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Home Libya

CBL holds Islamic banking meeting with local bank heads

bySami Zaptia
June 19, 2014
Reading Time: 1 min read
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CBL holds Islamic banking meeting with local bank heads

Heads of Libya's Islamic banking departments met at the CBL to review progress in its implementation (Photo: CBL).

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Heads of Libya's Islamic banking departments met at the CBL to review progress in its implementation (Photo: CBL).
Heads of the Islamic banking departments of Libyan banks met at the CBL to review progress in Islamic banking implementation (Photo: CBL).

Tripoli, 31 December 2013:

The Central Bank of Libya (CBL) held a meeting yesterday on the strategy for the transformation to Islamic . . .[restrict]Banking attended by all the heads of the Islamic banking departments of Libya’s local banks.

At the meeting, a review was carried out of progress made in the conversion of the Libyan banking system into an Islamic Sharia-compliant system.  The progress of the abolition of interest (which is regarded as usury in Islam) was also discussed with committees formed to follow-up on this policy implementation.

The meeting also looked at all the negatives created in the sector by the abolition of interest bearing loans.

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The CBL reported that those present at the meeting assured their commitment to implementing the Islamic banking law, despite the short period of time granted for its implementation.

Libya’s National Transitional Council (NTC) under Mustafa Abduljalil had introduced Sharia compliant Islamic banking in 2012 with Law No. 46

It is worth noting that the Ministry of Economy s holding a conference on an Islamic Economy: “The Scientific Conference on an Islamic Economy – the road to development,  strategies for change and its tools”, on 6-7 January 2014 at the Corinthia hotel, Tripoli. [/restrict]

Tags: CBLCentral Bank of LibyafeaturedIslamic bankingMinistry of EconomySharia compliant
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