The bank is also seeking to open branch offices in the country and launch joint investment companies with Libyan partners. The bank has not specified when it will open its new office.
The news comes a week after Qatar announced it would set up a new Libyan-Qatari bank in the country with capital of $500m (MEED 08:07:08).
Masraf Al Rayan is not the first Qatari bank to establish itself in the Libyan market. Qatar National Bank opened its first representative office in Tripoli in April 2007.