Finance

Algeria: Three public banks to start offering Islamic finance services before the end of 2017

Friday, 27 October 2017 12:17

(Ecofin Agency) - In Algeria, three public lending institutions, namely the Banque de l’agriculture et du développement Rural (BADR), the Caisse Nationale d’Epargne et de Prévoyance (CNEP) and the Banque de Développement Local (BDL) will start offering Islamic finance services before the end of the year. 

Being Sharia-compliant, these services will be interest-free. 

By deciding to enter the Islamic finance market, these institutions wish to respond to the needs of a group of customers that have been left out for too long in the country. They also aim to tap into a sector with a great, yet underexploited, potential in terms of savings. 

Let’s recall that currently, in Algeria, only Al Baraka Bank and Salam Bank are allowed to offer participative finance products to their clients. They are in fact competing in this sector with private lenders that offer both traditional and Islamic banking services. 

Boualem Djebbar, president of Algerian banks and financial institutions’ association, commenting the new development, said a democratization of Islamic finance by 2018 should be expected in the country. 

Chamberline Moko





 
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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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