Libyan Foreign Bank Rolls Out Islamic Products as Rules Change
The Libyan Foreign Bank will present Shariah-compliant products as the government prepares regulation to make Islamic banking the norm in the North African nation following the ouster of Muammar Qaddafi.
Shariah-compliant finance may acquire the benefits of regime changes in North Africa, where protests last year overthrew three leaders who persecuted Islamists. While Muslims make up about 95 percent of North Africa’s 220 million people, access to Shariah-compliant financial services is still limited because past leaders, including Qaddafi, held back the industry’s growth to curb the influence of Islamic parties.
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