Due to the introduction of new players, innovative products and services and regulatory reforms, the banking sector in Libya and Misrata has undergone significant changes. The Central Bank of Libya (CBL) and the Libyan Foreign Bank – which is 100% owned by the CBL – oversee and regulate the industry, with the Bank of Commerce and Development, the National Commercial Bank and Sahara Bank among the most significant players. Lending to small and medium-sized enterprises (SMEs) and households is a critical area of focus for the banking sector in Libya and Misrata. Banks have introduced dedicated units to make it easier for SMEs to gain access to credit and develop a more supportive environment for business entities. By providing digital banking services that are easy to use and secure, the CBL is taking steps to transform Libya into a cashless economy to address the role of cash in people’s lives.
Misrata has emerged as an important centre for Libya’s insurance and non-banking financial sectors, attracting local and international players. Despite the challenges, the insurance sector has continued to grow steadily in recent years. Misrata has also emerged as a centre for non-banking financial services in Libya. This sector includes various services such as microfinance, leasing and factoring, and it has been growing steadily over the past few years.
This chapter contains an interview with Farouk Laabidi, General Manager, Assaray Trade & Investment Bank.
