Many changes have come and are still set to come to Libya in the wake of the overthrow of Col. Moamar Qaddafi.

A few we have seen already:

• Al Qaeda flags flying over courthouses.

• Promises of Shariah being imposed from new regime officials.

• The emergence of Islamist political parties and the Muslim Brotherhood, which came as no surprise, since Muslim Brotherhood cleric Sheikh Yousef al-Qaradawi called for the assassination of Moamar Qaddafi in Libya almost as soon as he arrived back in Egypt from Qatar several months ago.

Now we are seeing one of the first steps for imposing Shariah being taken in the new Libya. Libya’s central bank is set to finalize Islamic finance regulations by March, in what would be the first major step towards introducing shariah-compliant banking in the country.

“The banking law of 2005 will be changed by adding a new chapter regulating Islamic banking and once the law is approved, Islamic banks will be given licences,” central bank official Ali Mohammed Salem said. “It is possible that it will be ready by the end of March.”

Mustafa Abdul Jalil, chairman of the National Transitional Council, said in October Libya’s new rulers were working on an Islamic banking system.

http://www.brecorder.com/business-a-finance/banking-a-finance/40363-libyan-islamic-banking-law-seen-in-march.html

 

 

 

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