Finance

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

Friday, 27 October 2017 12:17

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

On the same topic
Togo plans 25 billion CFA francs debt issuance on March 20 Sale includes 364-day bills and three-, five-year bonds Funds will help finance 2.751...
Cameroon plans CFA82 billion additional tranche after oversubscribed Eurobond Initial $750 million issuance attracted nearly $1 billion...
Visa and Afriland First Bank signed a strategic agreement to expand electronic payments in Cameroon. The partnership aims to support financial...
Togo parliament adopts WAEMU law against currency counterfeiting Bill defines offences including reproduction, possession and circulation of fake...
Most Read
01

Ethio Telecom has signed a new agreement with Ericsson to expand and modernize its telecom netwo...

Ethiopia’s State-Owned Telco Teams Up With Ericsson to Expand and Upgrade Its Network
02

The BCEAO cut its main policy rate by 25 basis points to 3.00%, effective March 16. Inflation...

BCEAO Cuts Key Rate to 3.00% as WAEMU Faces Deflation
03

EIB commits over €1 billion for renewable energy in sub-Saharan Africa Funding supports Miss...

EIB Commits €1 Billion to Renewable Energy Under Africa’s “Mission 300” Initiative
04

Senegal launches 200 billion CFA bond in UEMOA Proceeds to fund 2026 budget, transformation agend...

Senegal Launches $360 Million Regional Bond Sale
05

MTN Zambia tests Starlink satellite service connecting phones directly from space Direct-to...

Satellite direct-to-device telecoms: promise, momentum and hard limits
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.