Regulatory Alerts2024-12-02
Central Bank of Libya Circular 20/2024: Regulations for Salary-Based Purchase Limits
The Central Bank of Libya issued Circular 20/2024 to authorize banks to offer salary-based electronic purchase limits structured as Sharia-compliant interest-free loans (Qard Hasan). The directive mandates that eligible customers with active current accounts and at least six months of regular salary credits receive limits not exceeding 60% of their net salary, with automatic renewal and zero commissions on used amounts. Banks are required to align internal policies, Sharia approvals, and IT systems with these regulations to ensure risk mitigation and seamless electronic payment integration.
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