www.al-baraka.com/more-pns.html [Accessed 16 Feb. 2005]

Arab Finance. 18 May 2003. "Merchants in Lebanon Request Loan Repayment Deferral." http://www.arabfinance.com/AFSource/Print.asp?T=7926 [Accessed 8 Feb. 2005]

_____. 13 April 2003. "Lebanese Banks to Lower Interest Rates on Loans." http://www.arabfinance.com/AFSource/Print.asp?T=7605 [Accessed 8 Feb. 2005]

The Daily Star [Beirut]. 29 January 2005. Osama Habib. "Bank of Beirut Profits Rise by $5 Million." http://dailystar.com.lb/article.asp?edition_id=1&categ_id=3&article_id=12176 [Accessed 16 Feb. 2005]

The Embassy of Lebanon in Ottawa did not respond to requests for information within time constraints.

UNHCR Refworld Legal Database.

Internet sites, including: Amnesty International (AI), Bank of Lebanon, European Country of Origin Information Network (ECOI), Freedom House, Human Rights Watch (HRW), Ministry of Finance of Lebanon, World News Connection (WNC).