Tag Archives | Shariah Law

Where Will New Sharia Vote Lead?

Last week the General National Congress (GNC) voted to make Sharia law the foundation of all legislation and state institutions in the country. As with many such decisions, there is much uncertainty as to what this will mean in practice: What interpretation of Sharia law is to be considered the 'true' version? What will it […]

GNC Votes for Sharia Law

Reuters reports that Libya's General National Congress (GNC) has voted to make Sharia law the foundation of all legislation and state institutions in the country. A special committee is to review all existing laws to guarantee that they comply with Islamic law. The decision came shortly before a vote to form a 60-member committee that will […]

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 […]

Libya bank rolls out Islamic products

The Libyan Foreign Bank will offer Shariah-compliant products as the government prepares regulation to make Islamic banking the norm in the North African nation following the ousting of Moammar Gadhafi. “Islamic products are being introduced and will predominate, but we will not relinquish the use of traditional banking,” general manager Mohammad Ben Yusef said in […]

Experts eye impact of Sharia law on Maltese business with Libya

It is too early to determine the implications of Libya’s plans for an Islamic banking structure for Maltese firms operating there, but they will certainly have to heighten their cultural awareness, Islamic finance expert Reuben Buttigieg told The Times Business. Declaring Libya liberated on Sunday, three days after the death of Colonel Muammar Gaddafi, transitional […]