By Omar Al-Halabi (with photos)
BEIRUT, Nov 24 (KUNA) -- Islamic banks are thriving in Lebanon after
proving efficiency in facing the ramifications of the global financial crisis.
Banks that are based on Islamic teachings of Shareia, though newly
established, they covered a wide-range of customers and were licensed by the
Central Bank of Lebanon (BDL), Director General of the Islamic bank Al-Baraka
Mutasim Mihmisani told KUNA.
The law concerned with Islamic banking was issued in 2004, he said, adding
that BDL and Lebanese Ministry of Finance are "seriously" looking into
amending some laws and regulations affiliated.
Islamic banks in Lebanon run about USD 200 million assets, with a growing
customer base of 6,000, he noted.
Most of the investments adopted by these banks fell in real estate, he
said, and added that these banks work with liquid money.
Up until now, five Islamic banks were licensed in Lebanon after meeting
asset and administrative requirements, BDL's Governor, and noted that the bank
supported issuing Islamic bank certificates along the Islamic banking movement.
BDL is also cooperating with time-honored international banking
institutions to develop Islamic banking so to meet banking requirements, he
said, adding that this step gained the blessing of the World Bank. (end)
KUNA 241223 Nov 09NNNN