Libya offers a unique place for the study of Islamic work ethics in the banking sector because
it is a Muslim state. .Apart from that the government aimed at developing the banking sector to
improve the country‟s economy. Consistent with the vision, the Central Bank of Libya (CBL) has
developed a strategy to strengthen and modernize the Libyan banking sector. To implement this
strategy, CBL has already launched specific initiatives aimed at increasing transparency, supervision
and governance within the Libyan financial sector (Mohamed, 2007).