Tag Archives | Sharia Law

New Oil Tenders

By John Lee. The National Oil Corporation (NOC) has advertised new tenders: Construction of Fire Training Ground Facility at Ghanfooda, Arabian Gulf Oil Company (AGOCO) Provision of Heat Exchangers Dedicated Services at Mellitah Complex , Mellitah Oil & Gas Takaful Medical Fund Management Services, Mabruk Oil Operations (Source: National Oil Corporation) (Picture: Call for tender written […]

Where Will New Sharia Vote Lead?

Last week the General National Congress (GNC) voted to make Sharia law the foundation of all legislation and state institutions in the country. As with many such decisions, there is much uncertainty as to what this will mean in practice: What interpretation of Sharia law is to be considered the ‘true’ version? What will it […]

GNC Votes for Sharia Law

Reuters reports that Libya’s General National Congress (GNC) has voted to make Sharia law the foundation of all legislation and state institutions in the country. A special committee is to review all existing laws to guarantee that they comply with Islamic law. The decision came shortly before a vote to form a 60-member committee that will […]

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 […]

Video: Sharia-Style Punishment in Sirte

From Jewish News One. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Libya Business News. Muslim militia, taking advantage of prevailing lawlessness in post-Gaddafi Libya, have revived the practice of administering lashings to those they rule to have transgressed Islamic law. A story that was highlighted by the […]

Employees Protest for Sharia Banking

A number of employees at a branch of Sahara Bank in Benghazi have held a demonstration outside the bank to protest against its use of interest. They demanded that the bank start using Sharia-compliant banking methods. According to the Libya Herald, none of Libya’s major banks are Sharia-compliant, but the Governor of the Central Bank, […]

Libya in business, just not business as usual

Businesses of all kinds should be looking at the potential of Libya and considering whether and how to enter the market. A large part of that decision will be based on how business-friendly the laws of Libya are and how much protection investors can expect. The legal system of Libya is reasonably well developed and […]