Saturday, April 28, 2012

Libya looks to Islamic banks to lure deposits

http://www.dailystar.com.lb/Business/Middle-East/2012/Apr-24/171180-libya-looks-to-islamic-banks-to-lure-deposits.ashx#axzz1tOlVmAix

This article shows the confidence that companies have in Islamic banks. "Ahmed Saeed, a Libyan poultry farmer, says he’s waiting for his country to open Islamic banks to deposit money for the first time." Mainly because the system prevents usury, it's more in tune with the culture and has the reliability aspect most people crave. 
This article simply displays how Islamic banks have a large contingency of followers because of how user-friendly the system is. No interest rates attract large amounts of people, and according to a few authority figures  it would circulate money into the economy that normally wouldn't have been there. By adding Islamic banks into a country it would attract more investors, something countries like Libya need. 


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