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
-
Why USDA Data Matters for Global and African Agriculture
20:03
-
Benin's Oil Comeback: A 58-Year Journey From Discovery to Revival
19:29
-
Senegal Plans to Electrify 6,471 Villages by 2029
19:25
-
Fela Kuti, 'The Black President,' Pioneer of Afrobeat
19:05
-
Morocco to Pilot Electronic Health Claims System in March 2026
19:46
-
Egypt unveils AI-powered platform linking startups, investors, and institutions
04:58
-
Tactful AI reimagines customer experience for Egyptian businesses
04:41
-
9jawap offers African alternative to mainstream social networks
04:31
-
Togo showcases organic products at BIOFACH trade fair in Germany
04:24
-
Cameroon Road Fund Gets Only Half of Budgeted CFA60 Billion
20:01
Absa Kenya hires M-PESA’s Sitoyo Lopokoiyit, signalling a shift from branch banking to a telecom-s...
Ziidi Trader enables NSE share trading via M-Pesa M-Pesa revenue rose 15.2% to 161.1 billio...
MTN Group has no official presence in the Democratic Republic of Congo, where the mobile market is d...
Deposits grow 2.7%, supporting lending recovery Average loan sizes small, credit risk persists ...
Global South Utilities (GSU) has begun building a 5 MWp hybrid solar plant with 5 MWh battery st...
On November 13, 2025, the U.S. government reopened after a 43-day shutdown, the longest in its history. The move was met with relief by agricultural...
In the Gulf of Guinea, oil producers have steadily multiplied. Nigeria paved the way, followed by Niger, Ghana and, more recently, Côte d’Ivoire. Benin,...
SENELEC to electrify 6,471 villages by 2029 $724 million programme backed by World Bank support Senegal targets universal access, expanding gas and...
Most food traded within West Africa moves by truck and largely escapes official records, highlighting both the scale of informal cross-border commerce and...
While Afrobeat has evolved into what is now known as Afrobeats, there is little dispute that the movement was pioneered by Fela Kuti. A musical genius and...
Benin is guest of honor at the 2026 African Book Fair in Paris. More than 400 authors and 150 publishers from 20 countries are expected. The spotlight...