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Libya Says Aims to Run Economy, Banking Under Islamic Law

Libya will transform its banking and economic system to comply fully with Islamic law that bans interest payments, the economy minister and other officials said on Monday, but they gave scant details on how the plans would be implemented. Under Moammar Gadhafi, who was overthrown in 2011, the growth of Islamic banking was not encouraged and four state-controlled institutions dominated the relatively undeveloped financial sector of the OPEC oil producer. Two years after...

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