The two-day Second Libyan Banks Forum (13 to 14 October) opened at a Tripoli hotel yesterday. The forum is organised by the Union of Libyan Banks and was held under the slogan “Development Requirements in Libyan banks”. The forum saw the participation of a group of local banks and financial institutions and a group of experts and decision-makers in the banking sector.
The forum discussed the latest trends and challenges facing this vital sector and contribute to the development of the Libyan banking sector towards achieving excellence and innovation.
The forum further aims to promote the sector and give the opportunity to keep pace with the increasing technological development in the field of banking services, increase economic growth rates and achieve economic cooperation between local and international economic institutions in the banking field.
On day one, papers were presented on:
- Positive effects of applying financial reporting standards
- Stages of applying international financial reporting standards
- Preparations and implementation plans
- Islamic accounting standards issued by AAOIFI – on financial statements of Libyan banks
- Standards that can be easily applied by Libyan banks according to their priorities and needs
- Strategies to facilitate the implementation of international financial reporting standards in Libyan banks
- Best practices in implementing international financial reporting standards
On day two, papers were presented on:
- Challenges and opportunities of technological innovation in banks
- Shaping the future of digital payments
- Risk management strategies in banks
