Tripoli, 31 December 2013:
The Central Bank of Libya (CBL) held a meeting yesterday on the strategy for the transformation to Islamic . . .[restrict]Banking attended by all the heads of the Islamic banking departments of Libya’s local banks.
At the meeting, a review was carried out of progress made in the conversion of the Libyan banking system into an Islamic Sharia-compliant system. The progress of the abolition of interest (which is regarded as usury in Islam) was also discussed with committees formed to follow-up on this policy implementation.
The meeting also looked at all the negatives created in the sector by the abolition of interest bearing loans.
The CBL reported that those present at the meeting assured their commitment to implementing the Islamic banking law, despite the short period of time granted for its implementation.
Libya’s National Transitional Council (NTC) under Mustafa Abduljalil had introduced Sharia compliant Islamic banking in 2012 with Law No. 46
It is worth noting that the Ministry of Economy s holding a conference on an Islamic Economy: “The Scientific Conference on an Islamic Economy – the road to development, strategies for change and its tools”, on 6-7 January 2014 at the Corinthia hotel, Tripoli. [/restrict]