208 Int. J. Behavioural Accounting and Finance, Vol. 2, Nos.

3/4, 2011

Religion and cultural dimensions of trust in the

emerging financial market in Libya

Zainab Abdussalam*
Business School,
University of Gloucestershire,
The Park, Cheltenham GL50 2RH, UK
E-mail: zainab2004ly@yahoo.com
*Corresponding author

Bob Ryan
Business School,
University of Gloucestershire,
The Park, Cheltenham GL50 2QF, UK
E-mail: bob.ryan2@btinternet.com

Abstract: A number of different factors affect stock market development in

emerging markets. This paper addresses the role of culture and religion in the
development of the Libyan stock market. In particular we examine the role of
trust in the efficient operation of an emerging market and the importance of
culture, religion and other variables in enhancing trust between market agents.
The findings of this study are that both culture and religion have an important
role in Libyan stock market development. Both culture and religion are
dimensions that may lead to the enhancement of trust, which itself then may
lead to successful financial market development in Libya.

Keywords: religion; culture; trust; Libyan stock market; Libya.

Reference to this paper should be made as follows: Abdussalam, Z. and

Ryan, B. (2011) ‘Religion and cultural dimensions of trust in the emerging
financial market in Libya’, Int. J. Behavioural Accounting and Finance,
Vol. 2, Nos. 3/4, pp.208–224.

Biographical notes: Zainab Abdussalam is a Doctoral candidate at the

University of Gloucestershire. This paper is a part of her PhD (‘The barriers to
effective marketization of corporate equity in Libya’). She has experience of
university lecturing and working in the Libyan banking sector.

Bob Ryan is currently the Chair of Financial Management at the University of

Gloucestershire and holds a visiting fellowship at Manchester Business School.

This paper is a revised and expanded version of a paper entitled ‘Religion and
cultural dimensions of trust in the emerging financial market in Libya’
presented at British Accounting Association (BAA) Annual Conference,
Cardiff, 2010 and Behavioral Finance Working Group Conference, London,
2010.

Copyright © 2011 Inderscience Enterprises Ltd.