Libya launches its first investment sukuk
By the AFREEQUE newsroom, based on Libya Herald
Libya held its first forum on investment sukuk, Islamic bonds intended to broaden non-bank financing tools. The National Economic and Social Development Board and Capital Market Authority want to support economic diversification, according to Libya Herald.
Libya’s National Economic and Social Development Board and the Capital Market Authority organised the first Libyan forum devoted to investment sukuk, bonds compliant with Islamic finance. The two institutions presented the event as a step towards developing non-bank financial instruments in the country.
Ministers, representatives of financial institutions, experts and academics took part in the meeting. The director-general of the Board, the minister of economy and trade and the chairman of the Capital Market Authority’s management committee notably highlighted the potential role of Islamic finance in diversifying the economy.
The forum also presented financing examples: Libus Financial Services and Investments outlined a project to finance a carpet factory in the Misrata free zone, while Amwal Libya, a financial brokerage firm, presented its experience. The recommendations arising from the discussions are to be submitted to the relevant authorities.
