Algeria: The business creation fund will grant Sharia-compliant loans starting in November
Tuesday, 13 October 2020 17:36
The National Youth Employment Support Agency (Ansej), Algeria’s public body that manages the business creation fund, has announced the implementation of Sharia-compliant financial products as of November 2020.
The Agency will collaborate with the National Bank of Algeria for the implementation of this mode of financing based on the principles of Islamic law. The Islamic financial products that will be proposed as well as the terms and conditions for their granting are not yet known.
According to Mohamed Cherif Bouaoud, Director of Ansej, this mode of financing will be more beneficial to entrepreneurs living in remote areas. Islamic finance represents a financing option for young project leaders who have difficulty in raising funds. The zero interest rate and the system of sharing profits with customers are all advantages of this type of financing.
Chamberline Moko
Live News
-
Togo’s “Nuit du Droit” Debates Digital Transformation and AI Regulation
19:49
-
Wega Food to Lift Output to 700 tpd, Urges Limits on Sugar Imports
19:37
-
Cameroon’s Pineapple Exports Drop 18% as Competitiveness Weakens
19:29
-
U.K. Push for Critical Minerals Faces Africa’s Demand for Added Value
19:28
-
Togo Faces ‘Silent Pandemic’ of Drug Resistance, Experts Tell Lomé Symposium
19:22
-
Togo to Develop First Management Plan for Long-Protected Tchorogo Forest
19:17
-
Togo Digitizes Nationality Renunciation and Reinstatement Services
18:52
-
Senegal, West African Development Bank Create Fund to Monetize Public Assets
17:49
-
Guinea-Bissau Votes for President in Election Seen as Test for Stability
17:41
-
U.S. Exim Bank Launches $100 Billion Plan, Includes $4 Billion Egypt Gas Guarantee
17:11
(MCB) - The Mauritius Commercial Bank Limited (“MCB”) has successfully granted a strategic financing...
MTN Innovation Lab hosts Africa HealthTech Export 2025 Bootcamp in Cotonou Event targets s...
Public Eye claims over 90% of Cerelac samples in Africa contain added sugar, averaging 6 g per por...
Attack risks internet disruptions; investigation launched near Massakory EU-funded project aims ...
China says Premier Li Qiang will attend instead of President Xi Jinping The U.S. and Russia also ...
UK unveils £50M plan to secure critical minerals supply by 2035 Strategy includes partnerships abroad, with focus on Africa's mineral potential UK...
Guinea-Bissau holds presidential, legislative elections amid political fragility President Embaló seeks second term; 65% voter turnout reported IMF...
U.S. Exim to unlock $100B for critical minerals, gas, nuclear projects Egypt gets $4B credit guarantee to secure U.S. gas amid output...
U.S. may launch new $500M cobalt tender by end-November DRC lifts export embargo; Glencore authorized to ship 3,925 tons Global cobalt prices...
Hidden deep within the Arabuko-Sokoke Forest on Kenya’s coast near Malindi, the ancient city of Gedi stands as one of East Africa’s most intriguing...
Orange Egypt and Qatar’s Qilaa International Group have partnered to develop WTOUR, a digital platform offering trip planning, hotel bookings, local...