New private Islamic bank to open in Sebha

By Naam Al-Khosi

Tripoli, 15 May 2014:

Muftah Abu Sita announced last week at the headquarters of Tripoli Chamber of Commerce plans to . . .[restrict]establish a new bank in Libya next year.

Abu Sita, the president of Al-Yaqeen Bank Founders’ Association spoke with Libya Herald this week about the association’s plans to open its main branch early in 2015 on a 1.5-hectare site in Sebha.

Following the procedures mandated by banking regulation law number 46, passed in 2012, the bank would operate as an Islamic bank.  It will also be 100% privately owned.

Speaking of their overall vision, he stated their five-year plan includes opening ten administrative branches in Ajdabiya, Al-Rajban, Bani Walid, Bayda, Benghazi, Misrata, Sirte, Tripoli, Zawia and Zliten.  Following that they envision opening 20 branches in each of those cities.  They have planned that one of the proposed branches will be a women’s only bank, a first in Libya.

Abu Sita told Libya Herald that he is expecting the banking sector to be favorable in Libya, especially as he anticipates Libya to receive significant assistance from the World Bank. [/restrict]