Libya Business News
Monday, March 27, 2023
  • Security
  • Oil & Gas
  • Industry
  • Politics
  • Construction
  • Finance
  • Tenders
  • Transportation
  • Videos
No Result
View All Result
Libya Business News
  • Security
  • Oil & Gas
  • Industry
  • Politics
  • Construction
  • Finance
  • Tenders
  • Transportation
  • Videos
Libya Business News
No Result
View All Result
Home Banking & Finance

Libya amending bank law to attract foreigners

25th February 2012
in Banking & Finance, Investment
Libya amending bank law to attract foreigners
Share on FacebookShare on Twitter

Libya is amending its banking laws to attract foreign investment and stimulate its private sector as it seeks to create an investor-friendly environment following last year's war that ousted Muammar Gaddafi, the central bank governor said.

In an interview with Reuters, Saddeq Omar Elkaber said the new Libyan leadership was working on creating the legal framework and necessary infrastructure, including updating a 2005 banking law which first allowed foreign banks in the North African country.

"We are working on amending laws to stimulate the private sector, as well as change the national banking structure," he said. "We have formed a committee to re-revise the law. We are also about to complete our preparations regarding Islamic banking regulations."

Mustafa Abdel Jalil, chairman of Libya's ruling National Transitional Council (NTC) said in October Libya's new rulers were working on an Islamic banking system.

Elkaber said the Islamic banking proposal would be soon handed to the NTC for approval, but gave no other details.

Speaking in his office in central Tripoli, Elkaber said it was still to early to formulate a policy to award new licenses to foreign banks.

"We need a detailed study to find out what will be the required number of banks in cities and regions," he said.

With the civil war over, foreign executives are weighing the opportunities against the risks in an oil and gas-producing nation with the resources to pay for urgent reconstruction and healthcare needs.

As the country tries to get back to business though, the government struggling to impose order on a country awash with weapons.

Last week, Prime Minister Abdurrahim El-Keib promised to give each Libyan family 2,000 dinars ($1,540) as well as other financial help to unemployed former fighters, as discontent from those who thought progress would be faster simmers.

Elkabeer said authorities still lacked an updated database to determine the total number of Libyan families and estimated the cost of the handout would be at least 3 billion dinars.

He said it would take eight weeks to finalize the database.

"The central bank and government are committed to the implementation of the law but there must be a transparent mechanism to ensure that there is no fraud," Elkabeer said.

"We are talking about 1.2 million families in Libya ... We expect that the total value will range between 3 billion and 3.5 billion Libyan dinars," he said.

(Source: Chicago Tribune)

Tags: Islamic BankingLaw

Latest News

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

4th October 2021
Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

22nd March 2021
Latest Oil Tenders

Latest Oil Tenders

16th March 2021

Recent News

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

4th October 2021
Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

22nd March 2021

Categories

  • Security
  • Oil & Gas
  • Industry
  • Politics
  • Construction
  • Finance
  • Tenders
  • Transportation
  • Videos

Menu

  • Home
  • About Us
  • Contact

Join our mailing list!

Sign-up to receive email updates on the latest news and developments.





© 2021 Libya Business News - Your Libyan business news partner

No Result
View All Result
  • Security
  • Oil & Gas
  • Banking & Finance
  • Politics
  • Industry & Trade
  • Construction & Engineering
  • Investment
  • Tenders
  • Transportation
  • Videos
  • Contact Us

© 2021 Libya Business News - Your Libyan business news partner

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “I Agree”, you consent to the use of ALL the cookies.