Regulatory Alerts2022-06-07
Central Bank of Libya Periodic Letter No. 40/2016 – Guidelines for Islamic Banking Products
The Central Bank of Libya issued Periodic Letter No. 40/2016 to direct commercial banks and their administrative committees regarding the adoption of Islamic banking product guidelines. The directive mandates that banks must cease using any working guidelines attributed to the Central Bank unless they obtain formal approval from the Central Sharia Supervision Authority and are officially circulated through the Banking and Currency Control Department. This requirement ensures that all Sharia-compliant financing products adhere to established regulatory procedures, proper internal review protocols, and international accounting standards.
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