Bank of Algeria prepares marketing of Islamic finance products

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The Bank of Algeria is working on a new legal regime that allows public banks to market Islamic finance products, Finance Minister Abderrahmane Raouia announced Thursday in Algiers.

In response to an oral question at a plenary session of People’s National Assembly on the reasons for the freezing of the issuance of Islamic products in state-owned banks, the minister said that “in order to respond at the request of the citizens, the Bank of Algeria is currently working on the establishment of a new regime based on alternative financing or Islamic finance, aiming to regulate the activity of windows of Islamic financial products at the level of public banks.

The minister added that the new regime will support the separation between conventional banking activity and the Islamic one.

Stressing, moreover, that the training of personnel to master the marketing and promotion of Islamic banking products is the priority of banking institutions, the Minister said that the public authorities are working to develop a strategy to draw benefit from international experience in training in the field of Islamic finance.





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