Regulatory Alerts2022-06-07
Central Bank of Libya Circular No. 132/2017: Sharia Ruling on the Sale of $400 to Libyan Heads of Households
The Central Bank of Libya’s Central Sharia Supervision Authority issued Circular No. 132/2017 to formally validate the Sharia-compliant sale of a fixed $400 foreign currency allowance to Libyan heads of households. The decision mandates that commercial banks implement this transaction through electronic cards, fast remittances, or cash withdrawals, ensuring full central bank coverage and actual usability of the funds without legal or financial doubt. Furthermore, it obligates all internal Sharia authorities and compliance units to actively monitor bank operations against these regulations and enforce corrective measures for any non-compliant practices.
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