Central Bank signs Islamic finance training deal with Malaysian university

Kuala Lumpur, 20 May 2013:

The Central Bank of Libya has signed a cooperation agreement in Kuala Lumpur with the International Centre for . . .[restrict]Education in Islamic Finance (INCEIF) to ensure support in developing Sharia-compliant programmes at the bank.

The CBL is looking to benefit from Malaysian expertise in Islamic banking in its efforts to establish it as the norm in Libya. INCEIF, the world’s only university focused on postgraduate studies in Islamic finance, was set up by the Central Bank of Malaysia in 2005 to ensure a flow of skilled experts to meet the growing international interest in the sector.

Under the agreement signed by Central Bank Governor Saddek Elkaber and Daud Vicary Abdullah, the President of INCEIF, the university will provide technical support and training to the bank.

The Central Bank of Libya is looking to introduce Islamic banking as the standard in the country and wants to ensure there are sufficient trained staff at the bank and in the commercial sector to enable that to happen. [/restrict]