The Central Bank of Libya (CBL) has inked an Islamic finance training deal with Malaysian university, International Centre for Education in Islamic Finance (INCEIF) in Kuala Lumpur, to ensure support in developing Sharia-compliant programs at the bank, Libya Herald reported.

INCEIF is a university focused on postgraduate studies in Islamic finance, was set up by the Central Bank of Malaysia in 2005 to ensure a flow of skilled experts to meet the growing international interest in the sector.

Under the agreement signed by Central Bank Governor Saddek Elkaber and Daud Vicary Abdullah, the president of INCEIF, the university will provide technical support and training to the bank.

Libya Herald report further revealed that CBL is looking to benefit from Malaysian expertise in Islamic banking in its efforts to establish it as the norm in Libya.

Additionally, CBL is looking to introduce Islamic banking as the standard in the country and wants to ensure there are sufficient trained staffs at the bank and in the commercial sector to enable that to happen.