Central Bank of Libya

P.O. Box 1103 | Telegram Address: Misrata, Tripoli, Libya

Reference No.: 804/CMR
Periodic Letter | Circular No. (2016/40)
Date: 27 Jumada al-Akhir 1437 AH
Corresponding Date: April 6, 2016 AD

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To the General Managers of Commercial Banks
To the Heads of Temporary Administrative Committees in Commercial Banks
To the Governor, Libyan Foreign Bank

Greetings...

Subject: Guidelines for Islamic Banking Products

In accordance with the provisions of Law No. (1) of 2005 on Banks and its amendments, and in line with the supervisory and regulatory role of the Central Bank of Libya as stipulated by law.

Reference is made to the instructions issued by the Central Bank of Libya regulating Islamic banking activities within the banking sector, which include a set of standards and banking systems that assist banks in offering regulated Islamic banking products in compliance with Sharia law, and accounting for and auditing them in accordance with the best international practices adopted in this regard.

Since the Central Bank of Libya has observed that some banks have adopted working guidelines for Islamic financing products, attributed to the Central Bank of Libya, without obtaining approval from the Central Sharia Supervision Authority or submitting them through the Banking and Currency Control Department, as per the established procedure.

Therefore, you are requested not to adopt any working guidelines for Islamic banking products attributed to the Central Bank of Libya, unless they are approved by the Central Sharia Supervision Authority and circulated to you through the Banking and Currency Control Department of the Central Bank of Libya.

Peace, mercy, and blessings of God be upon you...

Abdulhafeez Masoud Taril
Manager of the Banking and Currency Control Department / Authorized

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To the Governor

To the Advisor to the Group for Islamic Banking Affairs

To the Head of the Central Sharia Supervision Authority, Central Bank of Libya

To the Head of the Advisory Committee for Islamic Banking Affairs, Central Bank of Libya

To the Manager of the Legal Affairs Department, Central Bank of Libya

To the Heads of Sharia Supervision Authorities at branches and financial institutions operating within the Central Bank of Libya

To the Branches of the Central Bank of Libya (Dzhdai, Sabha, Surt)

To the Islamic Banking Department

Ref. No. 3 - CM 2016/1

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