Exclusive: Central Bank Warns Libyan Islamic Bank Over Unlawful Fee Deductions Exceeding 419,000 LYD

Our source exclusively has obtained a letter from the Central Bank of Libya addressed to the Libyan Islamic Bank, instructing the bank to refund fees it had deducted from customers, amounting to over 419,000 Libyan dinars.

The directive follows the findings of an inspection conducted on the bank, which revealed violations of the Central Bank’s regulations—specifically, Circular No. 1 of 2019. The bank was found to have imposed a 5 LYD fee for each cash withdrawal made using the bank’s card at ATM machines, which goes against the stated regulations.

The Central Bank stressed the importance of adhering strictly to its issued instructions and called on the Libyan Islamic Bank to reimburse the deducted amounts—a total of 419,587.00 LYD—to its customers during the year 2025, as these fees were collected in violation of the aforementioned circular.