Lebanon Seeks to Amend Shariah Banking Law

Lebanon 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.
Lebanon is seeking to diversify its banking industry and rebuild the country after the conflict with Israel in 2006 and a 15-year civil war that ended in 1990.
The economy grew 9 percent last year and is forecast by the International Monetary Fund to expand another 8 percent this year.