In a sad testimony of the times, Libya’s Aman bank offers loans to buy power generator

By Sami Zaptia.

Aman bank is offering an Islamic, interest-free loan for buying a domestic electric generator (Photo: Aman bank).

London, 13 July 2020:

In a sad testimony of the situation in Libya today, the private sector Aman bank announced that it is now offering a loan to its clients specifically to be able to purchase an electricity generator.

The bank today said that it was offering an interest-free Islamic compliant loan for the purchase of a generator for domestic use.

The generator loan reflects the acute power supply crisis that has bedevilled the country since the 2011 revolution that overthrew the Qaddafi regime. Over these nine years various parts of the country have, on and off, suffered long power cuts of 6-12 hours.

This has led to a thriving industry in the supply of power generators, with most profitable commercial concerns, government entities and most middle-class homes – using one.

In turn, this has also led to a thriving black-market diesel supply sector, often run by militias or staff at the diesel supply entities, at a five-time multiple.

It will be recalled that Aman bank had also announced in June it was offering a loan for the purchase of Eid Al Adha (Feast of Sacrifice) ram.

 

Interest-free Aman bank loans to buy Eid rams

 

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