Money Transfers in Libya: Banking Regulation in Libya
Ahmed Rajab, General Manager of Jumhouria Bank, talks about money laundering prevention, regulations of the banking sector and safe transfers in Libya.
Innovation in the Banking Sector in Libya
One of the challenges in the banking sector in Libya is inadequate core banking system. The largest bank in Libya is trying to adopt and implement the latest core banking system to streamline the operations.
Banking Infrastructure in Libya: Building an Efficient and Secure Banking Infrastructure
One of the main challenges in Libyan banking system is the banking infrastructure. For a country to effectively attract foreign investment and boost domestic economic growth, a sound banking infrastructure is a must.
Privatization of Banks in Libya
Privatization of the banking sector in Libya was limited to Sahara Bank and Wahda Bank – No3 and No4 bank in the country. The head of the largest bank in Libya discusses the outlook for privatization of the banking sector. BNP Paribas assumed 18% of Sahara Bank and Arab Bank, the largest bank in the Arab world assumed 18% of Wahda Bank. The privatization, in Rajab’s opinion, did not go smoothly and the subsequent problems emerged.
Largest Lender in Libya: Lending in Libya and Loans
One of the more challenging aspect of banking in Libya is the lack of adequate lending to the private sector. Moreover, with the Islamic banking reform (all banks in Libya must become Islamic by 2015), many banks are hesitant to lend money on the backdrop of uncertain future.
Banking System in Libya: Liquidity
Ahmed Rajab, General Manager of Jumhouria bank – the largest bank in Libya, discusses the liquidity issues in the banking system in Libya.
Reconstruction in Libya: Banking Sector’s Role in Reconstruction
The most important role of the banking sector is in Libya’s reconstruction. Many banks are currently lending or granting facilities to the contractors that have contracts with the government for construction.
Jumhouria Bank: First Bank in Libya
Jumhouria is the number one bank in Libya. The creation of Jumhouria Bank was the result of a merger between Al Ummah Bank and Jumhouria Bank. Today, the bank has a total capital of about LYD 1 billion and total assets for 2012 of LYD 33 billion on balance sheet and about LYD 12 billion dinar off balance sheet for a total of about LYD 44 billion.