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Libya approves Islamic banking law

18/05/2012

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Libya has approved an Islamic banking law that will introduce sharia-compliant banking in the North African country, a member of the ruling National Transitional Council (NTC) said on Thursday.

Libya has been working to amend its banking laws to attract foreign investment and stimulate its private sector following last year's war that ousted Muammar Gaddafi, the central bank governor has said.

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Saudi leads the way in takaful sales

01/05/2012

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Global Islamic insurance sales rose nearly 20 per cent to US$8.3 billion (Dh30.48bn) in 2010, but opportunities still abound for further expansion, a new report has found.

Takaful contributions in the UAE grew by 28 per cent to reach $818 million during the year, said Ernst & Young's World Takaful Report 2012.

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Libyans ‘hoarding $12bn’ pending Shariah banks

24/04/2012

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Ahmed Saeed, a Libyan poultry farmer, says he is waiting for his country to open Islamic banks to deposit money for the first time.

“I’m sure that Islamic banks are more in tune with my culture,” he said on Thursday. “I had a religious upbringing and I hear clerics ban dealing with current banks because of usury.”  

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Islamic finance makes headway in Arab Spring countries

22/02/2012

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A year on from the Arab Spring, prospects for Islamic finance to play a role in the rebuilding of affected countries has gathered pace; even as the countries continue to grapple with the impact of the uprisings.

The industry’s progress in the MENA countries has been especially marked in the first two months of this year.
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Libya bank rolls out Islamic products

21/02/2012

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The Libyan Foreign Bank will offer Shariah-compliant products as the government prepares regulation to make Islamic banking the norm in the North African nation following the ousting of Moammar Gadhafi. “Islamic products are being introduced and will predominate, but we will not relinquish the use of traditional banking,” general manager Mohammad Ben Yusef said in an interview Tuesday in Tripoli. “A decision will be made by the Central Bank of Libya by the end of March to introduce a new article in the banking law regarding Islamic governance.”
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Banks savour sharia-compliant opportunity

17/11/2011

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Retail and investment banks that offer sharia-compliant services are savouring the opportunities emerging in post-revolutionary countries such as Tunisia, Egypt and Libya.

The prospect of providing budgetary support for governments and the increased power of moderate Islamist parties bode well for the development of sharia-compliant finance, bankers say. In all three countries, Islamist groups were suppressed for decades and Islamic finance struggled to gain traction.
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