The possibility of transforming of conventional banks to Islamic banks in Libya


October 1, 2019
The possibility of transforming of conventional banks to Islamic banks in Libya
Prof. Dr. Usama Abdul Majeed Alani, Amjed Ahmed Khalifa Al-Qandooli

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Issue

The purpose of this study is to know the possibility of transforming conventional banks to Islamic banks in Libya. Also, to present conventional banks experience in producing Islamic banking in Libya. In order to fulfill the goals of this study, the researcher used descriptive method to prepare the theoretical part of the study and analytical method for the practical part. (70) forms of the survey were distributed on participants; only (51) forms were valid to be analyzed. It has been found that, the main reason to change in Libya was a decision from the authorities as well as from the public in the Libyan community to produce services according to Islamic Sharia. The study found that one of the most important motives for the transformation in Libya was the decision of the legislative authority in the country, in addition to the popular desire of the Libyan society to provide banks, products compatible with the shari’ah of Islamic law, and the study reached the success of the experience of Islamic banking in traditional Libyan banks, That one of the most important obstacles to the transformation in Libya is the security and economic conditions currently experienced by the country. Keywords: transformation, Islamic banks, Conventional bank.

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