Changes in approach and philosophy

In the past, the banking and finance sector in Libya was very limited, and the sector was dominated by a few state-owned banks. The country was primarily a cash based society, with people generally wary of the banking system. As a result financial services have largely been limited to basic cash deposits and withdrawals to date.

The interim National Transitional Council (NTC) recognised that the country would need to have confidence in the banking sector to facilitate its future redevelopment. In order to help realise this objective, Mustafa Abdul Jalil, the head of the NTC, declared that going forward Libya's banks would begin offering Shariah compliant financial services.