Libyan Islamic Bank introduces country’s first e-instalment sale service

islamic finance - June 6, 2022

The private sector Libyan Islamic Bank has launched what it said was Libya’s first electronic instalment sale service last week. The launch coincided with Libya’s National Technology Day celebrated on 1 June.

The instalment service is called “Qasatly” from the Arabic word qasat meaning instalment and was launched in cooperation with the local state mobile company, Al-Madar.

The bank reports that the Qasatly e-platform application saves the customer from having to go to the bank to request the desired commodity in instalments, as the application creates all contracts for the sale in instalments and approvals are made electronically.

It says the new product comes part of its vision and importance of digital transformation and the great benefit it provides in moving the wheel of the national economy and on National Technology Day.


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