Regulatory Alerts2022-06-07
Added · Updated
Periodic Letter (105/2013) - Follow-up on Preparation for Transition to Islamic Banking
The Central Bank of Libya requires commercial banks to establish dedicated transition teams and submit a detailed progress report on their Islamic banking transition files by the end of May 2013. Banks must collaborate with the Central Bank's Islamic Banking Advisory Committee, participate in training programs, and develop a comprehensive transition strategy including technical and training plans for board approval. This directive enforces compliance with Law No. (1) of 2013 regarding the abolition of interest-based dealings and ensures banks provide sufficient support to their transition teams.
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