Western powers are coming to accept that the advent of democracy in the Arab world means bringing Islamists to power. They have become the biggest election winners in Egypt, Tunisia and Morocco over the past few months.
The chairman of Libya’s ruling National Transitional Council (NTC), Mustafa Abdul Jalil, promised in October to uphold Islamic law. “We as a Muslim nation have taken Islamic sharia as the source of legislation, therefore any law that contradicts the principles of Islam is legally nullified,” he said.
The deputy central bank governor said last month a law regulating Islamic banking would be issued in the first quarter of 2012, but stressed that both conventional and Islamic banks would be allowed to operate in Libya.
Islamists in Algeria Square held up placards demanding a financial system respecting Islam’s ban on interest and calling for a constitution derived from sharia’s legal and moral codes.