Regulatory Alerts2022-06-07
Periodic Circular (105/2013)
The Central Bank of Libya issued Periodic Circular No. 105/2013 to mandate commercial banks and their administrative committees to accelerate preparations for transitioning to Islamic banking under the suspended Banking Law No. 46 of 2012 and Interest Cancellation Law No. 1 of 2013. The circular requires banks to establish dedicated transition teams, collaborate with the Advisory Committee for Islamic Banking Affairs, develop and submit comprehensive transition strategies to their boards, and provide a detailed progress report by the end of May 2013. Banks must ensure adequate support for these teams, comply with all specified operational requirements, and implement necessary measures to align their operations with Islamic finance standards.