To what extent do the Islamic branches and windows of Al-Wahda Bank in the city of Benghazi comply with the Sharia standards governing the Istisna and parallel Istisna contracts?

Abstract

The study examined the extent to which the Islamic branches and windows of Al-Wahda Bank adhered to the Sharia standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the banking Sharia standards issued by the Central Bank of Libya regulating Islamic banking operations, with regard to Istisna’a and Parallel Istisna’a. 
The study relied on the integrative approach and benefits from several approaches, namely the descriptive and historical approach in the theoretical aspect of obtaining information by reviewing what was contained in books, periodicals and research. As for the practical aspect, the study population represented those working in the branches and Islamic windows of Al-Wahda Bank in the city of Benghazi, to includeThe sample included department directors, the director of the Islamic branch, department heads, department employees, and Sharia auditors. The questionnaire form was relied upon as a means of collecting data from the study participants to determine the extent to which the Islamic branches and windows of Al Wahda Bank adhered to the Sharia standards issued by the Accounting and Auditing Organization for Institutions. Islamic Finance (AAOIFI) and banking Sharia standards issued by the Central Bank of Libya regulating Islamic banking operations in the Istisna’ and Parallel Istisna’ format. 
The study reached many results, the most important of which is that the Islamic branches and windows of Al-Wahda Bank adhere to the Sharia standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the banking Sharia standards issued by the Central Bank of Libya regulating private Islamic banking operations in the form ofIstisna and Parallel Istisna. 
The study recommended many points, the most important of which is the use of local and international expertise in the field of Islamic banking to train and qualify human cadres in Libyan banks, and that the spread of Islamic branches and windows in Libyan banks requires the legislative authorities to legislate an independent law that clarifies and controls the transformation process. For banks under the supervision of the Central Bank of Libya and in accordance with the principles and provisions of Islamic Sharia.