Quasielastic scattering excitation function at large backward angle has been measured for the weakly bound system, $^{7}$Li+$^{159}$Tb at energies around the Coulomb barrier. The corresponding quasielastic barrier distribution has been derived from the excitation function, both including and excluding the $alpha$-particles produced in the reaction. The centroid of the barrier distribution obtained after inclusion of $alpha$-particles was found to be shifted higher in energy, compared to the distribution excluding the $alpha $-particles. The quasielastic data, excluding the $alpha$-particles, have been analyzed in the framework of continuum discretized coupled channel calculations. The quasielastic barrier distribution for $^{7}$Li+$^{159}$Tb, has also been compared with the fusion barrier distribution for the system.