Regulatory Alerts2023-11-09
Central Bank of Libya Circular No. 25/2023 on the Islamic Banks Governance Guide
The Central Bank of Libya issued Circular No. 25/2023 to mandate the implementation of its newly adopted Islamic Banks Governance Guide across all Libyan banks and financial institutions. The directive requires bank board chairmen to adopt the guide's provisions as a general governance framework and ensures ongoing compliance through targeted inspection tasks by the Banking Supervision Department. This circular builds upon previous 2010 governance directives and Law No. 1 of 2005 to standardize corporate governance practices within the Islamic banking sector.
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