No Result
View All Result
Saturday, May 21, 2022
19 °c
Tripoli
22 ° Sun
24 ° Mon
26 ° Tue
24 ° Wed
  • Advertising
  • Contact
LibyaHerald
 
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
SUBSCRIBE
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
No Result
View All Result
LibyaHerald
No Result
View All Result
Home Business

Opinion: Restructuring Libya’s financial sector

byNigel Ash
February 28, 2013
Reading Time: 3 mins read
A A
12
SHARES
51
VIEWS
Share on FacebookShare on Twitter

By Dr Abdalla Kablan, EXANTE

Tripoli, 28 February 2013:

Despite all the security and political challenges facing Libya, the economic outlook for the country . . .[restrict]is bright and positive going forward into 2013. The recent transformation of Libya’s political situation has opened up the possibility for the restructuring of many of the country’s vital sectors, and the financial sector is sure to capitalise from this.

Globally the world has recently witnessed a major financial crisis that has caused political and economic turmoil. This crisis was caused by a series of bad decisions that were taken by financiers that did not take in consideration the complex nature of financial markets and did not follow a scientific approach in their chaotic decision-making process.

Modern financial systems have been created and are constantly being updated, using various scientific approaches to avoid the previous mistakes that were created by the financial crisis, and to resolve any current problems.

RELATED POSTS

Getting the Libyan Investment Authority back on track again:  An interview with LIA chairman Ali Mahmoud Hassan

UNSMIL political track talks to go ahead despite pullout by Tobruk HoR and Tripoli State Council

The role of science and technology has become very apparent as a crucial tool in modern financial systems. For instance, the advance in computational power over the past decade has had a dramatic impact on financial research, banking operations, and related regulations. Due to this increase in computational capacity and respective automation of financial markets, an increasing number of financial institutions and exchanges has now created databases that contain all the valuable information of the markets, presented in an easy and accessible manner.

The availability of these databases has boosted the development of a number of new areas of financial research. These can help in optimising the current products that are on offer, in order to avoid any unnecessary losses.

As a result, efficient new forms of financial trading have emerged as important trends in financial engineering. This has created faster paced financial trading where prices are analysed, second-by-second, and buy, sell or hold decisions are systematically taken in real-time.

With a population of just over six million, Libya has excellent financial resources to embark on economic transformation, supported by a young, driven and enthusiastic population eager to achieve independence and economic prosperity. Libya’s economic well-being will only come about through the consolidatiion of democratic values, inclusiveness, transparency, education and accountability.

Libya is now in a unique position for restructuring. The financial industry here needs to adapt to new trends and train its personnel on the new forms of financial trading using these new scientific measures.

Computational Finance, for instance, is an interdisciplinary field that combines many scientific areas such as mathematical finance, numerical methods, artificial intelligence and computer simulations, to enable intelligent trading and facilitate the risk management of process. This will help in understanding and developing new innovative applications of soft computing,  to enhance the prospective services that the financial industry in Libya can provide. Libya is well-positioned to use its wealth, unique economic situation and its appetite for development to embark on a nationwide campaign of restructuring its financial sector, fully using latest technologies to allow it to rapidly evolve, and potentially turn into a major financial centre in the long term.

Libya is clearly at a major historical crossroads. In order for it to exploit modern technologies fully, many factors need to be considered, including restructuring the country’s overall infrastructure, regulatory framework, and human capital.

This means that ultimately it is up to the Libyan people and Libyan governments (present and future) to develop the country into a vital financial centre in the region.

Libya is now in a position to choose between using all of its potential or settling for a wealthy consumer’s role that uses of other financial centres around the world, many of which have proven thanks to the recent financial crisis to be far from flawless.

Dr Abdalla Kablan, PhD (Essex), MSc (Bradford), BSc I.T (Malta) is the Vice President of Research and Accounts Management at EXANTE Ltd. He is also a researcher and a lecturer of Computational Finance and Algorithmic trading strategies at the University of Malta. Email: [email protected]

 The opinions contained in this article do not necessarily reflect those of the Libya Herald. [/restrict]

Tags: financial marketsKablanLibya
Share5Tweet3Share1

Related Posts

Germany’s GIZ launches Libya IT sector survey to assess employment potential, identify training gaps
Business

16 Libyan coaches complete business training course to coach Libyan start-ups and SMEs

May 19, 2022
Made in Algeria expo to be held in Tripoli 28 to 31 May at Tripoli Sports City
Business

Made in Algeria expo to be held in Tripoli 28 to 31 May at Tripoli Sports City

May 19, 2022
Libya and Total Energies sign preliminary agreement to establish 500 MW solar power project 
Business

Libya and Total Energies sign preliminary agreement to establish 500 MW solar power project 

May 19, 2022
Turkish independent business association, MUSIAD, opens Tripoli branch
Business

Turkish independent business association, MUSIAD, opens Tripoli branch

May 17, 2022
Misrata airport upgrade financed by local businesses expected to open within three months
Business

Misrata airport upgrade financed by local businesses expected to open within three months

May 17, 2022
Greek delegation visits Benghazi’s Benina airport to discuss resumption of flights with Athens ‘‘soon’’
Business

Greek delegation visits Benghazi’s Benina airport to discuss resumption of flights with Athens ‘‘soon’’

May 17, 2022
Next Post
UK university says Libya could produce more energy through solar power than oil

UK university says Libya could produce more energy through solar power than oil

Calling all film-makers: short film competition

Calling all film-makers: short film competition

 

Advertise on LibyaHerald

Reach thousands of our site visitors daily

240 x 400px

Advertise Here
ADVERTISEMENT

Top Stories

  • Malta-based Libyan carrier Med Sky to start chartered flights from Misrata to Malta from 5 May

    Malta-based Libyan carrier Med Sky to start chartered flights from Misrata to Malta from 5 May

    488 shares
    Share 195 Tweet 122
  • Two leading Tripoli militias clash in town centre

    423 shares
    Share 175 Tweet 103
  • Bashagha reveals proposed government of 41 – with 30 ministers and 8 ministers of state

    348 shares
    Share 142 Tweet 86
  • Hafter’s representatives in the 5+5 Joint Military Commission announce suspension of their participation in the commission

    334 shares
    Share 140 Tweet 81
  • Bashagha enters Tripoli briefly before being forced to exit swiftly in the face of determined militia opposition

    299 shares
    Share 120 Tweet 75
LibyaHerald

The Libya Herald first appeared on 17 February 2012 – the first anniversary of the Libyan Revolution. Since then, it has become a favourite go-to source on news about Libya, for many in Libya and around the world, regularly attracting millions of hits.

Recent News

16 Libyan coaches complete business training course to coach Libyan start-ups and SMEs

Trial run of the Unified Electronic Health File System inaugurated

Sitemap

  • Why subscribe?
  • Terms & Conditions
  • FAQs
  • Copyright & Intellectual Property Rights
  • Subscribe now

Newsletters

    Be the first to know latest important news & events directly to your inbox.

    Sending ...

    By signing up, I agree to our TOS and Privacy Policy.

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    No Result
    View All Result
    • Login
    • Sign Up
    • Cart
    • Libya
    • Business
    • Advertising
    • About us
    • BusinessEye Magazine
    • Letters
    • Features
    • Why subscribe?
    • FAQs
    • Contact

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    Welcome Back!

    Sign In with Facebook
    Sign In with Linked In
    OR

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

    Sign Up with Facebook
    Sign Up with Linked In
    OR

    Fill the forms bellow to register

    *By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
    Are you sure want to unlock this post?
    Unlock left : 0
    Are you sure want to cancel subscription?