In furtherance of Libya’s effort at expanding the role of Islamic Finance in its economy, representatives of the Libyan Stock Market have signed a multi-faceted Memorandum of Understanding (MOU) with the global Shariah advisory firm, Amanie Advisors. The comprehensive MOU sets-out a clear roadmap in the area of research into the areas of growth for Islamic Finance within Libya; Islamic Finance training; and a joint agreement on conducting market research that aims to devise the proper development model for Islamic Finance with Libya.
With continued, year-on-year growth in the global market for Sukuk, Libyan institutions will be able to issue these popular instruments to international investors within a regulatory framework that meets global best-practice standards in terms of its adherence to Shariah standards. In 2012 there were $140billion of Islamic sukuk issued globally and new issuance is estimated to be $180billion to $200billion in 2013.
Amanie will also provide Shariah consultancy services to the relevant authority with respect to drafting relevant guidelines and regulations for their major Islamic capital markets initiative. These services will also be available to multiple government departments involved in financial regulation.
“Libya is a country of great financial potential and a strong desire to abide by the principles of Islamic Finance. Working together with the Libyan authority, we are eager to begin this important work,” Ibrahim Zahaf, Chief Executive Officer of Amanie’s North African business, said.
With training a key challenge for Islamic banks, Amanie will provide in-depth guidance and training to the relevant agencies within Libya, both through work-shops and via the distribution of their joint-venture training courses offered in association with the UK-based Chartered Institute of Management Accountants (CIMA) of both Diploma of Islamic Finance and Advanced Diploma of Islamic Finance
“This is an important step for our firm to work closely with the new stake holders in Libya on so many vital areas related to establishing a vibrant Islamic Capital Market. There is much to be done, but we are confident the whole country and larger region will benefit from our joint efforts,” Dr. Mohamed Daud Bakar, Amanie’s founder and Group Chairman, said.
Dr. Daud visited North Africa as part of a week-long visit to the region that included hosting two public educational and business-networking events. Amanie hosted an event in Tripoli, Libya on the 9th of June 2013 and in Tunis, Tunisia, on the 12th of June 2013. Each event garnered a strong and positive market response and calls for Amanie to return to the region with additional programs and training initiatives.
Amanie Advisors North Africa and the Libyan Stock Market signed the comprehensive MOU at the Radisson Blue hotel in Tripoli, Libya on the 11th of June, 2013. Additionally, Amanie, through its new subsidiary Amanie Global Technology, launched their customizable Islamic core banking system, ALIF. The new system, is a global innovation in the area of core-banking systems for Islamic Financial institutions and can be adaptable to most existing systems as well as serve as a stand-alone solution for new banks offering Islamic Banking products. Razi Pahlavi, CEO of Amanie Nexus, commented, “We see strong interest in our new ALIF system across North Africa, as Islamic banking is emerging in nearly all markets and there is great appeal in an “all-in-one” Islamic core banking solution.”