Tag Archives | Islamic Banking

Central Bank Signs Islamic Banking Deal

The Global University of Islamic Finance and the Central Bank of Libya, signed a Memorandum of Understanding (MOU) to collaborate in the areas of executive training and education in Islamic finance. The collaboration is in line with International Centre For Education In Islamic Finance (INCEIF) vision to be the knowledge leader in Islamic finance through […]

What will Islamic Banking Mean for Libya?

Shariah-compliant banking is a hot topic in Libya at the moment, but will making it compulsory hinder the development of the country? According to a report from Bloomberg, the decision to ban non-Shariah-compliant banking by 2015 is strangling access to funds, with some commercial lenders already refusing to offer conventional loans due to a lack […]

Al Baraka to set up Islamic Bank in Libya

Adnan Ahmed Yousif (pictured), President and Chief Executive Officer of Bahrain’s Al Baraka Banking Group, said that the group is studying to establish an integrated Islamic bank in Libya this year. According to a report from Mubasher, the new facility will have seed capital of $100 million, and will offer a variety of banking services. (Source: […]

Libya to Issue Islamic Banking Licences

The governor of Libya’s central bank has said the Libyan government will soon be ready to issue licences for Islamic banks. Saddek Omar Elkaber said: "There’s a plan to issue three licenses for Islamic banks. Some conventional banks now have Islamic windows but there is a huge need for Islamic products. We’re still in the […]

Qatari Bank Targets Libyan Islamic Banking

An extraordinary general meeting (EGM) of Qatari bank Masraf Al Rayan has approved a plan to acquire a shareholding in a Libyan commercial bank, the North Africa Post reports. The meeting also empowered the board of directors to take decisions concerning urgent business and company acquisitions up to a total cost of QR1bn for two […]

Qatari Bank Targets Libya

A Qatari bankm is reported to be seeking shareholder approval increase its capital in order to buy a strategic stake in a Libyan commercial bank. In a bourse filing, he sharia-compliant Masraf Al Rayan bank said it will ask shareholders to approve the stake purchase, but it did not say which Libyan bank is to […]

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 Pushing Ahead with Islamic Banking

Libya hopes to start implementing its new Islamic banking law by the end of the year, according to a report from Reuters. Libyan central bank governor Saddek Omar Elkaber (pictured) said he expects strong demand among the public for sharia-compliant financial services. "The demand is so high in Libya so we set up a higher […]