Al Yaqeen Bank has issued an important alert to its customers who made foreign currency reservation transactions during December, emphasizing the necessity to promptly credit their accounts with local currency (Libyan Dinar) to ensure the completion of card loading operations.
The bank clarified that any reservation will not be executed unless sufficient financial coverage is available in the account, stressing that this measure comes within the framework of ensuring fairness of operations and granting opportunities according to the established regulations.
This alert comes amidst increasing demand for card loading and the use of foreign currency, especially after the Central Bank of Libya announced the settlement of personal purposes worth $500 million and the commencement of work with the new foreign cash system, which has prompted commercial banks to tighten their procedures to ensure financial discipline and avoid any irregularities.
Al Yaqeen Bank
Al Yaqeen Bank is a financial institution based in Iraq, established in 2016 with a focus on providing Sharia-compliant banking services. It operates as part of the country’s growing Islamic finance sector, aiming to offer an alternative to conventional banking in accordance with Islamic principles.
Libyan Dinar
The Libyan Dinar is the official currency of Libya, introduced in 1971 to replace the Libyan pound following the establishment of the Libyan Arab Republic. Its issuance and value have been heavily influenced by the country’s political changes and reliance on oil exports, leading to significant volatility, especially since the 2011 civil war.
Central Bank of Libya
The Central Bank of Libya is the primary monetary authority of Libya, established in 1956 following the country’s independence. It has played a critical role in managing the nation’s economy and currency, though its operations have been significantly challenged and divided between rival administrations during periods of conflict since 2011.
