Two public banks to offer Islamic finance products as of next month

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ALGIERS – Two public banks plan to offer Islamic finance products during the month of August, Finance Minister Aymen Benabderrahmane said in Algiers on Saturday.

In a press statement on the sidelines of the Prime Minister’s meeting with social partners and economic operators aiming to set up a Safeguard Commission responsible for assessing the impact caused by the new Coronavirus pandemic on the economy national, Mr. Benabderrahmane affirmed that Islamic finance has become a reality since the promulgation by the Bank of Algeria (BA) of the regulation defining the operations relating thereto and the rules of its exercise “, specifying that” two public banks will offer , by next month, Islamic finance products that meet the stipulated conditions. ”

According to the Minister of Finance, Islamic finance will have to attract hoarded financial liquidity or that circulating on the parallel market, in addition to helping to alleviate the economic impact caused by the pandemic of the new Coronavirus in Algeria.

In the same context, the Minister encouraged the creation of private banks with Algerian capital in order to contribute to the collection of funds from the parallel economy and restore confidence between citizens and their administrative and financial entourage.

“We have not seen private national banks for more than 15 years. We encourage the creation of private banks with Algerian capital, which will benefit from all the facilities of the Government,” added the minister.

Addressing the creation of the Safeguard Commission responsible for evaluating the impact caused by the novel Coronavirus pandemic on the national economy, the Minister indicated that this commission will define the needs of economic operators affected by the epidemic.

In this context, the Minister affirmed that no measure could henceforth be taken without the association of socio-economic partners.

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