Lebanon at a Crossroads: Hezbollah's Role and the Shadow of Iran
September 19, 2024, 11:20 am

Lebanon at a Crossroads: Hezbollah's Role and the Shadow of Iran

Michael Arizanti

To understand Hezbollah's power in Lebanon and their role in the region, one must delve into their origins and the significant influence of Iran. The history of the Middle East, particularly Lebanon, is complex, hosting Hezbollah, one of the world's most organized and armed non-state actors, known as the "Party of God." Hezbollah controls substantial portions of Lebanon and has recently been the target of sophisticated attacks.

Lebanon's history as a French colony, its independence, and its governance through a delicate balance of power among various ethnic and religious groups set the stage for Hezbollah's rise. The group emerged during the chaos of the Lebanese Civil War, following the Israeli invasion in 1982 aimed at ousting the PLO, which had relocated to Lebanon after being expelled from Jordan.

Hezbollah's inception was marked by the support from Iran, which, post its 1979 Islamic Revolution, sought to expand Shia influence in a predominantly Sunni region. Iran's backing has been pivotal, providing Hezbollah with military training, weapons, and financial support, transforming it into a formidable force within Lebanon and a significant player in regional politics.

The narrative often focuses on the Israel-Palestine conflict, but the broader picture shows Iran's strategic use of proxies like Hezbollah, Hamas, and the Houthis to challenge Israel and its allies, thereby extending its influence across the Middle East. This strategy has not only armed Hezbollah to the teeth, with an estimated arsenal capable of threatening Israel, but has also positioned Hezbollah as a central figure in any discussion about Middle Eastern stability.

Without Iran's support, Hezbollah's capacity would be greatly diminished, suggesting that much of the ongoing conflict and the lack of peace in the Middle East can be attributed to this dynamic. Iran's role through Hezbollah and other proxies has perpetuated a cycle of violence and retaliation, making peace an elusive goal. If Iran and its proxies were not in the equation, the dynamics might shift towards diplomacy and stability, as the region would likely face less external agitation and military escalation. However, this hypothetical scenario does not account for other regional tensions and internal issues that also contribute to the unrest. Nonetheless, removing Iran's influence would undoubtedly alter the power balance, paving the way for peace negotiations without the shadow of Iranian-backed terrorism provocations.

BY: Michael Arizanti

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.