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Home > Practice areas > Law > Libyan law

Libyan law

Libyan law plays an essential role in economic relations with Libya. The application of the Libyan law is almost systematically stipulated in international contracts to witch that Libyan entities are party to. Contrary to an idea accredited in certain circles Libyan law is not a more or less successful adaptation of other legal systems.

Libyan law is characterized by its multiple sources. Whilst Libyan law enshrines a certain number of principles common to most Roman-Germanic legal systems, essential concepts of Libyan law are inspired by the Islamic law of contracts; others are the recent product of an economic and social organization that is constantly undergoing change. 

The most notable changes in Libyan law concerned  the tax law, the commercial law, and the foreign investment law.

The transitional government leader set out a vision for the post-Gadhafi future with an Islamist tint, saying that Islamic Sharia law would be the "basic source" of legislation in the country and that existing laws that contradict the teachings of Islam would be nullified.However regarding business and commercial law, such a change of perspective would have a very limited impact. In an article to come we shall analyze in detail this possible impact.