Sahara Bank announced yesterday that it had converted itself from a traditional (interest-charging) bank to an Islamic bank.
The bank said that after years of preparations to realize this project, it is now ‘‘the first bank to obtain the license as an Islamic bank’’.
The conversion was announced at a launch event held at a Tripoli hotel yesterday headed by Sahara Bank’s Chairman, Mohamed Ayad Al-Ghwail, and attended by several important figures and heads of the boards of directors of several institutions in the country.
It will be recalled that many other Libyan banks have Islamic Banking services, departments or branches – but have not converted themselves completely into an Islamic bank. Interest charging has been banned in Libya since 2012.