Tag Archives | Banking

Libyan Bank to use Oracle’s Flexcube

By John Lee. Libya's Yaqeen Bank has reportedly signed with Oracle FSS to use Flexcube as its core platform and Oracle Banking Digital Experience for digital channels. According to BankingTech, the bank evaluated Finastra, Infosys, International Turnkey Systems (ITS), Temenos, Path Solutions and Oracle FSS. Temenos, Oracle and Path made it to the shortlist, followed […]

End to Libyan Liquidity Crisis "by early 2019"

By John Lee. The Deputy Prime Minister of the Tripoli-based Government of National Accord (GNA) has reportedly said he sees the Libyan dinar stabilising next year as restoring liquidity could crimp armed groups' funds. Ahmed Maiteeg (pictured) told Reuters that Libya expects to end a long-running liquidity crisis by early 2019 as a foreign currency tax […]

Central Bank Receives New Currency Shipment

LANA, that Libyan News Agency, has reported that the Central Bank of Libya (CBL) has received a new shipment of new currency estimated at LD 250 million, which arrived at Mitiga Airport from the United Kingdom. The Bank said the 5 dinar notes would be distributed to all Libyan commercial banks without exception in accordance […]

The Need for a Smaller State Sector

By Padraig O'Hannelly. In his report on Libya's banking sector, published yesterday by the Legatum Institute, Brehon Advisory's Mark Dempsey points to, among other things, the need to create employment opportunities in the private sector. At least 150,000 new jobs are required each year for the next five years, in addition to the 860,000 jobs […]

New Report: Reforming Libya's Financial Sector

In a new 'Transitions Forum' paper for the Legatum Institute, in partnership with Brehon Advisory, author Mark Dempsey outlines the current state of the financial sector in Libya and makes recommendations for how the situation can be improved. A functioning private banking sector is crucial to the economic growth of states in transition. In this […]

What will Islamic Banking Mean for Libya?

Shariah-compliant banking is a hot topic in Libya at the moment, but will making it compulsory hinder the development of the country? According to a report from Bloomberg, the decision to ban non-Shariah-compliant banking by 2015 is strangling access to funds, with some commercial lenders already refusing to offer conventional loans due to a lack […]

Central Bank Denies Licensing Foreign Banks

The Central Bank of Libya has denied that it had issued licences to foreign banks to operate independently in Libya, saying that any licences issued to foreign banks  had to be in partnership with a Libyan bank. According to a report from Libya Herald, the CBL also denied rumours that it plans to sell the […]

Al Baraka Bank Renews Commitment to Libya

Bahrain's Al Baraka Banking Group, which on Sunday announced a 10 percent jump in net profits for the first nine months of the year, has renewed its commitment to the Libyan market. With regard to geographic expansion and entering new markets, the company's President and CEO Mr. Adnan Ahmed Yousif (pictured) said that the it […]