Libya Herald

Jordan-based Al Baraka bank returns ‘‘suspicious’’ Libyan transfer ‘‘funding terrorism’’

The Tripoli-based Libyan Audit Bureau has confirmed that Jordan based Al Baraka bank has returned a transfer from Libya for being ‘‘suspicious’’ and for ‘‘funding terrorism’’. The transfer originating from the Central Bank of Libya (CBL) were intended to cover Libyan student scholarships in Jordan. The Audit Bureau revealed that it had, in cooperation with the Ministry of Higher Education and the CBL, opened an independent bank account for the Cultural Attaché at its Amman embassy specifically for scholarship funds. However, the Audit Bureau admitted that the Libyan embassy broke procedures and regulations and an agreement by using the funds on other spending rather than for student scholarships.

North Africa needs private sector investment, not charity.

Tunisia, the Arab world’s first democracy, is under threat because of a public-private policy initiated by Secretary of State Hillary Clinton. The real failure can be traced to a decision on her part to mandate non-profits and non-government organizations to promote private sector investment in the region since these ignore the dynamic nature of the numerous private sector companies in Tunisia, Algeria and Libya. The economic policies originating from Washington, DC. have inflicted enormous damage and put current investments by companies in the US, Europe and the gulf sovereign wealth funds in Abu Dhabi and Doha at risk.

The Central Bank and Islamic banking plans

Central Bank of Libya's work on plans for the introduction of Sharia-compliant banking in the country's financial sector go on. According to Fatih Aqoub, a consultant engaged on the bank's project, rapid progress has already been made. Since January a special committee has been working on the issue and searching for best practice from other Islamic countries. Amendments to the banking laws were formulated aiming to enable Sharia banking for an interim period before separate legislation is enacted.

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