{"id":258289,"date":"2026-08-19T00:45:54","date_gmt":"2026-08-18T22:45:54","guid":{"rendered":"https:\/\/sada.ly\/en\/?p=258289"},"modified":"2026-08-21T00:49:54","modified_gmt":"2026-08-20T22:49:54","slug":"khaled-al-zantouti-no-economy-without-banks-and-no-banks-without-credit","status":"publish","type":"post","link":"https:\/\/sada.ly\/en\/khaled-al-zantouti-no-economy-without-banks-and-no-banks-without-credit\/","title":{"rendered":"Khaled Al-Zantouti: &#8220;No Economy Without Banks, and No Banks Without Credit&#8221;"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Financial analyst <strong>Khaled Al-Zantouti<\/strong> wrote:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">No one can imagine a development-oriented economic system in any country, regardless of its political or economic system, without the presence of commercial banks whose role is to collect the funds of savers and use them to finance development projects that would enhance GDP and achieve many other economic objectives, ultimately contributing to a productive and effective national economy. That is the general theoretical framework, but in the Libyan case, things are dysfunctional.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In Libya, we have nothing more than a group of banks <strong>without a clear identity<\/strong>, most of which survive on commissions charged to customers for administrative services\u2014commissions that banks determine and deduct as they please. This means that we can clearly see that our commercial banks, regardless of their names and titles, are little more than vaults for depositors\u2019 money in exchange for safekeeping and service fees. They have no role in the national economy other than being a silent vault that is opened when money is deposited or salaries are transferred, and then closed in the face of depositors, to the point where they can barely access their own money.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Unfortunately, neither our conventional nor Islamic banks play a meaningful role in channeling savers\u2019 money toward investors, except through a few limited Islamic products whose costs exceed those of conventional credit mechanisms. In other words, our banks have come to <strong>live off depositors rather than allowing depositors to benefit from returns on their savings<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">All of this has led to money fleeing banks and being kept in homes, resulting in severe liquidity problems. The Central Bank has recently been working, commendably, to address this through the transition to and significant development of electronic payment methods.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, the fundamental problem is the absence of any meaningful credit role for banks. Their existence has become an economic burden rather than a key source of support for the national economy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To this day, we have neither agreed upon nor determined the identity of our commercial banks: <strong>Are they Islamic, conventional, or a hybrid?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Everything has become mixed up. Conventional banking has become Islamic, while Islamic banking has become non-Islamic in the way it exploits the poor at costs exceeding all accepted standards.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Here, I appeal to the Central Bank to establish clear regulations for <strong>compliance, governance, risk management, and credit<\/strong>, beginning with defining the identity of our banks.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">First, this is necessary in order to integrate them into the credit market through tools, mechanisms, and standards governed by <strong>Basel and AAOIFI<\/strong>, and regulated by general and specialized laws and regulations.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I fully understand that the Central Bank needs laws and procedures governing banking credit operations, such as mortgages and their instruments, particularly the activation of the real estate registration system despite the difficult circumstances we currently face. But we must all try, and the rest is in God\u2019s hands.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Financial analyst Khaled Al-Zantouti wrote: No one can imagine a development-oriented economic system in any country, regardless of its political or economic system, without the presence of commercial banks whose role is to collect the funds of savers and use them to finance development projects that would enhance GDP and achieve many other economic objectives, [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":258290,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"iawp_total_views":0,"footnotes":""},"categories":[683],"tags":[613],"class_list":["post-258289","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economic-articles","tag-libya"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - 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