Studying Islamic Finance

السلام والازدهار العدالة المجتمعي
You are visiting a blog associated with an online noncredit course studying the topic of Islamic Finance, moderated by John Wiley Spiers. Feel free to participate in our discussion, and if you are interested in taking the course visit

Thursday, January 16, 2014

Libyan Banks and Shariah

Comes 2012 news of protests in Libya:

A number of employees at a branch of Sahara Bank in Benghazi have held a demonstration outside the bank to protest against its use of interest. They demanded that the bank start using Sharia-compliant banking methods.
According to the Libya Herald, none of Libya’s major banks are Sharia-compliant, but the Governor of the Central Bank, Saddek Elkaber, has said that he believesdemand for Sharia-compliant banking is so high that it may become an important part of Libyan banking.

I wonder if the banks were Shariah-compliant under the late leader Muammar Khaddafi, who died in Oct 2011.  And now...
Preparations are underway for an international conference organized by the Central Bank of Libya in collaboration with the World Bank and the Islamic Development Bank on Islamic banking in Libya.
So the geography of islamic finance continues to evolve.

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