FAQ
It is an independent institution that aims to protect the funds of depositors in member banks, and to promote confidence in the banking system, by guaranteeing compensation for depositors in the event of the failure or liquidation of any member bank.
The fund was established to protect the rights of depositors, maintain financial stability, and reduce the risks that may arise when banks fail.
- Current Accounts
- Savings Accounts
- Time Deposits
- Foreign currency deposits
- Funds deposited as collateral for loans or banking facilities
- Deposits of board members and executive managers of the troubled bank
FAQ
The fund relies on a tiered system in the process of guaranteeing depositors’ deposits, and these tiers are divided into five tiers, with the maximum guarantee being 250,000 Libyan dinars, which is represented in the fifth tier, according to the bylaws – Article No. 28.
The depositor can use the “Calculate your compensation immediately” tool available on the website, where the deposit amount is entered to automatically display the compensation amount, in accordance with the legal guarantee limits.
The compensation will be disbursed after an official decision is issued to liquidate the failing bank, and the procedures are completed within thirty days from the date of the liquidation decision.
This can be done via the electronic complaints form on the Contact Us page, or through the Fund’s official email info@dif.gov.ly, with a guarantee of confidentiality of information and privacy of the sender.
