The Legal System For The Supervision Of Libyan Islamic Commercial Banks

Adem Mohamed  Cafcouf; Mohd Zaidi  Daud; Mohd Hafiz  Jamaludin

Authors

Adem Mohamed Cafcouf Postgraduate Student
Mohd Zaidi Daud Senior Lecturer
Mohd Hafiz Jamaludin Senior Lecturer

Keywords:

Legal, Libyan, Islamic, Commercial, Banks

Abstract

The study aims to identify the legal system for the supervision of Islamic commercial banks. The problem of the study is the lack of clarity in the legal system for the control of Islamic commercial banks, and there are many bodies that exercise control over Islamic commercial banks. The study highlights the importance of shedding light on the legal system for the supervision of Islamic commercial banks. The study followed the descriptive analytical approach to describe and analyze the legal system for the control of Islamic commercial banks. The study results show that the law in force in regulating the work and practice of the Islamic banking sector also regulates the traditional banking sector, and the legislator should have introduced a special law for the work of Islamic banks, due to the specificity of their nature and Islamic economic activity, especially after the abolition of dealing with traditional banking activity inside Libya by Law No. (1) of the year 2013 AD. The result also shows the legislative authority in Libya has granted the Audit Bureau to carry out its duties in supervising, following up and evaluating the financial performance of Islamic commercial banks in accordance with the laws regulating it. Dozens of years ago with different names and minor modifications to them, and it was not enough to this extent, as the legislative authority established another body to monitor the oversight of institutions and agencies in the state and named it the Anti-Corruption Authority.

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Author Biographies

Adem Mohamed Cafcouf , Postgraduate Student

Department of Syariah and Law, Academy of Islamic Studies, University of Malaya.

Mohd Zaidi Daud, Senior Lecturer

Department of Syariah and Law, Academy of Islamic Studies, University of Malaya

Mohd Hafiz Jamaludin, Senior Lecturer

Department of Syariah and Law, Academy of Islamic Studies, University of Malaya.

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Article (60) of Law No. (1) of 2005 AD, as amended by Law No. (46) of 2012 AD regarding commercial banks and the addition of a special chapter on Islamic banking.

Article (61) of Law No. (1) of 2005, amended by Law No. (46) of 2012 regarding commercial.

Article (62) of Law No. (1) of 2005 AD, as amended by Law No. (46) of 2012 AD regarding commercial banks and adding a special chapter on Islamic banking.

Article (62 - First) of Law No. (1) of 2005 AD, as amended by Law No. (46) of 2012 AD regarding commercial banks and the addition of a special chapter on Islamic banking.

Article (62-Second) of Law No. (1) of 2005 AD, as amended by Law No. (46) of 2012 AD regarding commercial banks and adding a special chapter on Islamic banking.

Article (63) of Law No. (1) of 2005 AD, as amended by Law No. (46) of 2012 AD regarding commercial banks and the addition of a special chapter on Islamic banking.

Article (83) of Law No. (1) of 2005 AD, as amended by Law No. (46) of 2012 AD regarding commercial banks and the addition of a special chapter on Islamic banking.

Article (84) of Law No. (1) of 2005, as amended by Law No. (46) of 2012 regarding commercial banks and the addition of a special chapter on Islamic banking.

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