Lebanon Seeks to Amend Shariah Banking Law: Islamic Finance
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Lebanon, where Muslims make up more than half the population, is considering legislation to boost Islamic finance after the industry failed to garner 1 percent of total banking assets.
The central bank is working with a group of local lenders to amend a 2004 law that allowed the establishment of Shariah-compliant banks, First Vice-Governor Raed Charafeddine said in an interview Nov. 5 in Beirut. The Bank of Lebanon is also considering introducing a product in the first quarter that helps Islamic lenders manage their liquidity, he said. Policy makers granted a banking license to Baghdad-based Al-Bilad Islamic Bank earlier this year.