Progress Reported on Sharia-Compliant Banking

Libya Herald reports that the Central Bank of Libya is continuing to work on plans for the introduction of Sharia-compliant banking.

Fatih Aqoub, a consultant working on the project, has been reported as saying that rapid progress has been made, since a special committee began work in January.

The committee had been studying best practice from elsewhere in the Islamic world and was formulating amendments to the banking laws that would enable Sharia banking for an interim period before separate legislation was enacted.

Last month some employees from Sahara Bank in Benghazi held a demonstration outside their workplace to protest against its use of interest, and demanding Sharia-compliant banking.

(Source: Libya Herald)

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