Libya hopes to start implementing its new Islamic banking law by the end of the year and expects strong demand among the public for sharia-compliant financial services, Libyan central bank governor Saddek Omar Elkaber said on Monday.
The country approved an Islamic banking law in May and has been working to amend its legislation to attract foreign investment and stimulate its private sector following last year's war that ousted Muammar Gaddafi.
"The demand is so high in Libya so we set up a higher committee for Islamic finance...Now they are working to set up a road map for Islamic finance in Libya," Elkaber told reporters on the sidelines of an Arab central bankers' conference in Kuwait.
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