Azerbaijan, Baku, Oct. 25 / Trend , A.Tagiyeva /
The Islamization of the ruling regime in Libya includes changes in the banking sector, but it will not be an obstacle to economic development in general, Middle East Expert at the Lebanese University Ali Bakir believes.
"The Islamic model of the economy and banking actually gives positive results," Baki wrote Trend in an e-mail.
He said the Islamic economic model has already proven its effectiveness. Therefore a number of non-Muslim countries are also trying to implement elements of the Islamic system in their own country.
Therefore, he said, France has established a institute training specialists in the field of the Islamic banking after experiencing the economic crisis.
"The Islamic banking is growing in Europe, particularly in the UK. Islamic banks operate, as well as Islamic windows were applied in banks, there," Bakir said.
The Islamic Banking is a way of banking affairs, which is consistent with the religious rules of Islam. The essence of the Islamic economy, first and foremost is the abandonment of the interest payments, denial of future transactions. The rules under which an Islamic bank operates - is a general prohibition on lending rates, a ban on speculation.
Today, there are over 150 Islamic banks in the Muslim world.
Bakir said the introduction of the Sharia principles in the banking system could turn Libya into an attractive country for foreign investors.
On the other hand, such a banking system will revive the economy, in contrast to the Western banking system, which is based on credit, and resulted in the global economic crisis, he believes.
In the case of the Islamization, Libya, as other countries in the Islamic ruling regime, can obtain loans from other countries on the basis of the financing conditions of that country, he said.
The Libyan National Transitional Council (NTC )chairman, Mustafa Abdel Jalil, has earlier stated that the legal system in Libya will be based on Sharia - Islamic religious law. He did not say how thoroughly the new Libyan authorities are going to comply with traditional Islamic law.