— Measuring the level of citizens’ acceptance towards the implementing of Islamic banking system in Libya is an imperative step in the development of the banking industry in the country. In addition, citizens’ acceptance of Islamic banking system can ensure success only when incorporated into the prevailing and adequate understanding of this system. Relevant literature was reviewed. The review assisted the researcher in formulating the research objectives, questions, aims, and framework. The quantitative research method was employed to derive the relationship among the variables of the study. The sample of the study consisted of 500 bank clients located in Tripoli, the most important commercial city in Libya in which questionnaires were randomly distributed to the selected sample. The findings indicated that Libyan citizens are not satisfied with the current financing system which deals with usury and they prefer employing an Islamic tool such as “Qard AL-Hasan’’in the country.
— Qard Al-Hasan, murabaha, satisfaction,banking industry.
Ali Khalifa Ali Stela and Barjoyai Bardai are with Unirazak University (e-mail: email@example.com).
Cite: Ali Khalifa Ali Stela and Barjoyai Bardai, " The Extent of Market Acceptance of the Development of an Effective Islamic Banking System in Libya," Journal of Economics, Business and Management vol. 1, no. 1, pp. 54-56, 2013.