Algeria : CNEP, BADR and BDL banks to engage in Islamic banking before end of 2017

  • 22 October 2017 / News / 1131 / Emerging Africa

Algeria : CNEP, BADR and BDL banks to engage in Islamic banking before end of 2017

Three public banks CNEP, BADR and BDL are set to engage in the Islamic banking before the end of 2017. Those banks will propose alternative products, which are compliant with the Islamic Shari’a, said Thursday in Algiers Minister of Finance Abderrahmane Raouya. 

These three banks will offer these products “in order to meet a segment of the customer base and drain inactive savings,” he said during a panel dedicated to Islamic finance, capital markets and organized taxation in the framework of the 3rd edition of the Summer School of  FCE.

In this regard, he recalled that two banks have been active exclusively in Islamic finance in recent years, namely Al Baraka Bank and El Salam Bank.

According to the Minister, commercial banks may, under the regulatory framework in force, offer new savings and credit products after obtaining prior authorization from the Bank of Algeria.

 The official added that  the Algerian banking landscape also includes two private banks that offer both conventional banking products and a range of alternative products, as well as products compliant with sharia.

For his part, the president of the Association of Banks and Financial Institutions (ABEF), Boualem Djebbar, argued that after these three public banks, others will integrate Islamic finance in the range of their services: “The year 2018 will be that of the generalization of Islamic finance”.

As a reminder, Islamic finance adheres to the principles of the Islamic Shari’a, which prohibits the rate of attrition (Riba) and advocates the principle of the three Ps: the sharing of losses and profits on the part of contractors.






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source: dzbreaking

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