Libyan Banks in Restart Mode
Libya is trying to get its feet of the ground when it comes to the economy. Post-conflict, already banks have eased withdrawal rules. The new administration in Libya is titled towards Islamist principles. Mustafa Abdel Jalil who heads the country’s National Transitional Council (NTC) says that Libya’s banking industry will be made Shariah-compliant. Libya is in restart financial mode and making a substantial move towards creating an Islamic banking industry. The Central Bank of Libya is in preparation to permit lenders and issuers to sell Islamic bonds. Local citizens have issues with conventional banks.
With regards to Libya’s assets abroad, foreign governments have begun to lift sanctions on them with France, Switzerland, and the United Kingdom leading the way.