Regulatory Alerts2023-07-12
Added · Updated
Central Bank of Libya Circular 8/2017: Conditions for Registration in the Sharia Supervisory Board Observers Register
The Central Bank of Libya establishes conditions for registration in the Observers Register for Sharia Supervisory Boards, requiring applicants to be Muslim, hold specific university degrees, and possess varying years of experience based on their academic level. It mandates that Sharia Supervisory Boards in regulated banks and financial institutions consist of at least three Sharia scholars, with the majority holding Libyan nationality and the Chairman being a Libyan national. The decision requires all relevant entities to regularize their status with these new conditions within six months of the decision's issuance on December 13, 2017.
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Topics
islamic-finance
governance
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