Tag Archives | Islamic Banking

Mellitah Seeks Provider of Takaful Insurance

The Mellitah Oil & Gas Company (Gas division) intends to issue the tender below and wishes to invite for pre-qualification interested, experienced and reputable companies specialized in providing similar services for inclusion in the bidders list: TENDER NO. (ITT/005/ER/15) Provision of Takaful Medical InsuranceServices to Mellitah Oil & Gas Employees & Dependants. SCOPE OF WORK […]

Akakus Tenders for Health Insurance Pre-Qual

Akakus Oil Operations (formerly Repsol Oil Operations) has declared for tender pre-qualification of Commercial Health Insurance and Islamic Jointly [Mutual] (Takaful) Insurance for its employees and their family members including parents, totaling 7778 members. The Local, Joint And Global Companies specialized and competent in this field, and have the technical and financial resources for the […]

Al Baraka Bank Eyes Libya

Adnan Ahmed Yousif (pictured), President and Chief Executive Officer of Bahrain’s Al Baraka Banking Group, has told Reuters that the company’s growth will also be fuelled by the company’s entry into the Moroccan and Libyan markets, and expansion in Tunisia, as monetary authorities become more welcoming to Islamic banking. He added: “Last year was a very […]

Cental Bank Announces Islamic Banking Conference

Preparations are underway for an international conference organized by the Central Bank of Libya in collaboration with the World Bank and the Islamic Development Bank on Islamic banking in Libya. The CBL has announced that the event will be held on 1st and 2nd of March, 2014. (Source: CBL)

Libya to Issue 3 Islamic Bank Licenses

Libya hopes to have its first three dedicated Islamic banks operating next year to satisfy unmet demand for sharia-complaint financial services, a senior central bank official has said. Authorities have decided to issue three Islamic banking licenses and the central bank has received five applications from local investors, which are currently being evaluated, said Abdulmajeed […]

Libya Considering First Islamic Loan

Bloomberg reports that Libya is considering issuing bonds to finance big increases in oil refining and chemical production, forecast to cost $60 billion. Mohamed Alloub, chairman of the state-run Libyan Petroleum Institute, told the news agency that Islamic debt is one of the options being considered. Libya may have to pay more than 6 percent […]

Libyan Foreign Bank Considers Strategy

The Libyan Foreign Bank (LFB) has begun a a three-day seminar to see how it can better integrate its banking subsidiaries in 22 countries throughout Africa, Europe and the Middle East, according to Libya Herald. LFB chairman Ben Issa Ahmed explained that, along with Libya itself, the bank had undergone many changes and needed to […]

Stock Exchange Signs Deal with Amanie Advisors

The Libyan Stock Market has signed an understanding (MoU) with global Shariah advisory firm, Amanie Advisors, to help the country’s efforts to expand the role of Islamic finance. The comprehensive MoU sets out “a clear roadmap” for research into the areas of growth for Islamic Finance within Libya; Islamic Finance training; and a joint agreement […]