Shariah Guidance on Libya's 2000 Dollar Deal
Clarification Regarding the Handling of the $2000 and its Implementation Mechanism According to Sharia Fatwa The Chairman of the Central Sharia Supervision Authority at the Central Bank of Libya, Sheikh Dr. Hamza AbouFares, announced the permissibility of transferring the $2000 in accordance with the current mechanism after studying its technical and Sharia details. Previously, the Fatwa Committee had rejected its permissibility, but he revised his opinion after discussions with financial and Sharia experts. He concluded that the implementation steps do not contain any Islamic prohibitions, and that the verification and documentation processes related to the transaction are non-binding and non-regulatory, and do not constitute an immediate sale contract. He explained that the process begins with submitting a request via an electronic platform and obtaining approval from the Central Bank of Libya, followed by selecting a currency exchange company, then receiving the dollars from the bank, with confirmation that all procedures comply with Sharia law, and that the actual transfer occurs at the time of physical delivery at the bank. This update comes after AbouFares previously did not permit the transaction, but now believes that the Sharia-compliant mechanism allows it according to his detailed interpretation.
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