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...

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Main Authors:	Belal, Zainab, Hassan, Rusni
Format:	Article
Language:	English
Published:	Sekolah Tinggi Ilmu Syariah Husnul Khotimah (STIS HK) 2018
Subjects:	HG3368 Islamic Banking and Finance
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

id	iium-69317
recordtype	eprints
spelling	iium-693172019-01-17T08:30:41Z http://irep.iium.edu.my/69317/ Legal and regulatory framework of Islamic banking in Libya Belal, Zainab Hassan, Rusni HG3368 Islamic Banking and Finance 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. Sekolah Tinggi Ilmu Syariah Husnul Khotimah (STIS HK) 2018-12-31 Article PeerReviewed application/pdf en http://irep.iium.edu.my/69317/1/LEGAL_AND_REGULATORY_FRAMEWORK_OF_ISLAMI.pdf Belal, Zainab and Hassan, Rusni (2018) Legal and regulatory framework of Islamic banking in Libya. Al Mashalih – Journal Of Islamic Law, 1 (2). pp. 46-58. https://journal.stishusnulkhotimah.ac.id/index.php/mashalih/article/view/20/18
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	HG3368 Islamic Banking and Finance
spellingShingle	HG3368 Islamic Banking and Finance Belal, Zainab Hassan, Rusni Legal and regulatory framework of Islamic banking in Libya
description	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.
format	Article
author	Belal, Zainab Hassan, Rusni
author_facet	Belal, Zainab Hassan, Rusni
author_sort	Belal, Zainab
title	Legal and regulatory framework of Islamic banking in Libya
title_short	Legal and regulatory framework of Islamic banking in Libya
title_full	Legal and regulatory framework of Islamic banking in Libya
title_fullStr	Legal and regulatory framework of Islamic banking in Libya
title_full_unstemmed	Legal and regulatory framework of Islamic banking in Libya
title_sort	legal and regulatory framework of islamic banking in libya
publisher	Sekolah Tinggi Ilmu Syariah Husnul Khotimah (STIS HK)
publishDate	2018
url	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
first_indexed	2023-09-18T21:38:24Z
last_indexed	2023-09-18T21:38:24Z
_version_	1777412975248801792

Legal and regulatory framework of Islamic banking in Libya

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