Tuesday, June 24, 2025
LibyaReview
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion
No Result
View All Result
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion
No Result
View All Result
LibyaReview
No Result
View All Result
Home Libya

US Contributes to Construction of Bank in Benghazi

November 24, 2022
Share on FacebookShare on Twitter

On Wednesday, the newest office of the Libyan Islamic Bank (LIB) opened its doors in Benghazi, Libya. The US-based company, Penetron was tasked with protecting the bank’s below-grade reinforced concrete structures from the nearby coastal lakes of the city, and the Mediterranean sea.

“Because of the area’s marine environment and the high groundwater levels at the construction site, the project’s general contractor requested a robust waterproofing solution for the bank’s below-grade concrete structures,” Kadem A. Elbarghathi, Managing Director of Penetron North Africa explained.

After consulting with Penetron North Africa, the contractor, Dar Elkhabra specified PENETRON ADMIX, a crystalline concrete waterproofing admixture, for the concrete mix to mitigate chloride ion penetration and potential corrosion of the reinforced concrete structures of the below-grade bank safe rooms. PENEBAR SW-45A swellable waterstop strips were also installed to seal all construction joints.

Established in 2017, the Libyan Islamic Bank now has 11 branches across Libya, with the newly-opened branch in Benghazi as part of six new locations scheduled to open in 2022.

The LIB adheres to the practice of Islamic banking laws (Sharia compliant), the most important difference being the prohibition of charging interest on any private or commercial activities. This regulation avoids the potential for usury and “unethical commercial activities” according to the principles of Islamic Sharia law. LIB resorts to a financial model that delivers a predetermined return on investment, to avoid conflict with Islamic regulations.

The newest LIB branch office is located in the Al-Fuwaihat area, the commercial center of Benghazi. It is adjacent to the Al-Pepsi shopping area, a vibrant district of businesses, shops, and markets. The office features a ground-floor retail banking area, two office floors above, and a reinforced concrete basement floor where the high-security bank safe is situated.

  • Libyan Parliament Opens the Door For “Sovereign Position” Candidates
  • Pakistan to Reopen Embassy in Libyan Capital
  • Algeria Voices Concern Over Situation in Libya
  • LNA Thwarts Plot by ‘Islamic State’ Against Oil Facilities in South Libya
  • Islamic Cooperation Calls on Libyan Parties to End Violence
Tags: Islamic lawsKadem ElbarghathiLIBLibyan Islamic BankPenetron North AfricaShariaus
Next Post

EU Parliament Urges Libyan Authorities to Annul 2019 Turkish Maritime Deal

POPULAR CATEGORIES

  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

MUST READ

Greece to Deploy Navy Near Libya to Monitor Migrant Departures

Libyan Movement Vows to Continue Peaceful Demonstrations Against Dbaiba’s Government

Libya’s Haftar & British Envoy Discuss Political Developments

Libya Launches New Electoral Education Initiative

Libya & Italy Sign Military Cooperation Plan

Berlin Conference Reaffirms Support for Libyan-Led Political Process

EDITOR PICKS

Libya’s Benghazi Hosts International Exhibition on Telecommunications & Digital Economy

UK Ambassador Reaffirms Support for Libya’s Elections Commission

Libya’s Benghazi Hosts Major Italy-Libya Business Event

Libyan Parliament Speaker Inaugurates Major Development Projects in Derna

Archaeologists Uncover Roman-Era Site in Libya’s Benghazi

Italy Demands Stronger EU Role in Libya

  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

© 2024 LR

No Result
View All Result
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

© 2024 LR