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Lebanon, an OIC member since 1969 with a diverse population of Muslims and Christians, opened its banking system to Islamic banks with Law No. 575 of 11 February 2004. Islamic banks are subject to all the laws that govern Lebanese banks, including the Code of Money and Credit, plus specific rules of the Banque du Liban.
In August 2004 the Banque du Liban issued two basic decisions: one on the conditions for licensing Islamic banks and branches of foreign Islamic banks, and one on how they operate, from deposit contracts to investment accounts. This guide lists the institutions behind each part, with their pages on Wasabih.
Yes. Law No. 575 of 11 February 2004 provides for the establishment of Islamic banks, which are subject to all Lebanese banking laws plus specific rules of the Banque du Liban.
The Banque du Liban, Lebanon's central bank. Its Basic Decisions No. 8828 and 8829 of August 2004 set the rules for operating and licensing Islamic banks.
Yes. Banque du Liban Basic Decision No. 8829 sets the conditions for establishing Islamic banks in Lebanon and for licensing branches of foreign Islamic banks.
Deposit and investment accounts under Islamic contracts, under rules set by the Banque du Liban; new operations or products need its prior approval.
Lebanon has been a member state of the Organisation of Islamic Cooperation since 1969.
Part of the Halal economy in Lebanon?
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