Regulatory Alerts2023-07-12
Circular No. (2017/8) - Conditions for Registration in the Register of Sharia Supervisors at the Sharia Supervision Authority and Financial Institutions
The Central Bank of Libya issued Circular No. (2017/8) to establish the mandatory conditions and procedures for registering Sharia supervisors with the Sharia Supervision Authority and licensed financial institutions. The directive implements Law No. (1) of 2005 and Circular No. (46) of 2012, requiring all relevant banking and financial entities to comply with the specified qualification and registration standards. The circular mandates that these provisions take effect six months from the date of publication and applies to the Bank's General Inspectors, Administrative Committee Heads, and affiliated financial service companies.
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