Foreign Currency Account

Definition of the Current Account in Foreign Currency:
This is a current account registered in the name of 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.

Request to Open the Account: A request is submitted according to a defined form which the client must fill including the full name, the ID number, place of residence and the purpose for opening the account in addition to the source of its funding. The client must also fill "Know Your Client" form; the branch must prepare the form before granting the client the account number.

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.

First- Public Companies:

1. A written request is submitted according to the official form of the Bank accompanied with the documents affirming the practice of the business activity.
2. The client shall introduce the legal documents for the establishment of the company with the statistic code of the company.
3. A photocopy of the personal identification (The ID number verified by the civil registry) for the persons authorized to sign the account, and the delegates.
4. Two personal photos.
5. A statement confirming the source for funding the incoming transfers or remittances for Libyan companies.

Second- Joint- Stock Companies:

1. The client shall introduce the legal documents for the establishment of the company with the statistic code of the company.
2. Two personal photos and a photocopy of the personal identification (The ID number verified by the civil registry) for the persons authorized to sign the account.
3. In the event the company is under establishment, the applicant must introduce a letter from the public notary concerning the opening of the account and for depositing the shares of the partners, and the name of the person tasked with the mission to complete the procedures on behalf of the company.
4. The deposited money in the account shall not be withdrawn only after completing the submission of legal documents of the company, and delegating the person, or persons, authorized to manage the company and its accounts.

Third- Sports and Social Clubs and the Like:

1. The initial contract to establish the club along with the entry in the registry at the competent ministry, and the document to announce the club to the public.
2. The names of persons authorized to manage the account endorsed by the supervising administration of the club, or as named in the minutes of the meeting.
3. Personal photos and photocopies of the personal identification (The ID number verified by the civil registry) for the persons authorized to sign.

Fourth- Civil Society Organizations:

1. The decision to declare to the public the organization, the certificate of the registration of the organization in the registry of the civil organizations at the Ministry of Culture and Civil Society, and the minutes of the meeting of the conference of the organization after the first meeting of the society and the election of the president and members.
2. The authorization for the signature for both the president of the management committee and the executive director of the organization.
3. Personal photos and photocopies of the personal identification (The ID number verified by the civil registry) for the persons authorized to sign.

Fifth- Embassies and Consulates:

1. The approval of the Ministry of Foreign Affairs to open the current account for the foreign embassy or consulate.
2. The persons authorized to manage the account must be endorsed based on the letter from the foreign Ambassador of the foreign country in Libya, the letter must by verified and accredited by the Ministry of Foreign Affairs or the Department of Ceremonies.
3. A statement confirming the source of the currency in cases of cash deposits.

Sixth- Foreign Investors:

1. The investor shall provide the necessary licenses to invest inside Libya following the approval of the Ministry of Economic which will specify the value of the investment and it equivalent in the foreign currency.
2. A written request according to the form allocated for opening an account in a foreign currency which should explain the type of the activity of the client.
3. Two recent personal photos.
4. A photocopy of the personal ID and the national number accredited by the Civil Registry.
5. A statement confirming the source of funding for inward remittances transferred from outside Libya for Libyan nationals.

Seventh- Foreign Companies:

1. The approval of the Ministry of Economy affirming its authorization for the company to practice the business activity inside Libya.
2. A statement by the company's delegate asserting the company does not hold other accounts, and will not by all means open other accounts inside the county.
3. An underwriting from the delegate of the company pledging not to open other accounts at other banks.
4. The legal documents for establishing the company along with its statistical code.
5. A statement affirming the nationality of the company, its address outside Libya and the outside bank which the company deals with.
6. A photocopy of the contracts to implement the projects accredited by the tax department.
7. The names of the persons authorized by the mother company (if available) to manage the account.