Sahara Bank announced yesterday that it had converted itself from a traditional (interest-charging) bank to an Islamic bank. The bank said that after years of preparations to realize this project, it is now ‘‘the first bank to obtain the license as an Islamic bank’’. It will be recalled that many other Libyan banks have Islamic Banking services, departments or branches – but have not converted themselves completely into an Islamic bank. Interest charging has been banned in Libya since 2012. Libyan Islamic Bank introduces country’s first e-instalment sale service (libyaherald.com)Libyan Islamic Bank and Dokkan sign e-payment agreement (libyaherald.com)Wahda bank offers Islamic banking loans for building materials, home furniture and cars (libyaherald.com)Hay Andalus Municipality and Jumhouria bank discuss Islamic loans for domestic solar systems | (libyaherald.com)North Africa bank offers Islamic Murabaha loan for household goods | (libyaherald.com)Jumhouria bank offers Murabaha Islamic banking loans for Hyundai cars | (libyaherald.com)Libya’s Jumhouria bank offers cars for sale on Islamic ‘‘Murabaha’’ basis | (libyaherald.com)CBL east’s Islamic banking conference postponed to 6-7 November | (libyaherald.com)CBL eastern branch organizing Islamic banking conference | (libyaherald.com)Jumhouria bank offers Murabaha Islamic banking loans for Hyundai cars | (libyaherald.com)CBL workshop with World Bank on introduction of Islamic banking into Libya | (libyaherald.com)CBL Islamic banking conference postponed to 29-30 March | (libyaherald.com)PPPs work well with Islamic banking – Adrian Creed of Clyde & Co. | (libyaherald.com)CBL Islamic banking conference 1-2 March | (libyaherald.com)CBL holds Islamic banking meeting with local bank heads | (libyaherald.com)The Central Bank and Islamic banking plans | (libyaherald.com)Employees want Islamic banking | (libyaherald.com)Islamic banking workshop at Central Bank | (libyaherald.com)

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In a letter to President George Vella sent in April 2023, the Degiorgios requested a pardon in exchange for information about the involvement of a former cabinet minister in the murder. The waiting game: Yorgen Fenech’s impending trial looms large2024 will be a pivotal year for the case against Yorgen Fenech, the one in which he is expected to go on trial, accused of commissioning Caruana Galizia’s murder. The 26 individuals are requesting the court also order that Borg be investigated and charged with participating in an organised crime group. A Criminal Court judge then ordered that Camilleri be prosecuted for contempt of court. Three more men with links to the first group were arrested and charged with related offences in October.

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Malta registered a low threat of terrorism in 2022, suggesting the island’s reputation for safety remains intact despite geopolitical tensions in nearby Mediterranean countries. Malta’s Security Service (MSS) said in its annual report for 2022 that while terror attacks in Malta are possible, evidence concerning capacity or presence of terror cells on the island suggest this was as yet improbable. The MSS said such unsophisticated terror attacks made them impervious to detection. “In the light of these new developments, Malta’s strategy against terror is being reviewed and updated in a bid to prevent similar acts. The MSS said in terms of terror threats, the main actors remain Islamic Jihadists, as well as far-right terrorists and similar anti-state actors.

Trade between Tunisia and Libya has seen a remarkable increase of 70% in 2023 compared to the previous year. Join Ashraf AMAMOU and Khalid Rekik from MOORE AR TUNISIA at the Libya Energy & Economic Summit scheduled for 13 – 14 January in Tripoli. The experts have compiled information on Libya and Tunisia trade and investment trends. The historic collaboration between Tunisia and Libya is flourishing, with a 70% surge in trade in 2023. Despite obstacles related to financing and guarantees for bank transfers, Tunisia can improve its economic position in Libya.

So too might his comment that the NOC is also planning major bidding rounds for oil exploration blocks this year. Production had also been on a rising production trend at that point, up from about 1.4 million bpd in 2000. These closures removed a combined 370,000 bpd of oil out of Libya’s production. Eni currently produces gas in Libya from its Wafa and Bahr Essalam fields operated by Mellitah Oil & Gas, a joint venture between the Italian company and the NOC. “We are [also] in talks with TotalEnergies to invest more in Libya and increase production, and other companies of course,” he highlighted.

Libya posts impressive oil revenue figuresThe Central Bank of Libya said Sunday that the country’s oil revenues in 2023 were 111.4 billion Libyan dinars (about 23.3 billion U.S. dollars). The central bank said of the total oil revenues, 99.1 billion dinars were oil sales and 12.3 billion dinars were oil royalties revenues. The country’s total public revenues in 2023 were 125.9 billion dinars, while expenditures were 125.7 billion dinars, it added. In 2022, the country’s revenues were 134.4 billion dinars, while expenditures were 127.9 billion dinars. Despite representing a major source of national revenues, Libya’s oil and gas sector has suffered over the past years from armed conflict as well as oil field and port closures.

