Bank of Agriculture and Rural Development: Launch of Islamic banking activity in Adrar, Ouargla provinces

ALGIERS- The Bank of Agriculture and Rural Development will launch, Monday, the Islamic banking activity at the level of local exploitation agencies in Adrar and Ouargla, according to a statement of this financial institution.

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ALGIERS- The Bank of Agriculture and Rural Development will launch, Monday, the Islamic banking activity at the level of local exploitation agencies in Adrar and Ouargla, according to a statement of this financial institution.

The same source explained that “the launch offer proposes to all segments of the bank’s customers, whether they are private, professional or companies, 14 products that comply with the principles of Islamic Sharia and are approved by the High Islamic Council.”

The Bank of Agriculture and Rural Development added in its statement, that these products are divided into two categories, the first relates to savings products and investing money through the Islamic Soukouk account (investment), the Islamic current account, the Islamic savings account, investment, and farmer investments, as well as the junior savings account.

As for the second category – the same source added – it relates to financing products, such as; current equipment Mourabaha, Export Mourabaha, Works Mourabaha, Harvest Mourabaha, Raw Material Mourabaha, Agricultural Production Mourabaha, Professional Equipment Mourabaha, and finally Public Transactions Mourabaha.

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