Banking & Finance

Libya Insurance recorded an operating profit at the end of the third quarter of 2012, although its total assets appear to be sharply lower than in 2011.
By the end of 2011, Libya's sovereign wealth fund controlled assets of $65.5bn (LD82.5bn) but was holding losses of $4.6bn (LD5.8bn) on its portfolio of stocks and investment products purchased in 2007 and 2008.
Libya's National Commercial Bank (NCB) recorded a profit at the end of the third quarter of 2012, although its total assets appear to be down on the previous period.
Recently published figures show the bank recorded a profit at the end of the third quarter of 2012.
The bank, which is part-owned by an Abu Dhabi-based lender, held its AGM on 1 October and announced results for 2011.
Libya's Dar al Fatwa, an advisory body of Islamic scholars, says it is disappointed that the interim government has not yet abolished the payment of interest on bank accounts and loans.
A number of Egyptian lenders are in talks to enter the Libyan market, according to the head of the Federation of Egyptian Banks.
The Egyptian lender is to establish a new real estate finance company in partnership with the Benghazi-based Bank of Commerce and Development (BCD).
The net income after tax of the Bank and Commerce and Development (BCD), in which Qatar National Bank purchased a stake earlier this year, dropped to LD8.5m ($6.7m) in 2011.
The assets of the state-owned Libyan Foreign Bank stood at LD20.4bn ($16.2bn) as of end-2011.
The Central Bank of Libya (CBL) has issued fines to a number of commercial banks for failing to adhere to various regulations.
Arqaam Capital, a Dubai-based investment bank, has purchased Al Rashad Finance and Management Advisory, which has preliminary approval for a financial services license in Libya.
According to local press reports, the Central Bank of Libya has received numerous requests for Islamic banking licenses from local and international sources and expects to grant approval soon.
The Central Bank of Libya (CBL) has set out the official winter working and opening hours for banks, which come into effect from today.
The governor of the Central Bank of Libya (CBL) says he is hopeful that a new Islamic banking law will be in action before the end of the year.