Tag Archives | Gumhouria Bank

CBL Denies Responsibility for Import Corruption

The Central Bank of Libya (CBL) has denied that it is responsible for corruption in the import of goods through Libya’s ports, according to a report from Libya Herald. The statement from the CBL's Media Department came after the alleged discovery of corruption in a ten-million-dinar rice import deal. It was reported that 110 containers […]

Commercial Loans for Govt Ministries

The GNC Energy Committee has reviewed the cabinet’s decree permitting the Ministry of Electricity and Renewable Energies, and the Ministry of Oil and Gas, to take out loans from commercial banks. Libya Herald reports that taking out commercial loans to finance state projects, although rare, is not a totally new step by government bodies in […]

Jumhouria Bank on Mortgages and SME Loans

By Osama Humaydan. In the recent speech, Mr. Akkari, chairman of Jumhouria Bank, the largest bank in Libya, noted that the upcoming period will witness major developments by the Central Bank of Libya. These developments are related to new products and services, and, most importantly, to housing loans, which will be given out to those […]

Interview with General Manager of Jumhouria Bank

Interview with Ahmed I. Rajab, General Manager of Jumhouria Bank, the largest bank in Libya. Re-published with permission from Marcopolis. The International Monetary Fund Report stated that the central bank should make sure that the banks have sufficient capital to cover losses and continue lending during the reconstruction period. How is this actually being put […]

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 […]