Libyan Islamic Bank and Dokkan sign e-payment agreement

islamic finance - December 26, 2021

The Libyan Islamic Bank (LIB) signed an agreement with Dokkan e-commerce company an e-payment agreement last week. The two parties said this was a strategic agreement between the two.

At a launch event at the LIB’s Tripoli headquarters last Thursday, the two signees launched a live e-payment transaction. The service is expected to go into full operation early next year using the state National Switch Provider, Moamalat.

The two signatories said this is the first e-payment service in Libya using a local card in the local Libyan dinar. Previously, local cards were only used for Point of Sales (POS) or cash withdrawals – but not for e-commerce.

LIB

The Libyan Islamic Bank is one of several newly established private sector banks in the country. It was established in 2017 with a fully paid-up capital of LD 250 million.

It has 11 branches across Libya with 6 more expected in 2022. LIB has also signed an agreement with Morocco’s S2M to launch a digital branch in February next year. It will also launch international services with Mastercard with whom it already provides 4 services.

libyaherald