Legal and regulatory framework of Islamic banking in Libya
Banking regulatory framework is a mandatory requirement to ensure sound and effective financial sector, hence, the overall development of the country. The growing demand for Islamic Banking products and services, in Libya, needs to be accompanied with effective regulatory framework to protect the...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Sekolah Tinggi Ilmu Syariah Husnul Khotimah (STIS HK)
2018
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| Subjects: | |
| Online Access: | http://irep.iium.edu.my/69317/ http://irep.iium.edu.my/69317/ http://irep.iium.edu.my/69317/1/LEGAL_AND_REGULATORY_FRAMEWORK_OF_ISLAMI.pdf |
| Summary: | Banking regulatory framework is a mandatory requirement to ensure sound and effective financial
sector, hence, the overall development of the country. The growing demand for Islamic Banking
products and services, in Libya, needs to be accompanied with effective regulatory framework to
protect the rights of all share/stakeholders and assures Islamic banking development. This study
examines the regulatory framework for Islamic banks in Libya in terms of the regulatory authorities,
banking laws, Shari’ah governance and dispute resolutions. The study reveals there is still no specific
and independent law on Islamic finance in Libya as the case for conventional banks. Therefore, there
is a desperate need to establish a comprehensive regulatory framework for Islamic finance industry
with the aim to enhance the development of financial investment in Islamic finance. The study also
highlights in more details the Banking laws development for Islamic banking from 2005 until
2013.The paper also discloses that arbitration is the best method that can be used for dispute
resolution due to lack of availability of specialized judges. |
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