Regulatory Alerts2023-07-12
Central Bank of Libya Circular 2010/9: Guidelines for Islamic Banking Products
The Central Bank of Libya issued Circular 2010/9 to establish regulatory standards for commercial banks offering Sharia-compliant alternative banking products via dedicated windows or branches. The directive mandates strict operational, financial, and accounting independence for Islamic units, requiring adherence to AAOIFI and IFSB standards and the appointment of independent Sharia Supervisory Boards. Banks are further required to submit detailed financial statements, statistical reports, and governance documentation to the Central Bank's supervision department to ensure compliance and transparency.
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