An Overview Of Law No.1 Of 2013 Regarding The Prohibition Of Interest-Based Transactions In Libya

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An Overview of Law No.1 of 2013 Regarding the Prohibition of Interest-Based Transactions In Libya

There is no dispute on the inviolability of riba “usury” and no opposition to the enactment of a Law prohibiting usury, if on professional and practical terms. The ongoing discussions regarding the application of the Law have become a real concern for companies and banks, given the workforce potential and practical capabilities currently available in Libya. The time required for its implementation should have been taken into consideration when enacting the law in a way that does not prejudice existing interests and stable legal statuses, especially with the Law having approved the immediate and retroactive applications of its provisions, i.e., from the start of 2013 for natural persons and the beginning of 2015 between legal persons.

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