Current Accounts in Foreign Currency
The Current Account in Foreign Currency:This is a current account in the name of its owner the client and is treated upon the same principle of the current account in local currency, and is subjected to the same regulations and controls issued by The Central Bank of Libya, and which shall be binding on the two parts of the contract, as such currencies are only allocated for trading outside the country according to defined controls and policies.
Over Drafts:The Banks is entitled to grant its distinguished clients who make very large transactions and own multiple accounts the permission for over drafts to continue a certain transaction if the inward remittance or transfer was delayed for one reason or another without any interest incurring on the client, as it will be treated as a type of Qard el- Hasan. Overdrafts treated as Qard el-Hasan are not an entitled right for the client to officially claim it.
Subscription contracts in the banking services:The Bank is entitled to offer its various services through signed contracts specifying the fees and charges with the consent of the client. The Bank shall deduct the incurred expenses on such service in advance as a sum lump for the whole period of the contract, or can collect these fees or charges on installments.
Terms and Required Documents
Written request according to the attached form to open an account in a foreign currency explaining the type of the business activity of the client.
2 recent personal photos.
A photocopy of the ID card (the ID number endorsed by the Civil Registry).
A statement on the source of financing the inward foreign transfers for Libyans.
The names of persons entitled to manage the account (if available).