The Lebanese Islamic Bank (LIB) is a joint stock company established in early 2005 with a capital of LBP 30 billion. LIB was the first Islamic bank in Lebanon to be licensed by the Central Bank under the law no. 575 dated February 11th 2004.
LIB is registered under number 126 on the Central Banks list of Lebanese Banks.
LIB headquarters are located at the Liberty Tower Bldg., Roma Street, Hamra, Beirut.
LIB principal activities consist of providing banking products and services that are in conformity with Islamic law or Sharia .
Summary of the Code of Corporate Governance
Given the financial intermediation role of Lebanese Islamic Bank in the banking sector, and the critical effects of sound governance on its perpetuation as successful organization, and on public trust and confidence, the Bank is continuing in its efforts to enhance Corporate Governance, by preparing and implementing its Code of Corporate Governance which is intended to promote local and international Corporate Governance best practices.
Summary of Lebanese Islamic Bank Code of Corporate Governance
LIB Board of Directors is represented by the following:
- Sheikh Khaldoun Barakat (CEO)
- Credit Libanais Investment Bank (Member)
- Mr. Mohamad Wajih Al Bizri (Member)
- Mr. Rabah Jaber (Member)
- Mr. Moustapha Alaaeddine (Member)
- Widriss Projects s.a.l. (Member)
LIB Sharia Board is represented by the following:
- Sheikh 'Abd al-Latif Derian, MUFTI of Lebanese Republic, (Secretary-General)
- Sheikh Hassan Awad, Vice President of the Secretary-General
- Sheikh Khalil al-Mays, Mufti of Zahle and the Bekaa
Dr.Chafic Moharam (General Manager)
LIB management & Staff comprise a group of bankers, with a well-founded experience and thorough knowledge in the Lebanese and international market, dedicated to providing LIBs clientele with Sharia compliant products and value-added services.
LIB officers are involved in the day-to-day operations and take an active role in assisting LIBs clientele expanding their business capabilities.
LIB is in its first growth phase, branching-out in Lebanon, and extending its delivery channel reach through other means.
LIB External Auditors
Messrs. DFK Fiduciaire du Moyen-Orient.
Messrs. Ernest & Young