The North Africa Journal – Protestors seeking social and economic development for the Fezzan region, located in the southwestern Libya, forced the shutdown of the Sharara oil field, in a protest movement aimed at getting government attention to the plight of the local population. The protest is costing Libya more than $20 million a day in lost revenue, with the country unable to produce some 300,000 barrels of oil per day. The protest, organized by impoverished and neglected Berber tribes, broke out on January 1, 2024, forcing a week later the National Oil Company (NOC) to close the site as talks with protest leaders are underway. Issues of concern to the local population include availability of petroleum products in local markets, infrastructure, poverty alleviation, etc.

Oil prices fell by more than 2% on Monday on sharp price cuts by top exporter Saudi Arabia and a rise in OPEC output, offsetting supply concerns generated by escalating geopolitical tension in the Middle East. Both contracts climbed more than 2% in the first week of 2024 on intensifying geopolitical risk in the Middle East after attacks by Yemeni Houthis on ships in the Red Sea. On Sunday rising supply and competition with rival producers prompted Saudi Arabia to cut the February official selling price (OSP) of its flagship Arab Light crude to Asia to the lowest level in 27 months. A Reuters survey on Friday found that OPEC oil output rose in December as increases in Iraq, Angola and Nigeria offset continuing cuts by Saudi Arabia and other members of the wider OPEC+ alliance. The boost came ahead of further OPEC+ cuts in 2024 and Angola’s exit from OPEC, which are set to lower January output and market share.

Prime Minister Abdul Hamid Dbeibeh met on Sunday with mayors of over a dozen municipalities in Libya’s southern region of Fezzan to primarily discuss the fuel shortage crisis in the region. According to a statement by Dbeibeh’s media office, Mayor of Sabha, Belhaj Ali Belhaj, briefed the premier on the challenges affecting fuel distribution mechanism, including the reconstruction of damaged roads that considered unsafe to transport fuel. During the meeting, Dbeibeh “stressed the need to develop radical solutions to the fuel issue, guarantee the rights of citizens, especially in the southern regions, and create alternatives in the support file for citizens to benefit from,” as per the statement of the premier’s office. He also “instructed the Minister of Local Government to hold technical meetings between municipalities and executive agencies, to follow up on the progress of work on ongoing projects and targeted projects during the current year.”

Sharara Oilfield Faces Disruption as Libya's NOC Declares Force MajeureOn a consequential Sunday, Libya's National Oil Corporation (NOC) made the critical decision to declare force majeure at the Sharara oilfield, a major production hub with a capacity of up to 300,000 barrels per day. This latest disruption is emblematic of a longstanding trend, with the Sharara field often becoming a focal point for local and broader political protests. Negotiations are currently underway with the aim of swiftly resuming production at the Sharara oilfield. However, the NOC did not provide a specific timeline for the resolution of the issues leading to the force majeure declaration. This recent force majeure declaration at the Sharara oilfield echoes a similar event in July when tribal protesters halted production at not only Sharara but also Elfeel and 108 fields.

The oil market managed to settle higher last week with Brent up 2.23% over the first trading week of 2024. Middle East tensions and Libyan supply disruptions provided a boost to oil prices. The more comfortable market is also reflected in the Saudis latest official selling prices (OSPs) for February loadings. The shutting of the oil field saw total Libyan oil output fall from around 1.2m b/d to 981k b/d on Friday. US output has surprised to the upside in recent months, which has contributed to the broader weakness seen in the oil market.

Libya’s National Comprehensive Health Care Program and Health Number System was launched today at a ceremony in Tripoli by the National Center for Health System Reform (NCHSR) under the supervision of the Ministry of Health. Saad Eddin Abdel Wakil, Undersecretary of the Ministry of Health for Hospital Affairs, and Diwan Samir Koko, Undersecretary of the Ministry of Health for Technical Affairs, attended the ceremony. Director General of NCHSR, Adel Al-Deeb, gave a presentation on the comprehensive health care project, which started with the first implemented model of digital transformation within the Abu Slim Municipality. Health number systemDuring the presentation, Director General Al-Deeb explained the work of the Health Number System, which he said provides a comprehensive approach to health care by providing all means of comfort to the patient while providing the highest quality services by implementing frequency and referrals. Comprehensive health care systemAl-Deeb explained that the comprehensive health care project in health centers includes diagnosing the condition, providing treatment through a specialized family physician, tracking cases of chronic, psychiatric and other illnesses, referring those cases to Focuses on those who need medical care and those who don’t.

Sharjah Airport Authority (SAA) announced welcoming the first flight of ‘Fly Oya’ flights, from Tripoli, Libya, to Sharjah Airport during 2024. The airline will operate a single weekly flight from Mitiga Airport in Tripoli every Wednesday. The Libyan carrier has allocated Airbus A330 for its new flights to and from Sharjah Airport. In 2023, Sharjah Airport underwent significant growth, unveiling seven new destinations for passengers. Moreover, three air freight companies commenced weekly flights to Sharjah Airport, enhancing its cargo operations.